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Compute North Raises $385 Million in Capital Growth Round

Computer infrastructure provider Compute North closed its next $385 million growth capital round, consisting of $85 million in Series C stock closing and $300 million in debt financing, the company said in a statement to Bitcoin Magazine. Energy and commodities trading firm Mercuria and leading sustainable infrastructure platform Generate Capital co-led Compute North’s Series C financing round. National Grid Partners, the venture investment and innovation arm of energy company National Grid, also took part in the round. Galaxy Digital Partners LLC, a financial services and investment management company, advised Compute North in its $300 million debt financing deal from Generate Capital, which aims to help the company pursue new projects, including the continued development of new data centers and expansion. of the capacity for further growth. “Data centers are a growing part of energy demand and we are excited to invest with Compute North to build a digital infrastructure that can operate sustainably and efficiently, while complementing a more resilient network,” said Andrew Marino, senior managing director and head of corporate private equity at Generate, in a statement. Compute North’s data center design allows it to throttle power demand when needed, so the facilities can provide better stability to local area networks that carry more renewable energy sources. Compute North formed multiple partnerships with public bitcoin miners last year after securing $25 million in debt financing and equity in February to meet growing demand for its data and colocation services. It helped Nasdaq-listed Bit Digital expand its operations in North America in April; entered into an agreement with Marathon Digital Holdings to house 70,000 of the miner’s machines in May, later expanded to accommodate 30,000 additional installations, and partnered with Atlas Mining in October. Compute North said it continues to expand its presence in North America with the development of new facilities in Nebraska, North Carolina and Texas as it works “to accelerate the energy transition and develop the data center market.”
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