Lake Parime, a London-based supplier of cryptocurrency mining equipment, plans to open a North Jacksonville repair and manufacturing facility.
JAXUSA Partnership announced Aug. 8 the company will redevelop a former manufacturing site and will create 50 jobs in the project’s first phase.
The Jacksonville facility will focus on high-performance computer servers used in crypto mining, JAXUSA said in a news release.
JAXUSA Partnership is the economic development arm of JAX Chamber.
In the release, Lake Parime COO Nimesh Mistry called the project a collaborative project with the city that will bring high-skilled and manufacturing jobs across the community.
“The facility marks a dynamic step forward for Lake Parime in the US hardware market, taking ownership of our supply chain – de-linking our deployments from market fluctuations – and improving the shelf life of equipment through in-house hardware repair and manufacturing,” Mistry said.
The news release did not identify the site Lake Parime intends to redevelop or the development cost.
According to JAXUSA, Lake Parime intends to “create hundreds of jobs and bring millions of dollars of investment in innovation.”
The news release did not say if Lake Parime will seek city incentives.
JAXUSA said the company’s choice of Jacksonville to expand its North American footprint came from Chamber officials’ annual business recruitment and economic development trip to the United Kingdom in tandem with the Jacksonville Jaguars game on Oct. 17 in London.
“This investment is a direct result of the relationships we are building in London and we look forward to building on this important partnership overseas,” JAXUSA President Aundra Wallace said in a release.
Lake Parime markets itself as a designer, maker and operator of sustainable computing infrastructure.
The company was founded in January 2019 with entities in the United Kingdom, Canada and the U.S., according to its website.
Lake Parime says it supplies high-powered servers and their cooling systems as well as power docks to funnel electricity to its products.
It lists electric car-maker Tesla, global automation company Siemens and the University of London as clients.
In the release, Mayor Lenny Curry touted Lake Parime’s decision to build-out space in Jacksonville as an example of the city’s growing financial technology sector and touted the deal as “a long time in the making.”