Mawson Infrastructure Group Expands to Ohio for AI/HPC Expansion
August 27 2024 - 8:50AM
Mawson Infrastructure Group Inc. (NASDAQ: MIGI) ("Mawson" or "the
Company"), a publicly-traded technology company providing digital
infrastructure to the AI, HPC and digital assets markets, and
headquartered in the United States, today announced its expansion
of its lease in Ohio, further extending its AI (artificial
intelligence) and HPC (high-performance computing) growth
capacities.
Mawson also invites additional AI/HPC partners, as it expects to
further increase its total capacity from the currently operational
129 megawatts (“MW”) across its Pennsylvania facilities in Midland,
PA and Bellefonte, PA, to about 153 MW, given its expansion to
Ohio.
Rahul Mewawalla, CEO and
President, stated, “Our expansion into Ohio
further increases our footprint in the PJM market, the largest
wholesale electric market in North America, and amongst the most
attractive markets, in our view, for AI (artificial intelligence)
and HPC (high-performance computing). We are also seeing companies
such as Amazon Web Services, Microsoft, and Google expanding their
operations in the PJM market, which speaks favourably to its future
growth opportunities. Moreover, we are extremely proud of our
Carbon-Free energy approach, including nuclear energy, as we
continue to expand our digital infrastructure platforms to serve
AI, HPC, and digital assets markets. We expect digital
infrastructure for high-performance and accelerated computing to
become increasingly valuable and we are excited about our expansion
to Ohio, building upon our recent expansion in Pennsylvania which
we successfully completed last quarter. We also look forward to our
continuing to partner and collaborate with innovative AI and HPC
colocation customers to power the future of AI.”
Key Highlights:
- Mawson’s expansion into Perry County, Ohio further increases
its footprint in the PJM market, which is the largest wholesale
electric market in North America and has competitive power rates
and is a deregulated market.
- Secures lease amendment for an extended term for 9 years
through April 2033.
- Secures initial 24 megawatts of capacity through agreements,
which could grow Mawson from currently operational 129 MW to 153
MW.
- Expected to commence initial construction while inviting AI/HPC
partners to discuss opportunities to partner and collaborate with
Mawson to power the deployment of NVIDIA GPUs and other high
performance and accelerated computing.
About Mawson Infrastructure
Mawson Infrastructure Group (NASDAQ: MIGI) is a technology
company providing next-generation infrastructure platforms for AI,
HPC, and digital assets. Our innovation, technology, and
operational expertise enables us to operate and optimize digital
infrastructure to accelerate the digital economy including
artificial intelligence, high-performance computing solutions, and
digital assets using a Carbon-Free energy approach.
For more information, visit: https://www.mawsoninc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Mawson cautions that statements in this press release that are
not a description of historical fact are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements may be identified by the use of
words referencing future events or circumstances such as “expect,”
“intend,” “plan,” “anticipate,” “believe,” and “will,” among
others. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon Mawson’s current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, the possibility
of Mawson’s need and ability to raise additional capital, the
development and acceptance of digital asset networks and digital
assets and their protocols and software, the reduction in
incentives to mine digital assets over time, the costs associated
with digital asset mining, the volatility in the value and prices
of digital assets and cryptocurrencies, further or new regulation
of digital assets, the evolution of AI and HPC market and changing
technologies, the slower than expected growth in demand for AI, HPC
and other accelerated computing technologies than expected, the
ability to timely implement and execute on AI and HPC digital
infrastructure, and the ability to timely complete the digital
infrastructure build-out in order to achieve its revenue
expectations for the periods mentioned. More detailed information
about the risks and uncertainties affecting Mawson is contained
under the heading “Risk Factors” included in Mawson’s Annual Report
on Form 10-K filed with the SEC on April 1, 2024, and Mawson’s
Quarterly Report on Form 10-Q filed with the SEC on August 21,
2023, November 13, 2023, May 15, 2024, August 19,2024, and in other
filings Mawson has made and may make with the SEC in the future.
One should not place undue reliance on these forward-looking
statements, which speak only as of the date on which they were
made. Because such statements are subject to risks and
uncertainties, actual results may differ materially from those
expressed or implied by such forward-looking statements. Mawson
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as may be required by law.
For more information, visit us
at https://www.mawsoninc.com
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Investor Contact: Investor
Relations TeamIR@mawsoninc.com
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TeamPartnerships@mawsoninc.com
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