Marks first transaction to convert from Hut 8’s previously announced development pipeline of 1,100 megawatts of energy capacity under exclusivity
Expands Hut 8’s energy infrastructure platform to approximately 1.3 gigawatts across verticals
Data center engineering, procurement, and construction efforts underway
MIAMI - July 09, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced it has entered into a power purchase agreement (“PPA”) and other definitive agreements for a site in West Texas with exclusive access to 205 megawatts of immediately available power capacity and land. This marks the first transaction to convert from Hut 8’s previously announced development pipeline of 1,100 megawatts of energy capacity under exclusivity.
“This is the first time a large data center load has been approved under the complex regulatory framework in this particular market,” said Asher Genoot, CEO of Hut 8. “It is a testament to the expertise, diligence, and creativity of our corporate development organization, who negotiated a bespoke structure to address the nuanced commercial, legal, and regulatory challenges of each stakeholder in the project.”
The PPA and site, which is adjacent to a wind farm and connected to the ERCOT grid, give Hut 8 access to some of the lowest locational wholesale power pricing in North America. The site has an existing, operational substation, and engineering, procurement, and construction efforts for a new data center are underway. The site is well-positioned to support a variety of high-density compute applications, including Bitcoin mining and AI. Hut 8 is finalizing a commercialization plan for the site with the aim of maximizing its value.
“This transaction exemplifies Hut 8’s differentiated approach to securing new energy capacity through mutually accretive partnerships,” said Genoot. “We continue to identify opportunities to work hand-in-hand with energy partners to develop bespoke structures that generate outsized value for every party involved. We believe this partnership-driven approach sets us apart as we continue to build development partnerships across the energy value chain.”
Upon closing, subject to the satisfaction of customary conditions, this transaction is expected to expand Hut 8’s energy infrastructure platform to approximately 1.3 gigawatts of capacity owned and managed across self-mining, hosting, managed services, high performance computing, and power generation.
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising nineteen sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, and four power generation assets in Ontario. For more information, visit www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.
