NEW
YORK, May 3, 2022 /PRNewswire/ -- Future FinTech
Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future
FinTech", "FTFT" or "the Company"), a leading blockchain-based
e-commerce business and a fintech service provider, announced today
that on April 22, 2022, its
wholly-owned subsidiary, FTFT SuperComputing Inc. ("FTFT
SuperComputing"), signed an Electricity Sales and Purchase
Agreement (the "Agreement") with Champion Energy Services, LLC
("Champion Energy"). The Agreement stipulates that Champion
Energy is obligated to provide 15.58 MW of electricity for the
development of the Company's planned cryptocurrency farm in
Northwest Ohio. The Agreement has
a provision for a hybrid pricing plan that includes a fixed and
index combination and is customer-specific to changes in FTFT
SuperComputing's energy needs. The start date for the sale and
delivery of electricity is anticipated to be July 1, 2022, and the Agreement has a term of six
years.
In December 2021, the Company
announced its plan to build a cryptocurrency mining farm in the US
which, if successful, the first phase could deploy approximately
12,000 S19 Antminers and accommodate about 1.3 EH/s of hash power.
The total investment for the cryptocurrency mining farm project is
estimated to be $62 million, with each of the six stages
of the project projected to be $10 million per expansion
phase; however, $12 million is being allocated for the
first phase of the project for the acquisition of the site, plant
development and the upgrading of the power system.
Champion Energy is an electricity provider that services
residential, governmental, commercial and industrial customers in
eight states. They are a subsidiary of Calpine, one of the largest
generators of electricity in the US.
Mr. Kai Xu, Chief Inspector of
Future FinTech's Blockchain Division, said, "We are pleased to have
entered into this agreement to obtain the needed power supply to
enable us to develop a cryptocurrency mining farm in the US. Our
strategic plan for this business segment is to develop
cryptocurrency mining farms in different regions of the world and
accelerate their deployment by using our own capabilities or
through cooperation agreements with strong partners. We believe
that planned cryptocurrency farm in Ohio will be successful and will meet the
goals that we have set out for it."
About Future FinTech Group Inc.
Future FinTech Group Inc. is a leading blockchain e-commerce
company and a service provider for financial technology
incorporated in Florida. The
Company's operations include a blockchain-based online shopping
mall platform, Chain Cloud Mall ("CCM"), supply chain financing
services, and cryptocurrency market data services. The Company is
also engaged in the development of blockchain based e-Commerce
technology and cryptocurrency mining, cryptocurrency investment
management as well as financial service technology businesses. For
more information, please visit http://www.ftft.com/.
Safe Harbor Statement
Certain of the statements made in this press release are
"forward-looking statements" within the meaning and protections of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act. Forward-looking statements include statements with
respect to our beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control, and which may cause
the actual results, performance, capital, ownership or achievements
of the Company to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. All statements other than statements of
historical fact are statements that could be forward-looking
statements. You can identify these forward-looking statements
through our use of words such as "may," "will," "anticipate,"
"assume," "should," "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "plan," "point to," "project,"
"could," "intend," "target" and other similar words and expressions
of the future.
All written or oral forward-looking statements attributable
to us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2021 and our other reports and
filings with SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website
at http://www.sec.gov. We have no obligation and do not
undertake to update, revise or correct any of the forward-looking
statements after the date hereof, or after the respective dates on
which any such statements otherwise are made.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ftft-subsidiary-signs-agreement-to-procure-power-supply-for-its-planned-cryptocurrency-mining-farm-in-the-us-301538515.html
SOURCE Future FinTech Group Inc.