Midas Immersion Cooling to Supply 200 MW of Leading-Edge Immersion Cooling Equipment Solutions to Riot Platforms, Inc.

Rhea-AI Summary

Midas Immersion Cooling has entered into a long-term supply agreement with Riot Platforms. The initial purchase includes 200 MW of immersion systems, with the option for an additional 400 MW. This brings the total worldwide deployment of Midas immersion systems to 0.5 GW.

Positive

• Midas has secured an initial order of 200 MW of immersion cooling systems, which will bring the total deployed capacity to over 500 MW. The agreement also grants Riot the option to purchase up to 400 MW of additional systems. This could significantly increase the worldwide deployed capacity of Midas immersion systems to over 900 MW.

Negative

• None.

Agreement includes an initial purchase of 200 MW of immersion systems, with the option to supply up to 400 MW of additional immersion systems on the same terms. Initial sale brings total worldwide deployment of Midas immersion systems to 0.5 GW.

AUSTIN, Texas, July 19, 2023 /PRNewswire/ -- Midas Immersion Cooling, LLC ("Midas Immersion" or "Midas"), an industry leader in immersion cooling technology solutions for Bitcoin ("BTC") miners and Data Centers, with the largest deployed single-phase immersion cooling capacity of any manufacturer, announced today that it has entered into a long-term supply agreement (the "Agreement") with Riot Platforms, Inc. (NASDAQ: RIOT) ("Riot"), an industry leader in BTC mining and Data Center hosting. Under the Agreement, Midas has secured an initial order of 200 megawatts (MW) of its latest generation of immersion cooling systems, as well as associated equipment and adiabatic coolers for Riot's Corsicana, Texas, operations. Midas designed the ASICE 2.0 immersion cooling systems in Texas, for manufacture in North America.

The Agreement provides delivery of the new immersion cooling systems by the end of 2023. Upon commissioning, the initial 200 MW of immersion cooling systems will bring the total deployed capacity of Midas immersion cooling systems to over 500 MW (0.5 GW).

Under the Agreement, Midas has also granted Riot the option to purchase up to 400 MW of additional ASICE 2.0 immersion cooling systems and ancillary equipment from Midas, on the same terms as the initial order. Assuming full exercise of Riot's option, the total worldwide deployed capacity of Midas immersion cooling systems would be in excess of 900 MW, upon commissioning. Riot may exercise the option, in whole or in part, through December 31, 2024.

"Midas is pleased to announce this landmark deal to continue as a trusted supplier to Riot," said Scott Sickmiller, CEO of Midas. "We remain committed to offering the best engineering, equipment performance, and customer support among immersion cooling providers."

"Riot is pleased to partner with Midas Immersion for our Corsicana Facility," said Jason Les, CEO of Riot. "Partnering with Midas will enhance Riot's approach in diversifying our immersion capabilities to ensure efficiency across our mining infrastructure, prolonging the life of our miners, while also increasing our ability to maintain low cost of power by eliminating the need for costly forced-air cooling."

About Midas Immersion Cooling

Midas Immersion Cooling is a leader in engineering design and integration of single-phase immersion cooling equipment solutions for ASIC miners and data servers. Midas Immersion's patented cooling tanks increase miner and server density, decrease power consumption, and significantly reduce cooling and infrastructure costs compared to traditional air-cooled environments.

About Riot Platforms, Inc.

Riot's (NASDAQ: RIOT) vision is to be the world's leading Bitcoin-driven infrastructure platform.

Our mission is to positively impact the sectors, networks, and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has data center hosting operations in central Texas, Bitcoin mining operations in central Texas, and electrical switchgear engineering and fabrication operations in Denver, Colorado.

Media Contact:
info@midasgt.com

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SOURCE Midas Immersion Cooling

FAQ

What is the long-term supply agreement between Midas Immersion and Riot Platforms?

Midas Immersion has entered into a long-term supply agreement with Riot Platforms, which includes an initial purchase of 200 MW of immersion systems and the option for an additional 400 MW.

What is the total worldwide deployment of Midas immersion systems after this agreement?

The total worldwide deployment of Midas immersion systems will be 0.5 GW after this agreement.

What is the significance of the initial purchase of 200 MW of immersion systems?

The initial purchase of 200 MW of immersion systems will bring the total deployed capacity of Midas immersion systems to over 500 MW.

What is the option granted to Riot Platforms under the agreement?

Riot Platforms has been granted the option to purchase up to 400 MW of additional immersion systems from Midas on the same terms as the initial order.

What is the potential impact of Riot exercising the option for additional immersion systems?

If Riot exercises the option for additional immersion systems, the worldwide deployed capacity of Midas immersion systems could exceed 900 MW.