New York Supreme Court Rules for Greenidge Generation
The New York Supreme Court has ruled in favor of Greenidge Generation (NASDAQ: GREE), rejecting the Department of Environmental Conservation's (DEC) denial of their Title V Air Permit renewal. Judge Vincent Dinolfo declared DEC's action as 'arbitrary and capricious' with 'no rational basis.' This marks the seventh consecutive court ruling in Greenidge's favor, allowing their New York facility to continue uninterrupted operations. The court found that DEC's interpretation of the Climate Act (CLCPA) Section 7(2) was flawed and politically motivated rather than based on law. The facility will continue providing data center operations and power to the electrical grid while maintaining local high-tech jobs.
La Corte Suprema di New York ha emesso una sentenza favorevole a Greenidge Generation (NASDAQ: GREE), respingendo il diniego del rinnovo del Permesso d'aria di Titolo V da parte del Dipartimento della Conservazione Ambientale (DEC). Il giudice Vincent Dinolfo ha dichiarato l'azione del DEC 'arbitraria e capricciosa' e priva di 'una base razionale.' Questo rappresenta la settima sentenza consecutiva a favore di Greenidge, consentendo al loro impianto a New York di continuare le operazioni senza interruzioni. La Corte ha stabilito che l'interpretazione del DEC della Sezione 7(2) della Legge sul Clima (CLCPA) era difettosa e motivata politicamente piuttosto che basata sulla legge. L'impianto continuerà a fornire operazioni di data center e potenza alla rete elettrica, mantenendo nel contempo posti di lavoro ad alta tecnologia a livello locale.
El Tribunal Supremo de Nueva York ha fallado a favor de Greenidge Generation (NASDAQ: GREE), rechazando la negativa del Departamento de Conservación Ambiental (DEC) a la renovación de su Permiso de Aire de Título V. El juez Vincent Dinolfo declaró que la acción del DEC era 'arbitraria y caprichosa' y carecía de 'una base racional.' Esta es la séptima decisión judicial consecutiva a favor de Greenidge, permitiendo que su instalación en Nueva York continúe operando sin interrupciones. El tribunal determinó que la interpretación del DEC de la Sección 7(2) de la Ley Climática (CLCPA) era defectuosa y motivada políticamente en lugar de basada en la ley. La instalación seguirá proporcionando operaciones de centros de datos y energía a la red eléctrica, mientras mantiene empleos tecnológicos locales.
뉴욕 대법원이 Greenidge Generation (NASDAQ: GREE)에게 유리한 판결을 내렸으며, 환경 보존 부서(DEC)의 제5조 공기 허가 갱신 거부를 반려했습니다. 빈센트 디놀포 판사는 DEC의 행동을 '임의적이고 변덕스럽다'고 주장하며 '합리적인 근거가 없다'고 밝혔습니다. 이는 Greenidge에게 유리한 연속적인 일곱 번째 법원 판결로, 뉴욕 시설의 중단 없는 운영을 허용했습니다. 법원은 DEC의 기후법(CLCPA) 제7(2) 조항 해석에 결함이 있고 정치적 동기에 의해 추진된 것이라고 판단했습니다. 이 시설은 데이터 센터 운영을 계속하고 전력망에 전기를 공급하며 지역의 고급 기술 일자리를 유지할 것입니다.
La Cour suprême de New York a rendu un jugement en faveur de Greenidge Generation (NASDAQ: GREE), rejetant le refus du Département de la conservation de l'environnement (DEC) concernant le renouvellement de leur permis d'air de titre V. Le juge Vincent Dinolfo a qualifié l'action du DEC d' 'arbitraire et capricieux' sans 'base rationnelle.' Cela marque la septième victoire consécutive de Greenidge devant les tribunaux, permettant à leur installation de New York de continuer ses opérations sans interruption. La cour a constaté que l'interprétation du DEC de la Section 7(2) de la Loi sur le climat (CLCPA) était erronée et motivée politiquement plutôt que basée sur la loi. L'établissement continuera de fournir des opérations de centre de données et de l'énergie au réseau électrique tout en maintenant des emplois technologiques locaux.
