Cryptomining facility to reduce energy
consumption and limit environmental impact by implementing DER
software to manage miners
Voltus, Inc., the leading distributed energy resource (DER)
software technology platform, and Mawson Infrastructure Group, Inc.
(NASDAQ: MIGI) (“Mawson”), a global leading-edge digital asset
infrastructure company, today announce plans to deliver 100
megawatts (MWs) of distributed energy resources to the PJM
electricity grid in 2022. Mawson is building a new 100 MW
cryptomining facility on the grounds of a former industrial site in
Midland, Pennsylvania with the intention of bringing 50 MWs of load
online by March 2022 and an additional 50 MWs by June 2022. This
capacity is expected to be available to PJM’s grid operators as a
grid balancing resource 24/7/365 through the Voltus DER marketplace
software platform.
“Mawson actively works to reduce energy consumption and limit
our environmental impact as we build energy-efficient
next-generation digital infrastructure,” explains Mawson Chief
Operating Officer Liam Wilson. “Incorporating the best practice of
distributed energy resource program participation through the
Voltus software platform into our Midland development plans was
another opportunity for Mawson to be a steward of the community and
electricity grid that is serving us.”
“Cryptomining load is expected to reach nearly 10,000 MWs in the
US over the next five years,” explains Gregg Dixon, Voltus CEO and
Co-founder. “Voltus can control these loads in a fully automated
fashion, connecting this capacity to power markets that value them,
resulting in cash back to miners, reliable resources for grid
operators, and a balancing resource to improve the reliability of
much-needed renewable energy. Digital infrastructure leaders like
Mawson recognize that partnering with Voltus supports the grid and
provides a competitive advantage in the power-cost driven world of
cryptomining.”
About Voltus, Inc.
Voltus, Inc. (“Voltus”) is the leading platform connecting
distributed energy resources to electricity markets, delivering
less expensive, more reliable, and more sustainable electricity.
Our commercial and industrial customers and grid services partners
generate cash by allowing Voltus to maximize the value of their
flexible load, distributed generation, energy storage, energy
efficiency, and electric vehicle resources in these markets. To
learn more, visit www.voltus.co.
Voltus previously announced an agreement for a business
combination with Broadscale Acquisition Corp. (“Broadscale”)
(Nasdaq: SCLE), which is expected to result in Voltus becoming a
public company listed on the Nasdaq in the first half of 2022,
subject to customary closing conditions.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a digital
infrastructure provider, with multiple operations throughout the
USA and Australia. Mawson’s vertically integrated model is based on
a long-term strategy to promote the global transition to the new
digital economy. Mawson matches sustainable energy infrastructure
with next-generation mobile data centre (MDC) solutions, enabling
low-cost Bitcoin production and on-demand deployment of
infrastructure assets. With a strong focus on shareholder returns
and an aligned board and management, Mawson Infrastructure Group is
emerging as a global leader in ESG focused Bitcoin mining and
digital infrastructure.
For more information, visit: www.mawsoninc.com
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended, including certain
financial forecasts and projections. All statements other than
statements of historical fact contained in this press release,
including statements as to future results of operations and
financial position, revenue and other metrics, planned products and
services, business strategy and plans, objectives of management for
future operations of Voltus market size and growth opportunities,
competitive position and technological and market trends, are
forward-looking statements. Some of these forward-looking
statements can be identified by the use of forward-looking words,
including “may,” “should,” “expect,” “intend,” “will,” “estimate,”
“anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,”
“could,” “would,” “continue,” “forecast” or the negatives of these
terms or variations of them or similar expressions. All
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
All forward-looking statements are based upon estimates, forecasts
and assumptions that, while considered reasonable by Broadscale and
its management, and Voltus and its management, as the case may be,
are inherently uncertain and many factors may cause the actual
results to differ materially from current expectations which
include, but are not limited to: 1) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the definitive merger agreement with respect to the
business combination; 2) the outcome of any legal proceedings that
may be instituted against Voltus, Broadscale, the combined company
or others following the announcement of the business combination
and any definitive agreements with respect thereto; 3) the
inability to complete the business combination due to the failure
to obtain approval of the stockholders of Broadscale or Voltus, or
to satisfy other conditions to closing the business combination; 4)
changes to the proposed structure of the business combination that
may be required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; 5) the ability to meet Nasdaq's listing
standards following the consummation of the business combination;
6) the risk that the business combination disrupts current plans
and operations of Voltus as a result of the announcement and
consummation of the business combination; 7) the inability to
recognize the anticipated benefits of the business combination,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; 8) costs related to the
business combination; 9) changes in applicable laws or regulations;
10) the possibility that Voltus or the combined company may be
adversely affected by other economic, business and/or competitive
factors; 11) Voltus’s estimates of its financial performance; 12)
the risk that the business combination may not be completed in a
timely manner or at all, which may adversely affect the price of
Broadscale’s securities; 13) the risk that the transaction may not
be completed by Broadscale’s business combination deadline and the
potential failure to obtain an extension of the business
combination deadline if sought by Broadscale; 14) the impact of the
novel coronavirus disease pandemic, including any mutations or
variants thereof, and its effect on business and financial
conditions; 15) inability to complete the PIPE investment in
connection with the business combination; and 16) other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in
Broadscale’s registration statement on Form S-4 (File No.
