Compute North, a bitcoin extraction infrastructure company that hosts equipment in its server farms, has secured $385 million in equity and debt financing. Mercuria, a multinational energy and commodities trading organisation, and Generate Capital, an infrastructure investment company, led the $85 million equity portion of the fundraising. Generate Capital supplied the debt totaling $300 million.
Compute North refers to the equity portion of the fundraising as a Series C round. Compute North, located in Minnesota, aims to form new hosting facilities across the United States. It includes Nebraska, North Carolina, and Texas. Dave Perrill, founder and CEO of Compute North, said that many sites are in various phases of construction. Perrill stated that Compute North is building five sites expected to be functional by the end of the second quarter of 2022. It also wants to boost its capacity by 1.2 gigatonnes. The company’s overall capacity exceeded 100 megawatts.
According to Perrill, there is “unprecedented demand” for computer infrastructure that prioritises sustainability, and Compute North intends to be at the forefront of this transformation. “This fresh round of investment will allow us to carry out that goal and develop well into the future,” he added. The company raised $25 million in stock and debt funding about this time last year.