CIM Group has announced that it is pumping $355 million into Novva Data Centers. The fund will be geared towards achieving Novva’s goal of offering 1,000MW of designed data center capacity in the next five years. Novva Data Centers was launched in 2020 with a $100m backing from CIM Group. At the time, the plan was to develop a $1 billion hyperscale data center campus in West Jordan, Utah. Novva launched the first phase of the 300,000 square feet data center late last year. It also plans to expand the facility to 1.5 million square feet over four phases.
Earlier in 2021, Novva DC announced the acquisition of a 6MW data center in Colorado Springs. The company also revealed that it would be expanding the facility to 30MW for $200MW. The CEO of Novva DC, Wes Swenson, said the investment from CIM will allow the company to continue delivering the best multi-tenant and wholesale colocation infrastructure services to clients at low costs. He added that Novva is happy to have CIM Group as a partner as both companies share the same vision of delivering high-quality data center services to clients.
SALT LAKE CITY, June 1, 2022 /PRNewswire/ -- Novva Data Centers, a state-of-the-art data center company providing purpose-built data center facilities, announced agreement on additional investment of up to $355 million in capital from real estate and infrastructure owner, operator, lender, and developer CIM Group, bringing the company's total equity commitment to Novva to $450 million in just over two years.
The funding will support Novva's plans to expand across the United States in order to offer 1,000 MW of designed data center capacity by 2027 at several strategic, yet-to-be-named locations. It also supports CIM Group and Novva's ongoing partnership to create a world-class product, as well as a unique, bespoke "wholocation" experience to customers. Wholocation refers to a combination of wholesale scale and retail colocation, which provides the ability to serve clients of any size and scalability needs — from those requiring 1 cabinet to 1,000+ cabinets. The concept is a hallmark of Novva's existing campuses inColorado Springs, Colorado, and West Jordan, Utah.
"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," said Novva CEO Wes Swenson. "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."
"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, which was founded in 2020 and backed by $100 million in funding from CIM Group and Novva's founders, has moved quickly to bring its vision of purpose-built, sustainable data centers to life. It announced the acquisition of its 40-acre Colorado Springs location in August 2021 and opened its flagship 100-acre West Jordan campus shortly after in September 2021. In addition to wholocation offerings, Novva's campuses offer build-to-suit options, which can reduce customers' go-live timeframes from 36–48 months to 12 months. Novva employs renewable energy, high density capacity, and waterless cooling, delivering a low cost, rapid deployment. Novva is also at the forefront of automation with robotic monitoring dogs, autonomous aerial drones, and augmented reality training.
