HIVE Digital Technologies (HIVE) subsidiary, BUZZ High Performance Computing, has contracted a new fiber optic network overbuild and carrier transport upgrade for its New Brunswick data center, the company said Thursday.

The company expects to commit about $3.1 million over five years to develop the new infrastructure, which includes high-capacity optical wavelength services with multiple 100 Gbps and 400 Gbps connections.

Proceeds from its recently completed $115 million 0% exchangeable note offering will be used for data center growth targets, it said.

Delivery is expected to begin in Q3, Hive Digital Technologies said.