Hanwha Solutions to invest $100 million in Lancium

Asia's Tech News Daily

Hanwha Solutions to invest $100 million in Lancium

Hanwha Solutions’ factory in Ulsan. Korea Times file

By Lee Kyung-min

Hanwha Solutions will invest $100 million (120 billion won) to acquire a stake in Lancium Technologies, a Texas-based data solutions firm, in a bid to strengthen its IT-oriented power management for a robust expansion of its green energy business into the U.S. and Europe.

Most critical is setting up a business model whereby green energy sources are used for the stable operation of data centers, an increasing number of which will be built around the world, prompted by the rapid transition and advancement of smart technology industries.

The equity investment will enable the energy subsidiary of Hanwha Group to secure a seat on the board of Lancium Technologies, helping increase its say in the management of the company.

Founded in 2017 by Michael McNamara, a U.S. venture capitalist, Lancium has a long list of clients, mostly IT firms that operate high-performance computing equipment needed for crypto mining or cloud services.

The U.S. firm will set up a data center in Abilene, Texas, and provide renewables-produced power at a cheap price, a stable power supply strategy backed further by its power management software, “Lancium Smart Response.”

Lancium purchased a total of 9.51 million square meters of land in Texas, where the data center will begin operations from the end of next year.

Companies built in the data center will reduce operation of computing equipment that requires high power consumption and instead sell the power to local power grids, thereby increasing profitability.

Hanwha said that strengthening software development capabilities for effective power management is a crucial task in the era of rapid renewable energy market expansion.

“We will expand the green data center-enabled power supply business, a vision that can and will be bolstered by our years of experience in the solar energy business,” Hanwha Solutions CEO Lee Koo-yung said.

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