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 Generation Holdings Inc. (Nasdaq: GREE) (“Greenidge”
or the “Company”), a vertically integrated cryptocurrency data
center and power generation company, today announced that it has
entered into a definitive agreement to sell its 152-acre
Spartanburg, South Carolina property (the “Spartanburg property”)
to Data Journey LLC (“Data Journey”) for $12.1 million in cash and
an 8% profit participation interest in the property’s planned data
center.
Greenidge purchased the Spartanburg property in 2021 for a
consideration of $15 million, and it included 175 acres and over
750,000 square feet of industrial buildings. In 2023, Greenidge
then sold approximately 23 subdivided acres and its upgraded 44 MW
mining facilities to NYDIG ABL LLC (“NYDIG”) for a total
consideration of approximately $28 million. The sale of the
remaining 152-acre Spartanburg property will now enable Data
Journey to build a new data center on the property while leveraging
the site’s future access to 60 MW of power that has already been
secured by Greenidge.
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 South
Carolina property sale to Data Journey represents our first
large-scale entrance into the data center space,” said Greenidge
CEO Jordan Kovler. “We continue to see incredible opportunities
ahead to leverage our team’s knowledge of electricity markets,
infrastructure development and power plants to create value for our
investors through a growing portfolio of future actionable
properties like Spartanburg.”
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 Catawba County, NC and in Houston, TX. With the
acquisition of the Spartanburg property, Data Journey will be able
to add another state-of-the-art facility that is equipped with
redundant infrastructure and advanced security protocols. The
acquisition of the Spartanburg property also further supports Data
Journey’s commitment to expand through six new sites in 2025. The
acquisition of this property enables a programmatic developmental
roll out of multiple buildings in the next few years. The property
will start with 60 MW of power from a local electric utility
company, and Data Journey will then be supplemented with
proprietary onsite power generation scaling up to 100MW in the near
term.
“The acquisition of the Spartanburg property from Greenidge is
an exciting milestone for Data Journey as it not only marks our
entrance into the South Carolina market, but it will also enable us
to further expand the data center and IT infrastructure support we
can offer to our trusted customers in alignment with our growth
goals for the coming year,” said Dr. Ishnella Kaur Azad, CEO &
Founder of Data Journey. “Through the work Greenidge has already
done to gain a commitment for future power and set the stage for
development of the site, we will be able to operationalize the site
much quicker than many comparable sites. We look forward to having
Greenidge as a partner as we continue to transform the future of
data centers.”
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 Spartanburg property (or other
properties in the future) and (ii) the ability to negotiate or
execute a definitive agreement with respect to the profit
participation interest in the Spartanburg property on terms and
conditions that are acceptable to Greenidge, whether on a timely
basis or at all. 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.
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:
Info@datajourney.com
Greenidge Generation (NASDAQ:GREE)
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부터 11월(11) 2024 으로 12월(12) 2024
Greenidge Generation (NASDAQ:GREE)
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부터 12월(12) 2023 으로 12월(12) 2024
