The equity part of the funding, worth $85 million, was co-led by Mercuria, a global energy and commodities trading company, and Generate Capital, an infrastructure investment firm. Other investors, including National Grid Partners, the venture arm of National Grid — one of the largest energy companies in the world — also joined the equity funding.

With fresh capital in hand, Minnesota-based Compute North plans to open new hosting facilities in the US, including in Nebraska, North Carolina, and Texas.

Perrill said there is "unprecedented demand" for computing infrastructure with a focus on sustainability, and Compute North wants to be at the forefront of leading that transition."