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Canada Computational Unlimited (SATO) Signs LOI to Acquire New Miners for Its Center One Facility
Toronto, Ontario–(Newsfile Corp. – December 28, 2021) – Canada Computational Unlimited Corp. (TSXV: SATO) (the “Company”,”CCU.ai” or “SATO”) is pleased to announce the signing of a non-binding letter of intent with Foundry Digital LLC for a transaction that would make it possible for the Company to purchase 700 miners. This addition of an equivalent of 65 PH/s at Center One shows our progress and commitment to reach 600 PHs.
Key Highlights
- Addition of mining equipment for 65 PH/s
- Center One based on the 20MW renewable energy contract will allow CCU.ai to reach an equivalent of 600 PH/s
- The Q3 average to mine 1 Bitcoin in electricity power is USD$ 7,636 based on Q3 Financials*
- Possibility to extend the contract with Foundry to get more miners
Romain Nouzareth, CEO and Chairman of CCU.ai, commented, “This increment is the result of a collaborative effort from both parties and is the first of many that we have planned to reach our capacity of 600 PHs for Center One. This further proves that we are on a path to reaching our targets.”
The Company and Foundry will seek to conclude a definitive agreement prior to the end of January 2022.
On behalf of the board,
Romain Nouzareth,
CCU.ai CEO and Chairman
About CCU.ai
CCU.ai operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company’s high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.
Founded in 2017, CCU.ai is led by technology entrepreneurs, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.
*The average cost of electrical power required to mine 1 Bitcoin is a non-IFRS financial measure. We calculate that by first isolating the total cost of electricity for the three months ended September 30,2021 included in the Site Operating Costs on the Company’s Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) for the three months ended September 30, 2021. From the total electricity costs, we isolate the electricity costs related to the operation of the Company’s Bitcoin Miners (excluding hosted miners, Ethereum miners and other non-mining uses of electricity). We then convert that to US$ using the Bank of Canada exchange rate as of September 30, 2021, and divide that by the 20 Bitcoin mined in the three months ended September 30, 2021, as shown in Note 7 to the Company’s Condensed Interim Consolidated Financial Statements. The Company’s calculation of the average cost of electrical power required to mine 1 Bitcoin may not be comparable to similar measures presented by other issuers. The Company believes that this measure, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company’s performance and ability to generate cash flow from its operations. Accordingly, this measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For additional information, please contact:
Caroline Klukowski,
Tel: 604.260.5490
[email protected]
Canada Computational Unlimited Corp. (“CCU.ai”)
INVESTORS can read more about CCU high-grade, carbon-free bitcoin mining and ESG vision at: www.ccu.ai/investors
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108562
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GC congratulates NatureWorks and Krungthai Bank on closing a significant financing deal for NatureWorks’ Ingeo PLA Manufacturing Expansion worth 12.6 billion baht, Supporting Thailand’s Ambitious Bio-Circular-Green (BCG) Strategy
BANGKOK, May 17, 2024 /PRNewswire/ — Mr. Narongsak Jivakanun (Second from left), CEO of PTT Global Chemical Public Company Limited (GC) presided over the signing ceremony and extended his congratulations to Krungthai Bank and NatureWorks – a joint venture of GC and a leading manufacturer of polylactic acid (PLA) biopolymers made from renewable resources. This is the historic financial support from Krungthai Bank PCL, Thailand’s third largest bank, to optimize the capital structure for the new fully-integrated Ingeo™️ PLA manufacturing facility in Thailand. The financing amounting to $350M USD (12,600M Baht Equivalent), is one of the singular largest loans in the bank’s decades-long history to supporting loans for Green Field project in the Green/Bio businesses. It reinforces GC’s core mission of operating sustainable business practices aligned with the Bio-Circular-Green Economy (BCG) Model for Thailand’s sustainable development.
The funding will not only support the construction of the plant and its ongoing operations but also enables NatureWorks to be competitive in the biomaterials market, pioneering new frontiers for bioplastic applications and advancing biobased solutions with sufficient capacity to capture packaging and fiber customers across the Asia-Pacific region and the rapidly growing global market.
The NatureWorks plant, currently under construction, is the first bio-complex in Thailand, established in line with the government’s BCG economic development strategy, located in Nakhon Sawan province. The project is progressing according to plan, with full-scale production expected to commence in 2025. The plant will have a PLA production capacity of 75,000 tons per year under the Ingeo™️ brand, using locally sourced sugarcane as the primary raw material from local farmers.
For more details, please visit https://www.pttgcgroup.com/en/newsroom/news/1359/
Photo – https://mma.prnewswire.com/media/2415664/Picture_of_Signing_Ceremony.jpg
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