Northern Data Group secures €575m debt financing facility
Thu 2 Nov 2023
Northern Data Group has secured a €575 million debt financing facility. The funding was provided by Tether Group.
The facility will primarily strengthen Northern Data Group’s ability to invest in the most sophisticated hardware available, which is needed to unlock access to generative AI technology in Europe.
Through its subsidiary, Taiga Cloud, Northern Data Group will provide energy-efficient compute power to businesses and research institutions, powered by the latest NVIDIA hardware.
The successful signing of the debt facility follows Northern Data’s purchase of 20 highly sought-after NVIDIA H100 GPU Pods via the acquisition of Damoon. Taiga is in advanced discussions to close further purchases.
Aroosh Thillainathan, Northern Data Group’s Chief Executive Officer, said: “We are excited for the further innovation we will achieve through this raise as we drive further progress in the AI, ML, and generative AI industries.”
In addition to supporting Taiga Cloud’s growth, the new financing is also intended to be used to expand Northern Data’s portfolio of data centres through Ardent Data Centres, the Group’s data centre infrastructure business.
Northern Data Group will also look at scaling its Bitcoin mining operations and bolster blockchain advancement with purpose-built, liquid-cooling mining technology through Peak Mining, the Group’s Bitcoin mining company.
In September, Peak Mining signed a $150 million contract for more than 7 Exahashs of the latest generation WhatsMiners from MicroBT.
Through this purchase, Peak Mining is the first to adopt the newest liquid-cooling mining technology at this scale and builds on Northern Data Group’s long-standing relationship with MicroBT.
Paolo Ardoino, Chief Executive Officer of Tether Group, said: “Tether Group is proud to support Northern Data Group in its ability to provide customers access to flexible, energy efficient High Performance Computing infrastructure.”
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