Applied Blockchain, Inc. Receives Regulatory Approval from the State of North Dakota for Electric Service Agreement
Applied Blockchain has received regulatory approval from the State of North Dakota for its Electric Service Agreement (ESA), paving the way for its entry into the crypto hosting business. The ESA provides up to 100 megawatts of power, effective from August 4, 2021. CEO Wes Cummins highlighted this approval as a significant milestone, following the recent groundbreaking of their first hosting facility. The company has established long-term hosting agreements for 115 Megawatts with partners like Bitmain and GMR, aiming to operationalize 50 megawatts by year-end, with another 50 megawatts early next year.
- Received regulatory approval for Electric Service Agreement from North Dakota.
- Long-term hosting agreements secured for 115 Megawatts with Bitmain and GMR.
- Plans to bring first 50 megawatts of capacity online before year-end.
- None.
DALLAS, Sept. 30, 2021 /PRNewswire/ -- Applied Blockchain, Inc. ("Applied Blockchain" or the "Company") (PINK: APLD) today announced the State of North Dakota's Public Service Commission has approved the Company's Electric Service Agreement ("ESA") with its utility partner in support of its entry into the crypto hosting business.
As previously announced, the Company entered into a long-term ESA with a utility partner located in the upper Midwest to provide up to 100 megawatts of power. The agreement became effective on August 4, 2021, subject to regulatory approval, which has now been received.
Wes Cummins, Applied Blockchain's CEO and Chairman, said, "Gaining state regulatory approval was the critical next step in our business development efforts and comes on the heels of the groundbreaking for our first hosting facility just two weeks ago. We have secured a low-cost, reliable, long-term power source that is now fully approved, and we are moving forward.
Cummins continued, "We announced our hosting business in July in conjunction with the closing of our capital raise that was led by Bitmain. We have long-term hosting agreements for 115 Megawatts already in place with industry leaders Bitmain and GMR. These contracts secure attractive economics for our investment in blockchain infrastructure. We have assembled a talented team of individuals and partners to get our first 50 megawatts of capacity online before year end and the next 50 megawatts up in early 2022."
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About Applied Blockchain
Applied Blockchain, Inc. (PINK: APLD) delivers high-performance crypto mining and infrastructure solutions to customers around the globe. The Company has partnered with Bitmain, SparkPool, and General Mining Research (GMR) to develop, deploy and scale its business. Applied Blockchain also engages in direct mining of Ethereum, Bitcoin and other crypto assets. The Company is backed by some of the largest family offices and institutional investors in the US.
Forward-Looking Statements
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "expect," and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: decline in demand for our products and services; the volatility of the crypto asset industry; the inability to comply with developments and changes in regulation; cash flow and access to capital; and maintenance of third party relationships. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.
Investor Relations Contacts
Brett Maas • Managing Partner, Hayden IR
brett@haydenir.com • (646) 536-7331
Wes Cummins • Chief Executive Officer, Applied Blockchain
(214) 427-1704
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SOURCE Applied Blockchain, Inc.
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