Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the
Company”), a leading owner and operator of institutional-grade,
highly efficient Bitcoin mining data centers powered by 100%
renewable energy, today announced the appointment of Sunita
Parasuraman to its Board of Directors. Ms. Parasuraman will also
serve as Chair of the Audit and Risk Committee.
During her career as a senior technology
executive, Ms. Parasuraman has built and scaled world-class teams
at Meta (Facebook), VMware, Genentech, and Apple.
Ms. Parasuraman most recently served as the Head
of Investments, New Product Experimentation at Meta (Facebook) and,
prior to that, served as Facebook’s Global Head of Treasury and
Head of Treasury for Facebook’s blockchain initiative (Libra).
Ms. Parasuraman currently serves on the Board of
Baldwin Risk Partners (NASDAQ: BRP), a leading publicly-traded
insurance distribution company, where she is a member of its Audit
and Cyber Risk Committees. She also serves on the Board of the IIT
Bombay Heritage Foundation as well as its Finance, Governance &
Nomination Committees.
Ms. Parasuraman holds a bachelor's degree in
Engineering from the Indian Institute of Technology (IIT), Bombay,
a master’s degree in Engineering from the University of
Pennsylvania and an MBA from the University of California,
Berkeley’s Haas School of Business.
David Bartholomew, Independent Chair of Iris
Energy, commented:
“We are excited that Ms. Parasuraman has agreed
to join the Board of Iris Energy. Her deep experience across
software engineering, technology, innovation, investing and risk
management brings a unique skillset to the Company.”
Daniel Roberts, Co-Founder and Co-CEO,
commented:
“Ms. Parasuraman's appointment comes at a time
where we are accelerating technical and strategic innovations
across both our Bitcoin mining and HPC data center businesses. Her
expertise is expected to be highly valuable across both of these
endeavours.”
About Iris Energy
Iris Energy is a sustainable Bitcoin mining
company that supports the decarbonization of energy markets and the
global Bitcoin network.
- 100% renewables:
Iris Energy targets markets with low-cost, under-utilized renewable
energy, and where the Company can support local communities
- Long-term security
over infrastructure, land and power supply: Iris Energy builds,
owns and operates its electrical infrastructure and proprietary
data centers, providing long-term security and operational control
over its assets
- Seasoned management
team: Iris Energy’s team has an impressive track record of success
across energy, infrastructure, renewables, finance, digital assets
and data centers with cumulative experience in delivering >$25bn
in energy and infrastructure projects globally
Forward-Looking Statements
This market update includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Iris Energy’s future financial or operating
performance. For example, forward-looking statements include but
are not limited to the Company’s business strategy, expected
operational and financial results, and expected increase in power
capacity and hashrate. In some cases, you can identify
forward-looking statements by terminology such as “anticipate,”
“believe,” “may,” “can,” “should,” “could,” “might,” “plan,”
“possible,” “project,” “strive,” “budget,” “forecast,” “expect,”
“intend,” “target”, “will,” “estimate,” “predict,” “potential,”
“continue,” “scheduled” or the negatives of these terms or
variations of them or similar terminology, but the absence of these
words does not mean that statement is not forward-looking. Such
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.
In addition, any statements or information that refer to
expectations, beliefs, plans, projections, objectives, performance
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking.
These forward-looking statements are based on
management’s current expectations and beliefs. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
Iris Energy’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements, including, but not limited to: Iris Energy’s limited
operating history with operating losses; electricity outage,
limitation of electricity supply or increase in electricity costs,
as well as limitations on the availability of electrical supply for
Bitcoin mining due to restrictions imposed by governmental
authorities or otherwise; long term outage or limitation of the
internet connection at Iris Energy’s sites; any critical failure of
key electrical or data center equipment; serial defects or
underperformance with respect to Iris Energy’s equipment; failure
of suppliers to perform under the relevant supply contracts for
equipment that has already been procured which may delay Iris
Energy’s expansion plans; supply chain and logistics issues for
Iris Energy or Iris Energy’s suppliers; cancellation or withdrawal
of required operating and other permits and licenses; customary
risks in developing greenfield infrastructure projects; Iris
Energy’s evolving business model and strategy; Iris Energy’s
ability to successfully manage its growth; Iris Energy’s ability to
raise additional financing (whether because of the conditions of
the markets, Iris Energy’s financial condition or otherwise) on a
timely basis, or at all, which could adversely impact the Company’s
ability to meet its capital commitments (including payments due
under any hardware purchase contracts or debt financing
obligations) and the Company’s growth plans; the failure of Iris
Energy’s certain wholly-owned special purpose vehicles to make
required payments of principal and/or interest under their limited
recourse equipment financing arrangements when due or otherwise
comply with the terms thereof, as a result of which the lender
thereunder has declared the entire principal amount of each loan to
be immediately due and payable, and is taking steps to enforce the
indebtedness and its rights in the Bitcoin miners with respect to
certain of such loans and other assets securing such loans,
including appointing a receiver with respect to such special
purpose vehicles, which is expected to result in the loss of the
relevant Bitcoin miners securing such loans and has materially
reduced the Company’s operating capacity, and has resulted in
proceedings to assign the relevant special purpose vehicles into
bankruptcy as well as other claims against the Company, and could
materially and adversely impact the Company’s business, operating
expansion plans, financial condition, cash flows and results of
operations; the terms of any additional financing or any
refinancing, restructuring or modification to the terms of any
existing financing, which could be less favorable or require Iris
Energy to comply with more onerous covenants or restrictions, any
of which could restrict its business operations and adversely
impact its financial condition, cash flows and results of
operations; competition; Bitcoin prices, global hashrate and the
market value of Bitcoin miners, any of which could adversely impact
its financial condition, cash flows and results of operations, as
well as its ability to raise additional financing and the ability
of its wholly owned special purpose vehicles to make required
payments of principal and/or interest on any equipment financing
facilities; risks related to health pandemics including those of
COVID-19; changes in regulation of digital assets; and other
important factors discussed under the caption “Risk Factors” in
Iris Energy’s annual report on Form 20-F filed with the SEC on
September 13, 2022, and the Company’s report on Form 6-K filed with
the SEC on February 15, 2023, as such factors may be updated from
time to time in its other filings with the SEC, accessible on the
SEC’s website at www.sec.gov and the Investor Relations section of
Iris Energy’s website at https://investors.irisenergy.co.
These and other important factors could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this investor update. Any
forward-looking statement that Iris Energy makes in this investor
update speaks only as of the date of such statement. Except as
required by law, Iris Energy disclaims any obligation to update or
revise, or to publicly announce any update or revision to, any of
the forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts
Investors |
Media |
Lincoln Tan |
Jon Snowball |
Iris Energy |
Domestique |
+61 407 423 395 |
+61 477 946 068 |
lincoln.tan@irisenergy.co |
|
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