VivoPower (Nasdaq: VVPR), a sustainable energy service provider, plans to start a crypto mining business through its subsidiary Caret, which owns solar power projects throughout the U.S.
-
For the deal, Caret will contribute an initial 206 MW-DC of solar sites in Texas in exchange for $20 million of equity in Caret Decimal.
-
The solar power site will be built over a 24-month period, and VivoPower said it ultimately expects to spin off Caret Decimal via an initial public offering (IPO).
-
“Once fully operational, these sites are expected to have 4,398 petahash capacity, a fleet of 33,000 mining rigs, revenue potential of approximately $270 million per annum with an EBITDA margin of approximately 87% based on forecast bitcoin prices,” the company said.
-
VivoPower has operations in Australia, Canada, the Netherlands, U.K., U.S. and the United Arab Emirates. Caret currently owns 38 solar projects in the U.S. totaling 1.8GW-DC.
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
Subscribe to The Node, our daily report on top news and ideas in crypto.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
