Nigeria's Central Bank Holds Interest Rate Steady Amid Inflation Concerns
The Central Bank of Nigeria maintains its benchmark interest rate at 27.50%, citing a cautious approach to balance inflation control and economic growth.
Max Carter
Data centers are expected to consume a staggering 12% of the US's electricity by 2028, prompting tech companies to explore alternative power sources. Amidst this quest, Amperesand, a Singapore-based startup, is pioneering a game-changing technology that could transform the way data centers operate.
The company's innovative approach revolves around replacing traditional iron core transformers with silicon carbide, enabling more efficient and adaptable power conversion. According to Gary Lawrence, CEO of Amperesand, the current equipment is capable, but his company's technology promises to do it better and more efficiently.
The significance of this development cannot be overstated, as the global data center market is projected to grow from 90 gigawatts in 2023 to over 185 gigawatts by 2028. This rapid expansion will only exacerbate the environmental concerns surrounding data centers' energy consumption. Amperesand's solution offers a beacon of hope in mitigating this issue.
Traditional transformers have inherent limitations, including their inability to regulate surges and dips in voltage or frequency. Moreover, they must be tailored to specific formats of electricity, making integration with diverse power sources a challenge. Amperesand's solid-state transformers, on the other hand, are designed to be multi-port, modular, and capable of seamlessly integrating with various power sources, including solar, batteries, and small modular reactors.
Brian Dow, Amperesand's chief product officer, emphasized the versatility of their technology, stating that it can "natively integrate DC sources like photovoltaic [solar] and batteries" and "seamlessly transition between them" in the event of grid issues. This adaptability is crucial in an era where data centers are increasingly reliant on renewable energy sources.
Amperesand is currently in the process of raising a Series A round, following a successful $12.5 million seed round last year. The company is targeting EV charging and grid applications in addition to data centers, leveraging the software-controllable nature of its solid-state technology. A 6 megawatt transformer demonstration last year showcased the technology's potential.
The startup's leadership team, comprising Lawrence, Dow, and Tommy Joyner, the chief technology officer, boasts an impressive pedigree, with stints at Tesla and Generac. As Amperesand expands its presence in the US, it is poised to tap into the country's rich talent pool, with plans to open a US office.
Phil Inagaki, managing partner at Temasek's Xora Innovations, which incubated Amperesand, highlighted the importance of accessing US talent, stating that "the US is still where there's amazing talent that we can capture." This strategic move will enable Amperesand to scale its operations more quickly and effectively.
As the data center industry continues to grapple with its environmental footprint, Amperesand's innovative technology offers a promising solution. With its sights set on revolutionizing power conversion, the startup is well-positioned to make a significant impact in the years to come.
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