Nautilus raises another $50m to expand internationally

Nautilus raises another $50m to expand internationally

Nautilus Data Technologies - Stockton California.jpg

Nautilus Data Technologies is raising $50 million to aid its data centre growth on land and water.

The US firm has closed a $10 million convertible note on a $50 million round led by UIL. The Convertible Note calls for a second close of $40 million in 2021.

The company launched its first floating data centre (pictured) that uses recycled water with its patented technology earlier this year, and is also developing data centres on land too.

UIL is a closed-end investment company with a diverse portfolio by geography and sector, holding gross assets of around £549 million. It is traded on the London Stock Exchange and registered in Bermuda. Core sectors include utility and infrastructure, financial services, mining and resources, mobility and technology.

James Connaughton, CEO of Nautilus Data Technologies, said: “With our first data centre commissioned in Stockton, California; projects in development in the US, Europe and Asia; a global project development and construction partnership with Bechtel; and an expanded and deeply experienced leadership team, we are poised for growth directly and through joint-venture partners globally.”

“Data centres consume 200 terawatt hours and 250 trillion litres of drinking water per year,” said Duncan Saville, chairman of ICM (UIL's investment manager). “Nautilus uses 80% less cooling power, reduces CO2 emissions by 30% and consumes no potable water. We like the investment return potential and we love the sustainability benefits.”

Third500 advised on the convertible note transaction and is advising on its remaining syndication. The convertible note builds on the Series C round led by Mancal Corporation that closed in December 2020.

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