Greenidge Generation Announces Sale of South Carolina Property to Data Journey for $12.1 Million and 8% Stake in Planned Data Center’s Profits
Greenidge Generation Holdings (NASDAQ: GREE) has announced the sale of its 152-acre Spartanburg, South Carolina property to Data Journey for $12.1 million in cash plus an 8% profit participation interest in the planned data center. The property, initially purchased by Greenidge in 2021 for $15 million, includes access to 60 MW of secured power.
This transaction marks Greenidge's first major entry into the data center space. After the sale closes, Greenidge will support Data Journey in site development. The property has potential for expansion up to 100MW with proprietary onsite power generation. Data Journey currently operates facilities in North Carolina and Texas, with plans to expand to six new sites in 2025.
The deal follows Greenidge's earlier sale of 23 acres and 44 MW mining facilities to NYDIG for approximately $28 million in 2023. The transaction is expected to close in Q1 2025.
Greenidge Generation Holdings (NASDAQ: GREE) ha annunciato la vendita della sua proprietà di 152 acri a Spartanburg, Carolina del Sud, a Data Journey per 12,1 milioni di dollari in contante più un interesse del 8% nella partecipazione agli utili del previsto centro dati. La proprietà, acquistata inizialmente da Greenidge nel 2021 per 15 milioni di dollari, include l'accesso a 60 MW di potenza sicura.
Questa transazione segna il primo importante ingresso di Greenidge nel settore dei centri dati. Dopo la chiusura della vendita, Greenidge supporterà Data Journey nello sviluppo del sito. La proprietà ha potenziale per un'espansione fino a 100 MW con generazione di energia in loco proprietaria. Data Journey attualmente gestisce strutture in North Carolina e Texas, con piani di espansione su sei nuovi siti nel 2025.
L'affare segue la vendita precedente da parte di Greenidge di 23 acri e 44 MW di strutture minerarie a NYDIG per circa 28 milioni di dollari nel 2023. Si prevede che la transazione si chiuda nel Q1 2025.
Greenidge Generation Holdings (NASDAQ: GREE) ha anunciado la venta de su propiedad de 152 acres en Spartanburg, Carolina del Sur, a Data Journey por 12,1 millones de dólares en efectivo más un interés de participación en las ganancias del 8% en el centro de datos planeado. La propiedad, comprada inicialmente por Greenidge en 2021 por 15 millones de dólares, incluye acceso a 60 MW de energía asegurada.
Esta transacción marca la primera entrada importante de Greenidge en el espacio de centros de datos. Después del cierre de la venta, Greenidge apoyará a Data Journey en el desarrollo del sitio. La propiedad tiene potencial de expansión de hasta 100MW con generación de energía en el lugar de forma propietaria. Data Journey opera actualmente instalaciones en Carolina del Norte y Texas, con planes de expandirse a seis nuevos sitios en 2025.
El acuerdo sigue a la venta anterior de Greenidge de 23 acres y 44 MW de instalaciones mineras a NYDIG por aproximadamente 28 millones de dólares en 2023. Se espera que la transacción se cierre en el Q1 2025.
그리니지 제너레이션 홀딩스 (NASDAQ: GREE)는 사우스캐롤라이나 스파탄버그에 위치한 152에이커의 부동산을 데이터 저니에 1,210만 달러에 현금 판매하고 계획된 데이터 센터의 8% 이익 참여 지분을 포함한다고 발표했습니다. 이 부동산은 그리니지가 2021년에 1,500만 달러에 구매한 것으로, 60MW의 안정된 전력에 접근할 수 있습니다.
이번 거래는 그리니지가 데이터 센터 분야에 본격적으로 진출하는 첫 번째 사례입니다. 판매가 종료된 후, 그리니지는 데이터 저니를 위해 사이트 개발을 지원할 것입니다. 이 부동산은 독자적인 현장 전력 생산을 통해 100MW까지 확장할 수 있는 잠재력을 가지고 있습니다. 데이터 저니는 현재 노스캐롤라이나와 텍사스에서 시설을 운영하며, 2025년까지 여섯 개의 새로운 사이트로 확장할 계획입니다.
이번 거래는 그리니지가 2023년에 NYDIG에 23에이커와 44MW의 채굴 시설을 약 2,800만 달러에 판매한 이후에 이루어졌습니다. 거래는 2025년 1분기에 마무리될 것으로 예상됩니다.
Greenidge Generation Holdings (NASDAQ: GREE) a annoncé la vente de sa propriété de 152 acres à Spartanburg, Caroline du Sud, à Data Journey pour 12,1 millions de dollars en espèces, ainsi qu'un intérêt de participation aux bénéfices de 8% dans le centre de données prévu. La propriété, achetée initialement par Greenidge en 2021 pour 15 millions de dollars, comprend un accès à 60 MW d'énergie sécurisée.
Cette transaction marque la première entrée majeure de Greenidge dans le secteur des centres de données. Après la clôture de la vente, Greenidge soutiendra Data Journey dans le développement du site. La propriété a le potentiel d'une expansion allant jusqu'à 100 MW avec une production d'énergie sur site propriétaire. Data Journey exploite actuellement des installations en Caroline du Nord et au Texas, avec des projets d'expansion vers six nouveaux sites en 2025.
