Novva Data Centers Receives $355M Growth Equity Investment from CIM Group to Aid Expansion Efforts

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Jun 01, 2022, 10:07 ET

Additional Funding Brings CIM Group's Total Equity Commitment to $450M as Novva Eyes Additional US Facilities

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 in Colorado 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.

For more information about Novva Data Centers and its futuristic technology deployments and sustainability efforts, visit www.novva.com.

For more information about CIM Group, visit www.cimgroup.com.

About Novva Data Centers

Novva Data Centers creates purpose-built data centers for the future across the Western United States, providing wholesale and multi-tenant colocation infrastructure services for local, national, and international clients. Novva's human-centric, sustainable data center solutions are married with an extensive portfolio of high capacity, scalable data center amenities to provide turn-key, client-designed solutions for any size of business. Novva's flagship campus in West Jordan, Utah, features 180 MW of capacity and 1.5 million square feet of data center built over four phases. A state-of-the-art waterless cooling system, renewable energy, drone and robot dog facility monitoring and more, provide a one-of-a-kind, modern day data center experience.

Novva Media Contact
Jaymie Scotto & Associates (JSA)
+1 866.695.3629 ext. 11
[email protected]

About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM's diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.

CIM Group Media Contact

Karen Diehl
Diehl Communications
310-741-9097
[email protected]

SOURCE Novva Data Centers