Business
SAITECH Limited, a Eurasia-Based Energy Saving Bitcoin Mining Operator to Become a Publicly Traded Company Via Merger with TradeUP Global Corporation
SAITECH Limited ("SAITECH") and special purpose acquisition company TradeUP Global Corporation (NASDAQ: TUGC)("TradeUP Global") have entered into a definitive
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[{"type":"text","content":"SAITECH Limited (\"SAITECH\") and special purpose acquisition company TradeUP Global Corporation (NASDAQ: TUGC)(\"TradeUP Global\") have entered into a definitive business combination agreement. SAITECH is a Eurasia-based energy saving bitcoin mining operator that engages in the hosting of bitcoin mining machines for its clients. SAITECH developed a proprietary liquid cooling and heat exchange technology towards mining machines that enables utilization of waste heat to provide recycled energy as heating for potential customers, while simultaneously achieving lower operating costs. SAITECH also plans to commence bitcoin self-mining by the end of 2021. SAITECH currently operates a 15MW power capacity mining operation, with another 90MW under construction that it expects will come on-line in the fourth quarter of 2021. A planned expansion of an additional 200-300MW is expected to be deployed in 2022. Following its successful pilot programs of utilizing waste heat from bitcoin mining for large scale heating in China (suspended in June, 2021 for compliance of regulation), SAITECH is currently conducting a new waste heat exchange pilot study in Finland and expects to roll out heating data centers in Finland in the future once the study concludes. SAITECH does not currently own the sites or material equipment on which its services are performed. For the first half year ended June 30, 2021, SAITECH had revenues of approximately $8.0 million. The transaction values SAITECH at an equity value of $228 million. The $44.9 million of cash held in TradeUP Global's trust account (assuming no redemptions) will be used to invest in SAITECH's growth initiatives and provide additional working capital. The current shareholders of SAITECH (including its majority owner, an affiliate of Arthur Lee, its CEO) and management are rolling 100% of their equity into TradeUP Global and will continue to own approximately 80% of the outstanding shares on a pro forma basis (assuming no redemptions) immediately after the closing. NEW YORK, Sept. 28, 2021 /PRNewswire/ -- SAITECH Limited (\"SAITECH\" or the \"Company\"), a Eurasia-based energy saving bitcoin mining operator that engages in the hosting of bitcoin mining machines for its clients, and TradeUP Global Corporation (Nasdaq: TUGC for Class A ordinary shares; TUGCU for units) (\"TradeUP Global\"), a publicly...