Gulf Energy Invests $271M to Boost AI Data Center Facility

by

As a crypto investor with a background in technology and business, I’m excited to see Gulf Energy, led by entrepreneur Sarath Ratanavadi, expanding into the digital asset sector and data centers. With Thailand becoming a hub for AI and cloud computing, this investment makes perfect sense given the excess capacity of electricity generation in the country.

As an analyst, I would describe it this way: I, Sarath Ratanavadi, Thailand’s second-wealthiest individual and the head of Gulf Energy, am exploring opportunities to expand my investments in the growing market sectors of cloud computing and Artificial Intelligence (AI). To achieve this, I plan to strengthen my presence in data centers by making a new investment.

According to Bloomberg’s latest news, Gulf Energy and its collaborators have declared a 10-billion-baht investment, or roughly $271 million, to broaden their data center complex in the vicinity of Bangkok. This decision arises from the surging market need for cloud computing and artificial intelligence technologies. The announcement follows an earlier investment made on the outskirts of Bangkok for a similar data center project.

Gulf Energy Expands to Crypto and AI

Gulf Energy Development Plc initiated its venture into the digital asset industry through a collaboration with a Binance affiliate to establish Gulf Binance Co. This company subsequently evolved into Binance TH. It is known that Gulf Energy invested in the Series Seed Preferred Stock offered by BAM Trading Services Inc, the organization managing the regulated digital asset exchange. The value of this investment has not been made public.

The launch of the new trading platform, initially planned for the second quarter of 2022, actually occurred significantly later. Following the acquisition of essential licenses and approvals from Thailand’s Ministry of Finance in May 2023, the platform was finally made available to the public.

As a researcher studying the energy landscape of data centers, I’ve discovered that our upcoming investment will significantly increase the energy consumption of our facility. Originally projected at 25 megawatts, this consumption is set to double with the new investment, reaching 50 megawatts. According to Gulf Energy’s Chief Financial Officer, Yupapin Wangviwat, the deal is anticipated for completion in March.

As an accomplished entrepreneur with a string of successful businesses under his belt, Ratanavadi is expanding his ventures into virtual banking, cryptocurrency trading, and other technology sectors. The surplus electricity generation capacity in the second largest economy in Southeast Asia has resulted in a burgeoning need for data centers. Meanwhile, major tech companies are investing heavily to advance cloud computing and artificial intelligence services on a global scale.

During a press conference in Bangkok, the energy billionaire said:

As a researcher studying the market trends, I would anticipate initiating the second phase expansion based on the forecasted surge in demand for our data center services. The rapid adoption of artificial intelligence (AI) and the increasing reliance on cloud computing are expected to significantly boost the requirement for our data center’s bandwidth.

Noted is the fact that Gulf Energy and Alphabet Inc, Google’s parent company, recently held a collaborative briefing to share details about their cloud computing partnership in Thailand.

Malta Grabs a Piece of AI Hype

Simultaneously, numerous other businesses strive to capitalize on the current artificial intelligence craze. GO Plc, a leading telecommunications firm based in Malta, is aiming to automate a significant portion of its operations using AI. At present, approximately 20% of its marketing materials are generated by AI and around 30% of its coding tasks are being handled by AI. Consequently, the demand for developers within the company has diminished.

As a researcher studying the advancements and applications of artificial intelligence (AI) technology, I have noticed that there are valid concerns surrounding its use in various domains. These concerns include the creation and spread of deepfakes, which can distort truth and manipulate public opinion, as well as AI-assisted crypto scams that exploit vulnerabilities in blockchain systems. Despite these challenges, companies are undeterred and are continuing to pursue their ambitious missions to harness the power of AI for innovation and growth.

Read More

2024-06-27 17:00