Hanwha Solutions invests US$100 mln in U.S. data-tech startup

Hanwha Solutions-US investment

Hanwha Solutions invests US$100 mln in U.S. data-tech startup

SEOUL, Nov. 24 (Yonhap) -- 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.

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