HUT - Hut 8 Executes Definitive Agreements for Site in West Texas with 205 MW of Immediately Available Power Capacity | Benzinga
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 ...