Solar Alliance Signs MOU with Murphysboro Cryptocurrency Mining Facility Tenant

Solar Alliance (TSXV:SOLR) has announced it has signed a memorandum of understanding with NuYen Blockchain to host cryptocurrency mining equipment at Solar’s 165,000 square foot facility in Illinois.

As quoted in the press release:

Under the terms of the MOU, Solar Alliance will ultimately allocate up to 10 megawatts (“MW”) of power to NuYen Blockchain. The Murphysboro facility has an initial capacity of 2 MW and the additional power capacity allocated to NuYen Blockchain will be a combination of additional grid connected power and an onsite solar system to be added over time. NuYen Blockchain is also a potential tenant for the initial 2 MW allocation.

“Signing this MOU with NuYen Blockchain supports the business model we have envisioned for the Murphysboro colocation facility and illustrates the long-term potential of this project as a solar-powered cryptocurrency mining center,” said Chairman and CEO Jason Bak. “We are making solid progress as we plan the upgrades for the Murphysboro facility to ensure it will be a world class colocation center that combines low cost grid connected power, renewable solar power and workforce training as part of the Renewing the Murphysboro Community Through Green Energy Jobs Initiative Solar Alliance has undertaken with the City of Murphysboro. Once the facility is operational, we expect to benefit from a recurring revenue stream from cryptocurrency mining tenants,” concluded Bak.

Solar Alliance continues to make progress on the previously announced Memorandum of Understanding with a major solar panel manufacturer which outlines the steps the two companies will take to execute a final Joint Development Agreement (“JDA”). The JDA may include provisions for preferred panel pricing, sponsor equity provision and a credit facility for development funding for cryptocurrency mining projects. As a global leader in solar panel production and project development, the top tier manufacturer is an ideal partner to help accelerate the adoption and expansion of solar power cryptocurrency mining facilities. The solar panel manufacturer will be identified once the JDA has been executed.

Click here to read the full press release.