It does so through its U.S. subsidiary with the American family office Ascent Partners.
Substrate AI, the Spanish artificial intelligence company listed on the BME growth, has closed a new financing agreement with the American family office Ascent Partners for the purchase of companies and investment in its AI factories project.
The financing is for 2,222.222 million dollars extendable to another 2,222.222 and has an interest rate of 10% with a fee of 2.5%. Substrate Ai will have to repay it in 2 years from July 26th and to avoid repayment problems, the loan can be converted into shares guaranteeing that it will not affect the solvency of the company and its possible future growth and giving Ascent Partners the opportunity to become a shareholder of Substrate Ai.
The loan will help Substrate AI to pay for the purchases announced this year and above all to continue deepening its plan to build AI factories. Substrate Ai is currently immersed in the construction of its first Ai factory in Talavera de la Reina for which it has a grant of 19m euros from the Junta de Castilla la Mancha, a project that requires a strong investment. In fact, the company announced in summer that it had hired Arcano to lead the search for the necessary funding for the project and expects to present its project and business plan soon.
“This loan from Ascent Partners allows us not only to advance our business plan, but also to open up to new financiers and investors in the American market, something we have been looking for for some time”. José Iván García points out that “the USA is the market in which AI and all its derivatives are most understood, and it is very important for us to have new stakeholders in that market that will open up new opportunities for us. We must not forget that Substrate AI was born precisely there by the hand of Bren Worth.”
Substrate AI, which has been listed on BME Growth since May 2022, is currently developing a strategic plan to list its subsidiaries and start the development of its computing infrastructure, with its first AI factory in Talavera de la Reina, which it is working to build soon.
