Hanwha Solutions Invests US$100 mln in U.S. Data-tech Startup | Be Korea-savvy

Hanwha Solutions Invests US$100 mln in U.S. Data-tech Startup


Hanwha Group's corporate logo atop one of its office buildings in downtown Seoul in this photo provided by the company.

Hanwha Group’s corporate logo atop one of its office buildings in downtown Seoul in this photo provided by the company.

SEOUL, Nov. 24 (Korea Bizwire)Hanwha Solutions Corp., a chemical and energy unit of South Korean conglomerate Hanwha Group, said Wednesday it is investing US$100 million in a U.S. data center- tech company as it seeks to expand its sustainable power grid business in America.

The investment will give Hanwha Solutions a stake and board seat in Lancium Technologies Corp., a Houston-based startup focused on energy transition solutions, Hanwha said in a release.

With the funding from Hanwha and other investors, Lancium wants to build a renewable energy-run data center in Texas to supply electricity for high-performance computing, such as cloud service, fintech and bitcoin mining.

Hanwha Solutions plans to further diversify its eco-friendly energy business using Lancium’s know-how and will work to establish a new business model in data management powered by renewable energy, the company said.

(Yonhap)

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