Business
Greenidge Generation Closes Over $100 Million in New Financings to Fund Expansion Outside of New York
FAIRFIELD, Conn., March 24, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) ("Greenidge") today announced it has closed two financings
About this update from Greenidge Generation Holdings Inc.
[{"type":"text","content":"FAIRFIELD, Conn., March 24, 2022 /PRNewswire/ -- Greenidge Generation Holdings Inc. (NASDAQ: GREE) (\"Greenidge\") today announced it has closed two financings for approximately $108 million in gross proceeds in order to provide the company with additional liquidity to fund its 2022 growth.\nThe financings are comprised of an approximately $81.4 million facility with an affiliate of NYDIG, secured by certain Bitmain ANTMINER S19 J Pro equipment delivering in 2022, and a $26.5 million secured note with an affiliate of B. Riley Financial, Inc. (\"B. Riley\"), secured by the real estate at Greenidge's facility in Spartanburg, SC.\n\"These financings are consistent with Greenidge's established strategy of using non-dilutive capital to fund our expansion,\" said Greenidge's CEO Jeff Kirt. \"This is a transformative year for Greenidge as we expect to more than triple our datacenter capacity to 4.7 EH/s, with the vast majority of the capacity expansion focused outside of the company's original site in New York. Three months after commencing operations at our Spartanburg location, the facility represents more than 15% of the Greenidge's aggregate hash rate.\"\n\"We are pleased that both financings represent continued institutional relationship development with our existing lenders,\" said Mr. Kirt. The $81.4 million facility builds on our prior partnership with NYDIG and the $26.5 million secured note is the third debt financing arranged by affiliates of B. Riley for Greenidge.\nFurther details regarding the financings announced today will be found in the company's Form 8-K filed today with the Securities and Exchange Commission.\nAbout Greenidge Generation Holdings Inc.Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company. Greenidge is committed to 100% carbon-neutral datacenter operations at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint.\nForward-Looking StatementsThis 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 fe...