We’ve announced an agreement to acquire
@griid based on an enterprise value of $155 million and expansion plans of over 400 MW in Tennessee.
$CLSK expects to add over 400 MW in the state over the next two years.
Under the definitive merger agreement, we will purchase all issued and outstanding common stock of GRIID in an all-stock transaction, and GRIID stockholders will receive shares of CleanSpark common stock. The total enterprise value includes payment and assumption of debt. Concurrent with the agreement’s signing, the companies also entered into an exclusive hosting agreement for all currently available power, of which 20 MW will be allocated to CleanSpark effective immediately.
Full news release:
bit.ly/3VXsI7Y
“After closing we expect to focus in on the best opportunities in the GRIID pipeline. We anticipate that this will allow us to exceed 100 megawatts in Tennessee by the end of this calendar year and eventually grow that to 200 megawatts in 2025 before exceeding 400 megawatts in 2026. At every step of the way we will continue to work together with local communities as we build infrastructure capable of powering as much as one gigawatt of data center operations in Tennessee,” said
@ZachKBradford, CleanSpark CEO.
“I am incredibly excited for the opportunity for GRIID to join the CleanSpark team. Together, we will achieve rapid growth in the Tennessee Valley,” said
@treykelly3, GRIID CEO. “I am so proud of the business and team we have built at GRIID, so joining a company with a shared vision and values, like CleanSpark, makes for an ideal business combination.”
“I have long admired CleanSpark’s track record of disciplined execution and I am looking forward to bringing that to our tremendous Tennessee power pipeline,” said
@harry_sudock, GRIID CSO. “Growing our portfolio of data centers in this attractive region positions us to continue strengthening the resilience of the power grid while delivering CleanSpark’s leading mining capabilities.”
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