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Mawson Infrastructure Group Inc. Announces Partnership With Voltus To Deliver Up To 100MW To The PJM Interconnection In 2022
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Mawson Infrastructure Group (NASDAQ:MIGI) partners with Voltus to deliver up to 100MW of energy resources to the PJM Interconnection grid in 2022. A new Bitcoin mining facility is being established in Midland, Pennsylvania, aiming to bring 50MW online by March 2022 and another 50MW by June 2022. The company has signed a 5-year Power Purchase Agreement with Energy Harbor for 100% carbon-free energy at this facility. This collaboration enhances Mawson's digital infrastructure strategy while supporting grid reliability and promoting sustainable energy use.
Positive
Partnership with Voltus to deliver 100MW of energy resources to PJM.
New Bitcoin mining facility in Midland, Pennsylvania to be operational in phases (50MW by March 2022, another 50MW by June 2022).
5-year Power Purchase Agreement with Energy Harbor for 100% carbon-free energy.
Negative
None.
Mawson to deliver up to 100MW of energy resources to the PJM Interconnection electricity grid in 2022.
SYDNEY & NEW YORK--(BUSINESS WIRE)--
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson”), a digital infrastructure provider, is pleased to announce it has partnered with Voltus, the leading distributed energy resource (DER) software technology platform, to deliver up to 100MW of energy resources to the PJM Interconnection (“PJM”) electricity grid in 2022.
Mawson is building a new 100MW Bitcoin mining facility on the grounds of a former industrial site in Midland, Pennsylvania with the intention of bringing 50MW of load online by March 2022 and an additional 50MW by June 2022. This capacity is expected to be available to PJM’s grid operators as a grid balancing resource 24/7/365 through the Voltus marketplace software platform.
In addition, Mawson has executed a 5 year Power Purchase Agreement (PPA) with Energy Harbor for 100% carbon-free energy at the Midland, Pennsylvania facility.
Liam Wilson, COO of Mawson, said, "At Mawson we are building energy-efficient, next-generation digital infrastructure. Incorporating best practice distributed energy resource program participation through the Voltus software platform into our Midland, Pennsylvania development plans is another opportunity for Mawson to be a good steward for the community and electricity grid that is supporting us. We are also pleased to have contracted 100% carbon-free energy via a 5 year PPA with Energy Harbor at our newest facility.”
Gregg Dixon, CEO and Co-founder of Voltus, said, “Cryptomining load is expected to reach nearly 10,000 MWs in the US over the next five years. Voltus can control these loads in a fully automated fashion, connecting this capacity to power markets that value them, resulting in cash back to miners, reliable resources for grid operators, and a balancing resource to improve the reliability of much-needed renewable energy. Digital infrastructure leaders like Mawson recognize that partnering with Voltus supports the grid and provides a competitive advantage in the power-cost driven world of cryptomining.”
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.
Voltus, Inc. (“Voltus”) is the leading platform connecting distributed energy resources to electricity markets, delivering less expensive, more reliable, and more sustainable electricity. Our commercial and industrial customers and grid services partners generate cash by allowing Voltus to maximize the value of their flexible load, distributed generation, energy storage, energy efficiency, and electric vehicle resources in these markets. To learn more, visit www.voltus.co
Voltus previously announced an agreement for a business combination with Broadscale Acquisition Corp. (“Broadscale”) (Nasdaq: SCLE), which is expected to result in Voltus becoming a public company listed on the Nasdaq in the first half of 2022, subject to customary closing conditions.
Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 1, 2021 and Mawson’s Quarterly Report on Form 10-Q filed with the SEC on November 15, 2021, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.
