CREATING A NEW GREEN CLOUD SERVICES BRAND
Green technology and digital infrastructure developer TerraScale Inc., and battery/power solutions provider iQ International AG, have just entered into definitive Share Exchange Agreements to merge the operations of the two companies to form a company that focuses on green data center and cloud infrastructure development.
Based on the merger deal, iQ International will be the successor entity and change its name to TerraScale AG, headquartered in Zug, Switzerland. However, the combined company’s green cloud services offering will be branded iQ.
The new company will leverage TerraScale’s data center and cyber security expertise, and iQ International’s battery and power solutions technologies to deliver data centers that are powered by zero carbon on-site energy sources. Additionally, the company is planned to ensure resiliency and availability of its data centers via modern satellite technology, 5G and traditional fiber optic cables.
“Over the past decade, we have seen many new concepts entering the data center market, often related to their power consumption or power storage. While these innovations may initially have been driven by revenue goals, carbon neutrality and ESG principles have become a societal issue and should be on the mind of all responsible companies,” said Danny Hayes, CEO and Co-Founder of TerraScale.
“Our vision is to use data centers as a platform to integrate state of the art renewable energy solutions, high density compute platforms with low power consumption, and disruptive low energy cooling technologies all wrapped in iron clad cyber security solutions. We call this environment the ‘Green Cloud.’”
Pending shareholder approval, the new company will be led by Danny Hayes as CEO and retired Lieutenant General Michael Barbero as Chairman. It is also planned that iQ’s current CEO, Kevin T. Loman, will continue to hold an executive position and its current Executive Chairman, George M. Weiss, will remain on the board until the next Shareholder’s meeting when General Barbero is expected to become Board Chairman and Mr. Weiss will act as a senior advisor to the board and management of the new company.
“Many of the existing players in the data center market are either looking at the big metropolitan areas to gain connectivity, or at remote areas with clean renewable resources, but what’s missing is the innovative will to take a step back and develop a concept that ensures modern power concepts are implemented safely without the paradigm of centralization from the past,” said Kevin T. Loman, CEO & Co-Founder of iQ International.
“We are bringing together longstanding engineering expertise and cutting-edge thinking to make sure power-intensive applications can be run more securely and sustainably, but also introducing new concepts of battery cyber security we believe is currently being overlooked by operators.”
The transaction has been unanimously approved by both companies’ Boards of Directors but subject to joint shareholder approval.