Hut 8 Mining (TSX: HUT) this morning announced the finalization of a power purchase agreement. The agreement, entered into with Validus Power Corp, will see the company secure power take-offs for its Alberta-based operations.
Under the terms of the arrangement, Hut 8 has secured an initial 100 MW of new power from Validus, with the option to expand the arrangement if needed. Initially, 35 MW of new power is to be supplied, with the power to begin delivery in the fourth quarter of 2021.
Notably, a portion of the power is to be supplied via waste gas which is then converted into electricity. The electricity is generated from what is known as “mobile power plant solutions,” which reportedly enables the company to meet its ESG initiatives. The arrangement is contingent on land rights and gas supply being obtained by Validus, as well as the required permitting and approvals.
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Hut 8 Mining last traded at $7.48 on the TSX.
Information for this briefing was found via Sedar and Hut 8 Mining Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
