Facility Operations In New
York Will Continue Uninterrupted During Extended Judicial Review
State's Decision Ignores Greenidge Offer to
Dramatically Reduce GHG Emissions While Preserving Jobs in Upstate
FAIRFIELD, Conn., June 30,
2022 /PRNewswire/ -- Greenidge Generation
Holdings Inc. (NASDAQ: GREE) ("Greenidge"), a vertically
integrated cryptocurrency datacenter and power generation company,
issued the following statement and information today regarding the
New York State Department of
Environmental Conservation's (NYSDEC) decision to deny the pending
application to renew the existing Title V Air Permit for the
company's Dresden, NY
"It is important for all Greenidge stakeholders to
know this decision does not have any impact on our current
operations in Dresden. Because our application was already
deemed complete, we operate pursuant to the State Administrative
Procedures Act (SAPA). Consistent with the provisions of the
SAPA, we can continue running uninterrupted under our existing
Title V Air Permit, which is still in effect, for as long as it
takes to successfully challenge this arbitrary and capricious
"Greenidge made a sincere and substantial offer to
take unprecedented actions to further reduce our emissions
and make those proposals binding conditions in our renewed permit.
On March 25th, we proposed reducing our
facility's permitted GHG emissions by an additional 40% by 2025,
five years before the first CLCPA emissions reduction target date
in 2030. We also proposed to be a zero-carbon emitting
facility by 2035 – a full five years before the statewide target
for the electric generating sector.
"The NYSDEC never once engaged Greenidge since March 25th to finalize a Permit that
would dramatically reduce GHG emissions and preserve upstate
jobs. They chose to pass up the opportunity to materially
improve the environment, choosing instead to burden
New York taxpayers with the
expense of funding a lengthy administrative and judicial battle
that could have easily been avoided.
"We believe there is no credible legal basis whatsoever for a
denial of this application because there is no actual threat to the
State's Climate Leadership and Community Protection Act (CLCPA)
from our renewed permit. This is a standard air permit renewal
governing emissions levels for a facility operating in full
compliance with its existing permit today. It is not, and
cannot be transformed into, a politically charged 'cryptocurrency
"Our Dresden facility represents a remarkably
insignificant 0.2% of New York's
target GHG emissions level for 2030, and we have already reduced
our GHG emissions at the facility by 70% when compared to the
reference date of 1990 in the CLCPA. It is absurd for anyone
to look at these facts and rationally claim that renewing this
specific permit -- for a facility that makes up a small fraction of
the state's electricity generation capacity -- would impede
New York's long term climate
goals. It simply would not.
"While the many good people that work at Greenidge, including
the dedicated IBEW members onsite, deserved far better from their
state today, we are confident that an unbiased court system will
reverse this regulatory misjudgment. Until that happens, we
are permitted to operate each day, in full compliance with our
existing Title V Air Permit."
About Greenidge Generation
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a
vertically integrated bitcoin mining and power generation company.
Greenidge is committed to 100% carbon-neutral bitcoin mining at all
of its locations by utilizing low-carbon sources of energy and
offsetting its carbon footprint.
For Greenidge Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements concerning (1)
continuing operations in Dresden;
(2) our pursuit of administrative remedies; and (3) our GHG
emissions levels. These forward-looking statements are often
characterized by the use of words such as "estimate," "expect,"
"anticipate," "project," "plan," "intend," "seek," "believe,"
"forecast," "foresee," "likely," "may," "should," "goal," "target,"
"might," "will," "could," "predict," "continue" and the negative or
plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events and
therefore speak only as of the date of this release. You should not
place undue reliance on these forward-looking statements. We
undertake no obligation to update any of these forward-looking
statements for any reason, whether as a result of new information,
future developments or otherwise. These forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause our actual results, levels of activity, performance,
or achievements to differ materially from those expressed or
implied by these statements. These factors include, but are not
limited to, the matters discussed under the captions "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" of our most recent Annual Report on Form
10-K, as supplemented by our other filings with the Securities and
SOURCE Greenidge Generation Holdings Inc.