Cryptyde, Inc. and Argo Energy Announce Energy Program Development Agreement
August 01 2022 - 8:30AM
Cryptyde, Inc., or the Company, (NASDAQ: TYDE) a company offering
comprehensive, scalable Web3 services utilizing blockchain
technologies, announced today the recent signing of an Energy
Program Development Agreement with Argo Energy, LLC. Cryptyde
expects the program will help the Company source locations to house
and operate the infrastructure required for it to offer Bitcoin
mining services, including co-location services, over the coming
years.
Argo Energy will assist Cryptyde in identifying
power delivery and site development solutions for the
infrastructure needed by Cryptyde to offer Bitcoin mining services.
Cryptyde aims to mitigate the effects of potential rising and
unpredictable energy costs while reducing harmful carbon emissions
by employing a comprehensive combination of solar and other
renewable sources. Cryptyde believes the approach of ultimately
using sustainable energy will add financial and operational
efficiency to their Bitcoin mining services while diminishing
environmental impact.
Cryptyde anticipates the relationship with Argo
Energy will allow the Company to alleviate capital expenditures by
utilizing Argo Energy’s vast development network. Argo Energy will
help identify, finance, and construct multiple sites housing the
infrastructure required for Cryptyde’s Bitcoin mining services at
strategic geographic locations throughout the US. Cryptyde expects
to enter into agreements with Argo Energy governing the terms of
any specific projects they choose to engage.
“We believe this agreement puts us in a good
position to satisfy the energy needs of our crypto mining solutions
business in an environmentally and socially conscious manner,” says
Brian McFadden, CEO of Cryptyde. “We plan on generating
approximately 150 megawatts of power availability through this
agreement, providing us another crucial piece in our ability to
launch and support cost effective consumer mining opportunities,”
added Mr. McFadden.
Argo Energy boasts a team of industry veterans
knowledgeable in both the solar/renewable and traditional energy
sectors. Additionally, Argo Energy has historical expertise in data
infrastructure and traditional finance, with broad domestic and
international experience in past project development.
“We are confident that Cryptyde is a great
strategic partner for this venture. Argo Energy expects to
capitalize on their expertise with deal structure in the Web3
space, while we compliment their model with our concentration on
energy delivery and development,” says Jeff Amorosana, Argo
Energy’s Senior VP of Corporate Development. “Collectively, we plan
to transform the way in which these projects are developed.”
About Cryptyde
Cryptyde, Inc. (Nasdaq: TYDE), is focused on
leveraging blockchain technologies to disrupt consumer facing
industries. http://www.cryptyde.com/
About Argo Energy
Argo Energy has several lines of business,
providing development solutions in the commercial and industrial
(C&I) and utility scale sectors, with a focus on data center
and Bitcoin mining applications. Argo Energy sources projects,
structures financing and establishes operations through a vast
network of best-of-breed strategic partnerships. Argo Energy is a
Delaware LLC with primary offices in White Plains, New York.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements in this press release other than
statements of historical fact could be deemed forward looking,
including, but not limited to, the statements regarding the
spin-off of the Company from Vinco Ventures, Inc. Words such as
“plans,” “expects,” “will,” “anticipates,” “continue,” “expand,”
“advance,” “develop” “believes,” “guidance,” “target,” “may,”
“remain,” “project,” “outlook,” “intend,” “estimate,” “could,”
“should,” and other words and terms of similar meaning and
expression are intended to identify forward-looking statements,
although not all forward-looking statements contain such terms.
Forward-looking statements are based on management’s current
beliefs and assumptions that are subject to risks and uncertainties
and are not guarantees of future performance. Actual results could
differ materially from those contained in any forward-looking
statement as a result of various factors, including, without
limitation: risks and uncertainties regarding achievement of the
expected benefits of the Company’s spin-off from Vinco Ventures,
Inc.; tax treatment of the spin-off; market and other conditions;
the risks that the ongoing COVID-19 pandemic may disrupt the
Company’s business more severely than it has to date or more
severely than anticipated; Argo Energy’s inability to successfully
find and operate sites to for Cryptyde’s Bitcoin mining services;
the inability to develop the planned infrastructure for Cryptyde to
offer Bitcoin mining Services, unexpected costs, charges or
expenses that reduce the Company’s capital resources; the Company’s
inability to raise adequate capital to fund its business; the
Company’s inability to innovate and attract users for the Company’s
products; future legislation and rulemaking negatively impacting
digital assets; and shifting public and governmental positions on
digital asset mining activity. Given these risks and uncertainties,
you are cautioned not to place undue reliance on such
forward-looking statements. For a discussion of other risks and
uncertainties, and other important factors, any of which could
cause the Company’s actual results to differ from those contained
in the forward-looking statements, see the Company’s filings with
the Securities and Exchange Commission (SEC), including the section
titled “Risk Factors” in the Company’s Registration Statement on
Form 10, as amended, filed with the SEC on May 13, 2022, and the
Company’s Registration Statement on Form S-1, as amended, filed
with the SEC on June 16, 2022. All information in this press
release is as of the date of the release, and the Company
undertakes no duty to update this information or to publicly
announce the results of any revisions to any of such statements to
reflect future events or developments, except as required by
law.
For further information, please contact:
Investor RelationsRichard
Brown617-819-1289investors@cryptyde.com
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