SAN ANTONIO, Aug. 09, 2021 (GLOBE NEWSWIRE) — Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST), has introduced that it intends to allocate roughly $3 million of the web proceeds from its just lately accomplished $20 million registered direct providing, in direction of the event of a proposed digital asset mining enterprise, with a give attention to Bitcoin. We intend to deploy the capital for a Beta Website (“Beta”) improvement of a 6 MW (“megawatt”) cryptocurrency mining operation in Texas, with a focused near-term growth capability of fifty MW on the primary undertaking. The undertaking will signify the primary main capital funding in cryptocurrency mining to be operated by our newly shaped, oblique wholly-owned subsidiary Bitstream Mining LLC (“Bitstream”), a wholly-owned subsidiary of Development Discovery Holdings LLC (“Development”), one other wholly-owned subsidiary of Ecoark. On August 6, 2021, Bitstream signed an engagement settlement with an trade main strategic accomplice in Electrical Reliability Council of Texas (“ERCOT”) with complete full life-cycle power service expertise of over 20 years, which we view as vital to energy-related infrastructure deployment. Bitstream is predicted to safe an influence contract within the subsequent 30 days and start commercialization inside 90 days, topic to market situations and availability of mining gear.
With ERCOT electrical energy grid deficiencies skilled throughout extreme climate cycles this previous winter, Bitstream is predicted to be positioned to assist mitigate grid imbalances at vital instances, as a part of our Environmental, Social, and Governance (“ESG”) technique, by switching off cryptocurrency mining and promoting our 6 MW of energy again to the ERCOT grid. We plan to make the most of our strategic accomplice’s capabilities to watch the ERCOT provide and demand market in real-time and redirect our energy away from cryptocurrency mining on a second’s discover to alleviate grid imbalances. As well as, Ecoark will proceed to watch for potential future alternatives in stranded pure fuel.
“By decreasing our energy consumption when load sources are insufficient, we will help alleviate grid stress, benefiting native communities and serving to to make sure they’ve entry to energy after they want it most,” stated M. Britt Swann, President of Bitstream. “We stay up for helping inexperienced infrastructure improvement in Texas by assuaging grid imbalances when photo voltaic and wind are unable to satiate demand. Right now’s thrilling announcement of our first mining undertaking serves as a platform for worth creation on this quickly rising sector. We anticipate that this Beta undertaking will assist Ecoark diversify its enterprise into the cryptocurrency market, and upon success, increase Bitstream’s future capability past 50 MW.”
About Ecoark Holdings, Inc.
Based in 2011, Ecoark is a diversified holding firm. The corporate has three wholly owned subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Development Discovery. Zest Labs, provides the Zest Recent™ answer, a breakthrough strategy to high quality administration of recent meals, is particularly designed to assist considerably scale back the $161 billion quantity of meals loss the U.S. experiences every year. Banner Midstream is engaged in oil and fuel exploration, manufacturing, and drilling operations on over 30,000 cumulative acres of energetic mineral leases in Texas, Louisiana, and Mississippi. Banner Midstream additionally gives transportation and logistics providers and procures and funds gear to oilfield transportation providers contractors. Along with main our new enterprise alternative, Development invests in a choose variety of early-stage startups every year as a part of the fund’s Enterprise Capital technique; we’re open-minded buyers with a founder-first mentality. Development Discovery LP has an audited observe report of uncorrelated outperformance of the S&P 500 since inception.
ZEST FRESH™ and Zest Labs™ are emblems of Zest Labs, Inc.
This press launch accommodates forward-looking statements throughout the that means of the Personal Securities Litigation Reform Act of 1995, together with statements associated to the anticipated use of internet proceeds from the just lately accomplished providing, the event of a cryptocurrency mining operation in Texas, the anticipated timing of execution of a binding energy contract and of the Beta mining facility changing into operational, our plans relating to utilizing the longer term mining operation to alleviate energy grid imbalances utilizing our strategic accomplice’s capabilities and the anticipated advantages thereof, our plans with respect to pure fuel, potential future growth of Bitstream’s future capability, and different statements that aren’t statements of historic reality. The phrases “consider,” “could,” “estimate,” “proceed,” “anticipate,” “intend,” “ought to,” “plan,” “may,” “goal,” “potential,” “is probably going,” “will,” “anticipate” and related expressions, as they relate to us, are meant to establish forward-looking statements. These statements are primarily based on administration’s present expectations and beliefs, in addition to quite a lot of assumptions regarding future occasions. Such forward-looking statements are topic to recognized and unknown dangers, uncertainties, assumptions, and different necessary elements, equivalent to market and different situations, a lot of that are outdoors administration’s management. Necessary elements that would trigger precise outcomes to vary from these within the forward-looking statements embrace our capability to execute a binding energy contract when anticipated on the phrases acceptable to us, or in any respect, our capability to acquire the mandatory excessive velocity computer systems wanted for cryptocurrency mining in a well timed method, together with because of the worldwide semiconductor scarcity, our restricted expertise in industrial scale cryptocurrency mining, intense competitors within the cryptocurrency mining market, potential future laws or regulatory initiative limiting the usage of digital belongings as a medium of alternate, important volatility of the value of digital belongings, and their doubtlessly restricted liquidity. Extra dangers and uncertainties are recognized and mentioned in Ecoark’s filings with the SEC, together with the Annual Report on Type 10-Okay for the fiscal yr ended March 31, 2021 and prospectus complement dated August 4, 2021. Any forward-looking assertion made by us herein speaks solely as of the date on which it’s made. Extra elements or occasions that would trigger our precise outcomes to vary could emerge every now and then, and it’s not doable for us to foretell all of them. We undertake no obligation to publicly replace any forward-looking assertion, whether or not on account of new info, future developments or in any other case, besides as could also be required by regulation.