L'accord fait suite à la vente précédente de 23 acres et de 44 MW d'installations minières par Greenidge à NYDIG pour environ 28 millions de dollars en 2023. La transaction devrait être finalisée au premier trimestre 2025.
Greenidge Generation Holdings (NASDAQ: GREE) hat den Verkauf seines 152 Hektar großen Grundstücks in Spartanburg, South Carolina, an Data Journey für 12,1 Millionen Dollar in bar sowie eine 8%ige Gewinnbeteiligung am geplanten Rechenzentrum angekündigt. Das Grundstück wurde ursprünglich 2021 von Greenidge für 15 Millionen Dollar gekauft und bietet Zugang zu 60 MW gesicherter Energie.
Diese Transaktion markiert Greenidges ersten großen Einstieg in den Bereich der Rechenzentren. Nach dem Abschluss des Verkaufs wird Greenidge Data Journey bei der Standortentwicklung unterstützen. Das Grundstück hat das Potenzial für eine Erweiterung auf bis zu 100 MW mit proprietärer Energieerzeugung vor Ort. Data Journey betreibt derzeit Einrichtungen in North Carolina und Texas und plant, bis 2025 auf sechs neue Standorte zu expandieren.
Der Deal folgt dem früheren Verkauf von 23 Acres und 44 MW an Mining-Anlagen durch Greenidge an NYDIG für etwa 28 Millionen Dollar im Jahr 2023. Die Transaktion wird voraussichtlich im ersten Quartal 2025 abgeschlossen.
- Sale of property for $12.1 million plus 8% profit share in future data center operations
- Strategic expansion into data center business while maintaining bitcoin mining operations
- Secured future revenue stream through profit participation agreement
- Property has secured access to 60 MW of power with potential expansion to 100 MW
- Property being sold for less than original purchase price ($12.1M vs $15M)
- Long timeline to close (Q1 2025)
Insights
The sale of Greenidge's Spartanburg property represents a strategic pivot that significantly impacts the company's financial position and business model. The
- Initial purchase:
$15 million for 175 acres - First partial sale:
$28 million for 23 acres to NYDIG - Current sale:
$12.1 million plus profit share for remaining 152 acres
The total proceeds of
This transaction showcases an innovative approach to real estate development in the data center sector. The property's secured access to 60 MW of power, with potential scaling to 100 MW, significantly enhances its value proposition. The structured deal allows Greenidge to monetize the land while maintaining involvement in its development through technical support and profit participation. The strategic location in South Carolina and existing infrastructure make this an attractive data center site, particularly given the growing demand for data center capacity in the Southeast region. Data Journey's aggressive expansion plans and existing operational footprint in NC and TX suggest strong execution capability for this development.
Marks Greenidge’s First Large-Scale Entry into the Data Center Space as the Company Will Continue Working with Data Journey in Development of Site
Highlights Greenidge and Data Journey’s Intention To Partner on Additional Future Sites
Greenidge purchased the
Following the completion of the property sale, Greenidge will provide support to Data Journey in the site development and buildout. The property sale and accompanying profit share structure align with Greenidge’s longstanding focus on identifying and acquiring properties with access to significant low-cost power; evaluating each property’s best use for bitcoin mining and data center development; maximizing power capacity; and, ultimately developing or selling to a strategic buyer, when appropriate. In alignment with this playbook, Greenidge is now evaluating other sites for similar data center buildouts and intends to partner with Data Journey on other similar sites.
“Today marks an exciting step forward for Greenidge as our
Kovler added: “As Greenidge continues to evolve, our focus is on scaling our complementary data center expertise alongside our existing bitcoin mining capabilities so that we can further diversify our business and maximize power capacity at each site we own. Data Journey is at the forefront of the data center industry, and we look forward to supporting them as they develop this property and to partnering together on many other projects in the future.”
Data Journey currently operates four facilities across two data centers in
“The acquisition of the
The property sale is expected to close in the first quarter of 2025.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (Nasdaq: GREE) is a vertically integrated power generation company, focusing on cryptocurrency mining, infrastructure development, engineering, procurement, construction management, operations and maintenance of sites.
About Data Journey
Data Journey stands at the forefront of the data center industry, poised to redefine the standards of excellence and reliability while also being the first and only Woman, Minority, Owned Data Center Provider, headed by Dr. Ishnella Azad. As owners, operators and developers of data centers, Data Journey is also at the leading edge of developing onsite energy production for stability, reliability and scalability. Data Journey currently has nationwide access to 1.2 GW of power, and its team of over 20 experts – all with more than 15 years of field experience – is able to support the growth and success of the company’s tenants and partners.
With a relentless focus on customer service, innovation and cutting-edge technology, Data Journey offers state-of-the-art facilities equipped with redundant infrastructure and advanced security protocols. For more information, visit www.datajourney.com.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the period ended September 30, 2024, as well as statements about or relating to or otherwise affected by (i) the ability to close on and recognize the anticipated objectives and benefits of the sale and subsequent development of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241204425726/en/
For Greenidge:
Investors
Nick Ratti, 315-536-2359
nratti@greenidge.com
investorrelations@greenidge.com
Media
Longacre Square Partners
Kate Sylvester / Liz Shoemaker, 646-386-0091
greenidge@longacresquare.com
For Data Journey:
Source: Greenidge Generation Holdings Inc.
FAQ
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