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CleanSpark Expands Power Grid with $155M Acquisition of GRIID Infrastructure

Jun 30, 2024

CleanSpark Expands Power Grid with $155M Acquisition of GRIID Infrastructure
CleanSpark Expands Power Grid with $155M Acquisition of GRIID Infrastructure
CleanSpark Expands Power Grid with $155M Acquisition of GRIID Infrastructure

CleanSpark has finalised its acquisition of GRIID Infrastructure in a $155 million all-stock deal, marking a significant expansion in its power generation capabilities. The acquisition includes assuming GRIID's debts and providing a $5 million working capital loan, along with $50.9 million to settle immediate obligations. CleanSpark expects the merger to contribute over 400 megawatts to its power grid within the next few years, enhancing its operational capacity notably in Tennessee. Zach Bradford, CEO of CleanSpark, highlighted plans to surpass 100 megawatts by the end of 2024, with further growth to 200 megawatts in 2025 and exceeding 400 megawatts by 2026. This strategic move is part of CleanSpark's broader strategy to bolster its infrastructure for data centre operations, aligning with its recent acquisitions in Georgia and ongoing efforts to expand its mining capabilities.