TeraWulf to Deliver over 70 MW of Data Center Infrastructure for G42’s US Operations
TeraWulf (NASDAQ: WULF) has signed long-term data center lease agreements with Core42, a G42 subsidiary, to deliver over 70 megawatts of turn-key data center infrastructure at the Lake Mariner facility in Upstate New York. The infrastructure will be deployed between Q1 and Q3 2025, featuring Dell Integrated Rack Scalable Solutions with direct liquid cooled GPU servers.
The agreement includes two five-year renewal options and provisions for expanding hosting capacity by an additional 135 MW gross (108 MW critical IT load). This strategic move marks TeraWulf's expansion into AI-driven computing while maintaining its Bitcoin mining operations, leveraging predominantly zero-carbon energy sources.
TeraWulf (NASDAQ: WULF) ha firmato contratti di locazione a lungo termine per centri dati con Core42, una sussidiaria di G42, per fornire oltre 70 megawatt di infrastruttura per centri dati chiavi in mano presso la struttura di Lake Mariner, nello Stato di New York. L'infrastruttura sarà implementata tra il primo e il terzo trimestre del 2025, e presenterà soluzioni rack scalabili integrate Dell con server GPU raffreddati a liquido direttamente.
Il contratto include due opzioni di rinnovo di cinque anni e disposizioni per espandere la capacità di hosting di ulteriori 135 MW lordi (108 MW di carico IT critico). Questa mossa strategica segna l'espansione di TeraWulf nell'informatica guidata dall'AI, mantenendo al contempo le sue operazioni di mining di Bitcoin, sfruttando prevalentemente fonti di energia a zero emissioni di carbonio.
TeraWulf (NASDAQ: WULF) ha firmado acuerdos de arrendamiento a largo plazo para centros de datos con Core42, una subsidiaria de G42, para proporcionar más de 70 megavatios de infraestructura de centro de datos llave en mano en la instalación de Lake Mariner en el norte del estado de Nueva York. La infraestructura se implementará entre el primer y el tercer trimestre de 2025, y contará con soluciones de rack escalables integradas de Dell con servidores GPU enfriados por líquido directo.
El acuerdo incluye dos opciones de renovación de cinco años y disposiciones para aumentar la capacidad de alojamiento en 135 MW brutos adicionales (108 MW de carga crítica de TI). Este movimiento estratégico marca la expansión de TeraWulf hacia la computación impulsada por IA, manteniendo al mismo tiempo sus operaciones de minería de Bitcoin, aprovechando predominantemente fuentes de energía con cero emisiones de carbono.
TeraWulf (NASDAQ: WULF)는 G42의 자회사인 Core42와 장기 데이터 센터 임대 계약을 체결하여 뉴욕주 북부에 있는 Lake Mariner 시설에 70메가와트 이상의 턴키 데이터 센터 인프라를 제공할 예정입니다. 이 인프라는 2025년 1분기와 3분기 사이에 배포되며, 직접 액체 냉각 GPU 서버가 포함된 Dell 통합 랙 확장 솔루션을 갖출 것입니다.
계약에는 5년 갱신 옵션 2개와 추가 135MW의 총 용량(IT 핵심 부하 108MW)을 확장할 수 있는 조항이 포함되어 있습니다. 이 전략적 움직임은 TeraWulf가 AI 기반 컴퓨팅으로 확장하는 동시에 비트코인 채굴 운영을 유지하고, 주로 제로 탄소 에너지원에 의존하고 있음을 나타냅니다.
TeraWulf (NASDAQ: WULF) a signé des contrats de location à long terme pour des centres de données avec Core42, une filiale de G42, afin de fournir plus de 70 mégawatts d'infrastructure de centre de données clé en main à l'installation de Lake Mariner dans l'État de New York. L'infrastructure sera déployée entre le premier et le troisième trimestre de 2025, et comprendra des solutions de rack évolutives intégrées de Dell avec des serveurs GPU refroidis par liquide direct.
Le contrat comprend deux options de renouvellement de cinq ans et des dispositions pour étendre la capacité d'hébergement de 135 MW bruts supplémentaires (108 MW de charge critique en informatique). Ce mouvement stratégique marque l'expansion de TeraWulf dans l'informatique alimentée par l'IA tout en maintenant ses opérations de minage de Bitcoin, en tirant principalement parti de sources d'énergie à zéro émission de carbone.
TeraWulf (NASDAQ: WULF) hat langfristige Mietverträge für Rechenzentren mit Core42, einer Tochtergesellschaft von G42, unterzeichnet, um über 70 Megawatt schlüsselfertige Rechenzentrumsinfrastruktur in der Lake Mariner-Anlage im Bundesstaat New York bereitzustellen. Die Infrastruktur wird zwischen Q1 und Q3 2025 implementiert und umfasst integrierte skalierbare Rack-Lösungen von Dell mit direkt flüssigkeitsgekühlten GPU-Servern.
Die Vereinbarung beinhaltet zwei Verlängerungsoptionen von fünf Jahren und Bestimmungen zur Erweiterung der Hosting-Kapazität um weitere 135 MW brutto (108 MW kritische IT-Last). Dieser strategische Schritt markiert die Expansion von TeraWulf in die KI-gesteuerte Computing-Welt, während gleichzeitig die Bitcoin-Mining-Betriebe aufrechterhalten werden, die überwiegend auf emissionsfreie Energiequellen setzen.
