Hewlett-Packard Co. has confirmed it plans to invest over $1 billion during the next two years in order to create and offer cloud-computing products and services.

The company confirmed that it will make its OpenStack-based public cloud services available in over 20 data centers during the next 18 months, according to Reuters.

OpenStack is a cloud computing project that HP co-founded, which provides an open-source and free cloud computing platform for private and public cloud services.

"Customer challenges today extend beyond cloud. They include how to manage, control and scale applications in a hybrid environment that spans multiple technology approaches," Martin Fink, executive vice president and chief technology officer, HP, said in a statement, according to Reuters.

HP signed a deal with Taiwanese contract manufacturer Foxconn Technology Group to make servers for companies that provide cloud computing services.

Cloud services have become extremely popular among tech startups and larger companies within the last couple of years, especially businesses which rely on computers owned and operated by companies like of Amazon and Google, instead of buying the equipment themselves.

Companies like Google Inc. and Amazon Inc. recently cut prices of most of their cloud computing services as other companies decided to join in on the fun.

Cisco Systems discussed plans back in March to offer cloud computing services.

The company pledged to spend over $1 billion by 2016, while Microsoft Corp. said it will increase its cloud storage offering for business users 40-fold.

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