Crypto Mining Partnership Sends Shares Of Energy Tech Company Higher

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Wednesday, December 4, 2024

The biggest complaint among the general public regarding cryptocurrencies is the environmental concerns due to heavy energy usage needed for crypto mining. Companies are rising to this challenge and making inroads so that crypto mining can be done in a more environmentally friendly way.

Today, Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) announced an expansion plan, leveraging partnerships with Greenwood Energy Corp. and Malahat Battery Technologies for sustainable energy solutions and cryptocurrency mining. Centralized in Greenwood, BC, this initiative aims to establish a comprehensive supply chain and infrastructure to develop Battery Energy Storage System (BESS) crypto mining containers, with an initial focus on mining Dogecoin.

Greenwood Energy Corp. will play a pivotal role as the central hub for assembling and distributing BESS crypto mining containers. The facility, equipped with heavy-duty machinery and expert teams, is conveniently located near rail infrastructure for efficient shipping logistics. The plan also advocates for the re-commissioning of the Greenwood substation to facilitate operations, enabling an initial phase rollout of BESS crypto miners with a capacity of just under 1 megawatt (MW).

Malahat Battery Technologies will assemble advanced battery systems that are integrated into the containers at the Greenwood workshop. This collaboration highlights the strength of Energy Plug's indigenous partnerships, which not only supports local development but also opens opportunities for cross-border power distribution as a potential future initiative.

The rollout will include a solar-powered Crypto Mining farm located on Greenwood Energy Corps 4-acre land package featuring innovative heat storage systems to capture and reuse heat from the crypto mining operations. Additional renewable energy sources such as run-of-river power and heritage site power will supplement operations. This phase lays the foundation for scaling operations beyond the initial proposed capacity, with plans to expand to larger capacities, driving significant revenue potential and operational upside.

Brodie Gunning, CEO of Energy Plug, emphasized the project's significance:

"Our collaboration with Greenwood Energy Corp. and Malahat Battery Technologies represents a bold step in combining innovative energy solutions with advanced cryptocurrency mining. By re-commissioning key infrastructure, integrating indigenous partnerships, and focusing on scalable operations, we're not only creating immediate impact but also paving the way for long-term growth, sustainability, and economic benefit."

Investors appear to be in favor of this announced partnership, pushing shares of PLUG up over 7% to $0.07 in early-afternoon trading.

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