- Strategic expansion into AI infrastructure market while maintaining Bitcoin mining operations
- Long-term revenue stability through 5-year renewable lease agreements
- Potential expansion opportunity for additional 135 MW gross capacity
- Infrastructure powered by predominantly zero-carbon energy sources
- Partnership with established technology providers (Dell Technologies, G42)
- Significant capital investment required for infrastructure deployment
- Execution risk in meeting Q1-Q3 2025 deployment timeline
- Dependency on single large customer (Core42) for new business segment
Insights
Core42, a Subsidiary of G42, will utilize the facility to expand its industry-leading AI Infrastructure offerings tailored to US customers
Strategic Expansion of TeraWulf’s Platform into AI-Driven HPC Hosting, Complementing Profitable Bitcoin Mining Operations
Management to Host Conference Call and Live Audio Webcast at 8:00 a.m. Eastern Time Today
EASTON, Md., Dec. 23, 2024 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced the signing of long-term data center lease agreements with Core42, a G42 company specializing in sovereign cloud, AI infrastructure, and digital services.
Under the data center lease agreements, TeraWulf will deliver over 70 megawatts (MW)1 of turn-key data center infrastructure to host Core42’s deployment at the Lake Mariner facility in Upstate New York. The infrastructure will be released for production in phases between Q1 and Q3 2025.
TeraWulf will customize the data halls to support Core42’s GPU clusters, which will feature state-of-the-art Dell Integrated Rack Scalable Solutions, the Dell IR5000. These integrated racks include direct liquid cooled Dell PowerEdge XE9680L GPU servers and will come online in phases.
The data center leases reflect TeraWulf’s strategic extension into AI-driven computing, complementing its profitable Bitcoin mining operations and aligning with the Company’s mission to leverage scalable, sustainable energy to power the digital economy.
Leadership Commentary
“Our strategic relationship with G42, and most specifically with Core42, positions TeraWulf at the intersection of two of today’s most transformative computational networks: AI compute and Bitcoin mining,” said Paul Prager, Chief Executive Officer of TeraWulf. “The surging demand for scalable, energy-efficient infrastructure presents a tremendous opportunity. Our ability to rapidly deliver customized, predominantly zero-carbon-powered solutions solidifies our position as a leader in the digital infrastructure space. This agreement not only diversifies our revenue streams but also significantly enhances our long-term earnings potential.”
Nazar Khan, Chief Technology Officer of TeraWulf, emphasized the strength of the collaboration by remarking, “Core42’s entrepreneurial vision and impressive growth trajectory make them an exceptional partner. Together, we are uniquely equipped to meet the growing demand for AI-driven computing solutions.”
“TeraWulf’s Lake Mariner facility represents an ideal match for Core42’s expanding next-generation digital infrastructure in North America,” said Edmondo Orlotti, Chief Growth Officer of Core42. “The facility’s access to predominantly zero-carbon power, combined with TeraWulf’s demonstrated ability to rapidly deploy customized data center solutions, aligns perfectly with our commitment to sustainable, high-performance AI compute infrastructure.”
Arthur Lewis, President of the Infrastructure Solutions Group at Dell Technologies commented: “Dell Technologies is committed to empowering organizations of all types with tools like the Dell AI Factory to thrive in a data-driven world. With TeraWulf and Core42, we’re delivering industry-leading, liquid-cooled server solutions that enable scalable, sustainable data center infrastructure, accelerating AI innovation across industries.”
Financial Highlights
The data center leases include two five-year renewal options, providing a long-term, stable, high-margin revenue stream for TeraWulf. Additionally, the data center lease agreements include provisions for expanding near-term hosting capacity for Core42 by an additional 135 MW gross, which is equivalent to 108 MW of critical IT load, underscoring the potential for future scalability and revenue growth.
Advisors
TeraWulf is being advised by JP Morgan and Morgan Stanley as financial advisors and Milbank LLP and Stutzman, Bromberg, Esserman & Plifka, P.C. as legal advisors.
Conference Call and Webcast Details
TeraWulf will host a conference call to discuss the partnership with Core42. Hosting the call and webcast will be Paul Prager, Chief Executive Officer, Nazar Khan, Chief Technology Officer, Patrick Fleury, Chief Financial Officer, Kerri Langlais, Chief Strategy Officer, and John Larkin, Director of Investor Relations.
Date: December 23, 2024
Time: 8:00 a.m. Eastern Time
Participant Dial-In: 1-877-407-0789 or 1-201-689-8562
Investors are invited to submit questions ahead of the call to info@terawulf.com. The management team will address as many questions as possible during the live call.
All interested parties may also access a live webcast of the event at www.investors.terawulf.com, under the “News and Events” tab, or by using the following link:
https://viavid.webcasts.com/starthere.jsp?ei=1702352&tp_key=2f26f643b7
For those unable to participate during the live webcast, a replay will be available at www.investors.terawulf.com.
All questions pertaining to G42 can be addressed to media@g42.ai.
All questions pertaining to Core42 can be addressed to communications@core42.ai.
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.
About Core42
Core42, a G42 company, empowers individuals, enterprises, and nations to unlock the full potential of AI through its comprehensive enablement capabilities. As a leading provider of sovereign cloud, AI infrastructure, and services, our mission is to accelerate the achievements of others and help them reach their most ambitious goals.
To learn more, please visit www.core42.ai and follow Core42 LinkedIn, Core42 Instagram, Core42 X.
About G42
G42 is a global leader in creating visionary artificial intelligence capabilities for a better tomorrow. Born in Abu Dhabi and operating around the world, G42 champions AI as a powerful force for good. Its people are constantly reimagining what technology can do, applying advanced thinking and innovation to accelerate progress and tackle society’s most pressing problems.
G42 is joining forces with nations, corporations and individuals to create the infrastructure for tomorrow’s world. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
For further information visit www.g42.ai.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Investors:
Investors@terawulf.com
Media:
media@terawulf.com
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1 Represents gross capacity. Critical IT capacity is as follows: 2 MW for the Wulf Den, 16 MW for CB-1, and 42 MW for CB-2.
FAQ
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