333-262287), filed with the SEC on January 21, 2022 (the
“Registration Statement”), and other documents filed by Broadscale
from time to time with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward looking statements will be
achieved. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Neither
Broadscale nor Voltus gives any assurance that either Broadscale or
Voltus or the combined company will achieve its expected results.
Neither Broadscale nor Voltus undertakes any duty to update these
forward-looking statements, except as otherwise required by
law.
Use of Projections
This press release may contain financial forecasts of Voltus.
Neither Voltus’s independent auditors, nor the independent
registered public accounting firm of Broadscale, audited, reviewed,
compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this press
release, and accordingly, neither of them expressed an opinion or
provided any other form of assurance with respect thereto for the
purpose of this press release. These projections should not be
relied upon as being necessarily indicative of future results. The
projected financial information contained in this press release
constitutes forward-looking information. The assumptions and
estimates underlying such projected financial information are
inherently uncertain and are subject to a wide variety of
significant business, economic, competitive and other risks and
uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information. See
“Forward-Looking Statements” above. Actual results may differ
materially from the results contemplated by the projected financial
information contained in this press release, and the inclusion of
such information in this press release should not be regarded as a
representation by any person that the results reflected in such
projections will be achieved.
Additional Information and Where to Find It
In connection with the proposed transaction, Broadscale has
filed with the U.S. Securities and Exchange Commission the
Registration Statement, which included a preliminary proxy
statement and a preliminary prospectus. After the Registration
Statement has been declared effective, Broadscale will mail a
definitive proxy statement / prospectus relating to the proposed
transaction to its stockholders as of the record date established
for voting on the proposed transactions. Broadscale’s
stockholders and other interested persons are urged to carefully
read the Registration Statement, including the preliminary proxy
statement / preliminary prospectus, and any amendments thereto,
and, when available, the definitive proxy statement / prospectus
and other documents filed in connection with the proposed
transaction, as these materials contain, or will contain, important
information about the proposed transaction and the parties to the
proposed transaction.
Broadscale’s stockholders and other interested persons will be
able to obtain free copies of the Registration Statement, the
preliminary proxy statement / preliminary prospectus, the
definitive proxy statement / prospectus and all other relevant
documents filed or that will be filed with the SEC, without charge,
when available, at the website maintained by the SEC at
www.sec.gov.
The documents filed by Broadscale with the SEC also may be
obtained free of charge at Broadscale’s website at
https://www.broadscalespac.com or upon written request to 1845
Walnut Street, Suite 1111, Philadelphia, PA 19103.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS
APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS
RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS
COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR
ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY
REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Participants in the Solicitation
Broadscale and Voltus and their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from Broadscale’s stockholders in
connection with the proposed transactions. Broadscale’s
stockholders and other interested persons may obtain, without
charge, more detailed information regarding the directors and
executive officers of Broadscale listed in the Registration
Statement. Information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies from
Broadscale’s stockholders in connection with the proposed business
combination is set forth in the Registration Statement.
No Offer or Solicitation
This press release is not intended to and does not constitute an
offer to sell or the solicitation of an offer to buy, sell or
solicit any securities or any proxy, vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. No offer of securities shall be deemed to be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act.
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version on businesswire.com: https://www.businesswire.com/news/home/20220202005156/en/
Investor Relations – Voltus Sioban Hickie, ICR, Inc. Eduardo
Royes, ICR, Inc. Investors@Voltus.co
Media – Voltus
Cory Ziskind, ICR, Inc. VoltusPR@icrinc.com
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