Talen Energy Corporation, following its move towards a strategically ordered transformation into a more sustainable renewable energy and digital infrastructure, has entered a new Joint Venture with TeraWulf Inc. (“TeraWulf”), a bitcoin mining firm situated in the U.S. The duo will work together to develop up to 300 Megawatts of zero-carbon bitcoin mining capacity.
The Joint Venture has been named Nautilus Cryptomine and will merge the expertise of both Talen and TeraWulf as both firms cooperate to further the clean energy cause in their sector – digital infrastructure assets.
The first phase of the Nautilus Cryptomine facility involves a 180-megawatt bitcoin mining facility which will be constructed on Talen’s digital infrastructure campus adjacent to its Susquehanna nuclear power generation station (“Susquehanna”) in Berwick, Pennsylvania.
Through this joint venture, an estimated US$350-400 million will be spent on the first phase of the zero-carbon bitcoin mining operation. Talen plans to fund its portion of the venture from third-party debt and equity sources. The first phase is expected to be commercially operational by mid-year 2022.
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