Author - Kate Prebble

Nautilus closes $10m Convertible Note

Nautilus closes $10m Convertible Note

Pleasanton, CA, August 9, 2021: Nautilus Data Technologies (“Nautilus”), the leading provider of innovative water-cooling for data centers, announced today that it had closed on a $10 million Convertible Note on a $50 million round led by UIL Limited. The Convertible Note calls for a second close of $40 million in 2021.

“We are excited to have UIL lead,” said James L. Connaughton, CEO of Nautilus Data Technologies. “With our first data center commissioned in Stockton, California, projects in development in the US, Europe and Asia, a global project development and construction partnership with Bechtel, and an expanded and deeply experienced leadership team, we are poised for growth directly and through joint-venture partners globally.”

“Data centers consume 200 terawatt hours and 250 trillion litres of drinking water per year,” shared Duncan Saville, the Chairman of ICM Limited (UIL Limited’s investment manager). “Nautilus uses 80% less cooling power, reduces CO2 emissions by 30%, and consumes no potable water. We like the investment return potential, and we love the sustainability benefits.”

The Convertible Note builds on the Series C round led by Mancal Corporation that closed in December 2020. On closing the Series C round, Steven Feick, Vice President, Corporate Ventures, joined the board on behalf of Mancal Corporation and John Watson joined the board as an independent director.

Third500 advised on the Convertible Note transaction and is advising on its remaining syndication.

About UIL:

UIL Limited is a closed-end investment company with a diverse portfolio by geography and sector, holding gross assets of approx. £548.5m. It is traded on the London Stock Exchange (Ticker: UTL.L) and registered in Bermuda (No 39480). UIL Limited has a wide investment mandate covering a range of sectors and geographic markets. Core sectors include utility & infrastructure, financial services, mining and resources, mobility and technology. To access more information, visit www.uil.limited