Der Oberste Gerichtshof von New York hat zugunsten von Greenidge Generation (NASDAQ: GREE) entschieden und die Ablehnung der Erneuerung ihrer Titel V-Luftgenehmigung durch das Department of Environmental Conservation (DEC) verworfen. Richter Vincent Dinolfo erklärte das Handeln des DEC als 'willkürlich und launenhaft' ohne 'rationale Basis.' Dies ist das siebte aufeinanderfolgende Urteil zu Gunsten von Greenidge, das es ihrer New Yorker Anlage ermöglicht, ununterbrochen zu operieren. Das Gericht stellte fest, dass die Auslegung des DEC des Klima-Gesetzes (CLCPA) Abschnitt 7(2) fehlerhaft und politisch motiviert war, statt auf dem Gesetz zu basieren. Die Anlage wird weiterhin Datenzentrum-Operationen durchführen und Strom ins Stromnetz einspeisen, während sie gleichzeitig lokale High-Tech-Jobs erhält.
- Court victory ensures continuous operation of NY facility
- Maintains existing revenue streams from datacenter and power generation
- Preserves local high-tech employment
- Strong legal track record with seven favorable court decisions
- Previous regulatory challenges and permit denial impacted company operations
- Political and regulatory uncertainty remains a risk factor
Insights
This landmark ruling significantly strengthens Greenidge's operational position in New York. The court's decision to overturn the DEC's permit denial as "arbitrary and capricious" has immediate positive implications for the company's business continuity. The ruling addresses three critical aspects: legal validity of operations, regulatory compliance and future operational certainty.
The decision represents the seventh consecutive legal victory for Greenidge, establishing a strong precedent for their operational legitimacy. The court's explicit criticism of DEC's interpretation of CLCPA Section 7(2) effectively shields the company from similar regulatory challenges in the near term. For investors, this ruling removes a significant regulatory overhang and provides clear operational visibility for Greenidge's New York facility.
The ruling's implications extend beyond mere permit renewal. Greenidge's dual-purpose facility model - combining cryptocurrency mining with power grid support - demonstrates a viable blueprint for sustainable data center operations. The facility's ability to continue operations means:
- Maintained power supply capacity for the local grid
- Continued revenue streams from both crypto mining and power generation
- Validation of the behind-the-meter power utilization model
DEC’s Denial of Air Permit Rejected by the Court; Deemed “Arbitrary and Capricious”
Greenidge’s NY Facility to Continue Operations, Providing High-Tech Local Jobs and Power to the Electrical Grid Daily
Seventh Court Ruling on Greenidge Operations – Seven Decisions in Favor of Greenidge
Judge Dinolfo stated in his ruling annulling DEC’s action the following:
- That DEC “acted in a manner that was both affected by errors of law and arbitrary and capricious”;
- The “Final Denial had no rational basis for its decision to forgo CLCPA § 7(2)’s justification analysis”; and
- The State’s “interpretation of the analysis required under CLCPA Section 7(2) is flawed”.
Statement of Greenidge Generation:
“Transparent political bias lost today. Facts and the rule of law won. The ruling ensures our facility will continue operating and our local employees will not have their careers ripped away by politically motivated governmental overreach that had no basis in law from the first day it began.
“The Climate Act is a good and well-intended law, but it did not give DEC political appointees and bureaucrats the power to rewrite a statute and unilaterally decide for themselves the value of working-class New Yorkers’ jobs. They tried hard, in concert with their allies in the advocacy community for whom truth was a bridge too far, but no amount of spin could change that fact.
“The damage caused to our company and employees by the recklessness of the DEC and all those who lied about our operation is real, and today the Court set the record straight – we were right, and the state and its allies were wrong.
“This is the seventh court ruling on Greenidge’s operation – with seven decisions in favor of Greenidge. Why? Because when actual judges rule — not DEC political actors — the facts and law govern, and our record is clear: we comply with state and federal law.
“DEC wanted a virtue-signaling result: to shut down a facility with no material impact on reaching Climate Law goals and one that offered significant emissions mitigation consistent with Climate Act aims. So they tried to short-circuit the process to get to their pre-determined outcome – and they got caught.
“This decision highlights the growing importance of data center operations – whether supporting AI, digital currency, cloud computing, or other high-tech businesses – and how we can bring modern career paths to Upstate New Yorkers, who have waited far too long for the opportunity.
“Our facility shows this region can create future-focused data center jobs and economic activity by utilizing power behind the meter – and provide power to the electrical grid everyday – while also meeting the state’s ambitious climate goals.
“Going forward, we hope the DEC will listen to the Court and begin working collaboratively with Greenidge to finalize a new permit, consistent with the court’s rebuke of the State’s decision and for the benefit of New York State.”
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.
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 the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
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Source: Greenidge Generation Holdings Inc.
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