PLANS FURTHER EXPANSION ACROSS THE US
Novva Data Centers has announced an agreement to receive additional capital investment of up to $355 million from real estate and infrastructure investment firm CIM Group.
This funding which brings CIM’s total equity investment in Novva to $450 million in two years, is expected to accelerate Novva’s plans to expand across the United States with a target to offer up to 1,000MW of data center power capacity by 2027.
“This equity investment from CIM Group will allow Novva to continue delivering on our company vision of providing the best wholesale and multi-tenant colocation infrastructure services to clients at the lowest possible cost. We’re thrilled to have a partner like CIM Group that shares the same vision of delivering a bespoke, premium data center experience to each and every client,” said Wes Swenson, CEO of Novva.
“CIM Group is excited to continue to invest in Novva Data Centers’ growth strategy as Novva demonstrates it is among one of the most innovative data center developers and operators in the industry,” said Avi Shemesh, Co-Founder of CIM Group.
Novva was founded in 2020, backed by $100 million in funding from CIM Group and Novva’s founders. Shortly after, the company commenced its first hyperscale data center campus project, sited in West Jordan, Utah, which became operational in September 2021. Novva also announced the acquisition of its 40-acre site in Colorado in 2021 where it plans to invest $200 million.
According to Novva, securing this latest fund from CIM Group will enable both partners to deliver a combination of wholesale scale and retail colocation services, which is expected to meet scalability needs — from those requiring 1 cabinet to 1,000+ cabinets. Novva also plans to expand across different yet-to-be-mentioned locations over the next 5 years.
Few months ago, North American edge data center company Cologix, also formed a joint venture with CIM Group to construct and operate a new hyperscale data center (TOR4) in Markham, near downtown Toronto.