The company raised $85 million in an equity round and $300 million in debt financing.

Compute North, provider of sustainable infrastructure for cryptocurrency mining, has closed a $385 million round that includes a Series C fundraise and debt financing.

The round included an $85 million Series C funding co-led by Mercuria and Generate Capital plus $300 million in debt financing from Generate to fund the continued development of new U.S.-based data centers.

Minnesota-based Compute North offers proprietary Tier 0 data centers focusing on delivering sustainable, cost-effective computing. The company provides expandable infrastructure for clients in the blockchain, cryptocurrency mining and distributed computing space.

Compute North has rapidly expanded its footprint across the United States, including in Nebraska, North Carolina and Texas.

“Data centers are a growing part of energy demand and we’re excited to invest with Compute North to build digital infrastructure that can operate sustainably and efficiently while complementing a more resilient grid,” said Andrew Marino, senior managing director and head of corporate private equity at Generate, in a press release.

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