Talen Energy raises $175 million to build data centers and crypto mining farms

On September 22, U.S. power company Talen Energy announced that it had raised $175 million to switch to renewable energy generation and build data centers and crypto mining farms.

The company said in a statement that it has signed a six-year agreement with Orion Energy Partners. $125 million is available immediately, and another $50 million will be received after the completion of phased results. After this investment, Orion will obtain non-voting equity in Cumulus Digital, a subsidiary of Talen. Talen Energy established Cumulus Data in 2020 to invest in opportunities that integrate digital infrastructure and electricity.

Cumulus has two independent businesses, Cumulus Data focuses on hyperscale computing centers, and Cumulus Coin focuses on digital currency mining.