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Greenlight subsidiary raising capital for ‘mini data centers’ business

A subsidiary of Oslo-based Greenlight Group Holdings plans to raise capital for a business that the firm’s CEO says will boost energy efficiency in homes, businesses, data centers, and other enterprises.

Ava Power Management has created and patented a device that helps manage energy usage by marrying distributed generation to graphics processing units (GPUs), according to Greenlight Founder and CEO Karl Andersen.

“It is a patented energy operating system (EOS) combined with GPU chips,” Andersen told Infralogic. “What we want to do is basically turn all these solar installations, whether it is rooftop or whatever, into sort of mini data centers.”

Andersen is now raising a USD 5m seed round and already has roughly USD 2m to USD 3m in commitments. Then, early 2025, the firm expects to launch a Series A capital raise of roughly USD 50m to USD 100m.

“We still want to test a whole bunch of different environments before we’d really go scale,” Andersen said. He aims to install his product at 50 to 100 locations before launching the Series A.

The seed round will likely target venture capital investors, but Andersen believes that the Series A could interest infrastructure and other private equity funds.

Ava is working with Herrick Feinstein and Norton Rose Fulbright as legal advisors.

Ava’s mission, according to promotional material, is to “transform homes and businesses into interconnected, independent energy hubs, offering resilience, cost-saving benefits and income-generating opportunities.”

“We’d be the first distributed cloud in the world powered by distributed energy,” Andersen said.