VivoPower (Nasdaq: VVPR), a sustainable energy service provider, plans to start a crypto mining business through its subsidiary Caret, which owns solar power projects throughout the U.S.
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For the deal, Caret will contribute an initial 206 MW-DC of solar sites in Texas in exchange for $20 million of equity in Caret Decimal.
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The solar power site will be built over a 24-month period, and VivoPower said it ultimately expects to spin off Caret Decimal via an initial public offering (IPO).
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“Once fully operational, these sites are expected to have 4,398 petahash capacity, a fleet of 33,000 mining rigs, revenue potential of approximately $270 million per annum with an EBITDA margin of approximately 87% based on forecast bitcoin prices,” the company said.
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VivoPower has operations in Australia, Canada, the Netherlands, U.K., U.S. and the United Arab Emirates. Caret currently owns 38 solar projects in the U.S. totaling 1.8GW-DC.
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
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