xFusion advances toward $1.2 billion IPO after Shenzhen review
The Chinese AI server maker plans to raise 8 billion yuan on ChiNext. The listing committee questioned its margins and the sustainability of operating growth.
Drogue raises $20 million for ocean-powered floating data centers
The Washington, D.C., startup plans to send a multi-megawatt prototype to sea in early 2028, using differences in ocean temperatures to generate electricity.
Drogue said it has raised $20 million to develop floating data centers powered by ocean heat, with investors including XYZ Venture Capital, Toyota Ventures and Tamarack Global. The startup is designing a system to generate electricity aboard vessels rather than draw power from land-based grids.
The Washington, D.C., company has designed a multi-megawatt prototype for installation on a conventional oceangoing ship. It plans to send that vessel to sea in early 2028. Later designs would use floating structures resembling offshore oil platforms.
Co-founder and CEO Sam Sipe said the aim is to deploy computing capacity faster than conventional data center development allows. He described industry timelines of eight to 10 years, including coordination with utilities and regional grid operators, as incompatible with the pace of AI demand.
The system uses ocean thermal energy conversion, generating power from the temperature difference between warm surface water and cold deep water. In Drogue’s design, surface water first cools servers, then heats ammonia into gas that drives a turbine. Water drawn from a depth of 1,000 meters helps condense the ammonia back into liquid for reuse in a sealed loop.
Drogue has received preliminary approval from the American Bureau of Shipping and is buying its first ship for the prototype. Sipe said each vessel would remain at sea for about a decade.