Agreement includes an initial purchase of 200 MW of immersion
systems, with the option to supply up to 400 MW of additional
immersion systems on the same terms. Initial sale brings total
worldwide deployment of Midas immersion systems to
Texas, July 19, 2023 /PRNewswire/ -- Midas
Immersion Cooling, LLC ("Midas Immersion" or "Midas"), an industry
leader in immersion cooling technology solutions for
Bitcoin ("BTC") miners and Data Centers, with the
largest deployed single-phase immersion cooling capacity of any
manufacturer, announced today that it has entered into a long-term
supply agreement (the "Agreement") with Riot Platforms, Inc.
(NASDAQ: RIOT) ("Riot"), an industry leader in BTC mining and Data
Center hosting. Under the Agreement, Midas has secured an initial
order of 200 megawatts (MW) of its latest generation of immersion
cooling systems, as well as associated equipment and adiabatic
coolers for Riot's Corsicana,
Texas, operations. Midas designed the ASICE 2.0 immersion
cooling systems in Texas, for
manufacture in North America.
The Agreement provides delivery of the new immersion cooling
systems by the end of 2023. Upon commissioning, the initial 200 MW
of immersion cooling systems will bring the total deployed capacity
of Midas immersion cooling systems to over 500 MW
Under the Agreement, Midas has also granted Riot the option to
purchase up to 400 MW of additional ASICE 2.0 immersion cooling
systems and ancillary equipment from Midas, on the same terms as
the initial order. Assuming full exercise of Riot's option, the
total worldwide deployed capacity of Midas immersion cooling
systems would be in excess of 900 MW, upon commissioning. Riot may
exercise the option, in whole or in part, through December 31, 2024.
"Midas is pleased to announce this landmark deal to continue as
a trusted supplier to Riot," said Scott
Sickmiller, CEO of Midas. "We remain committed to offering
the best engineering, equipment performance, and customer support
among immersion cooling providers."
"Riot is pleased to partner with Midas Immersion for our
Corsicana Facility," said Jason Les, CEO of Riot. "Partnering with
Midas will enhance Riot's approach in diversifying our immersion
capabilities to ensure efficiency across our mining infrastructure,
prolonging the life of our miners, while also increasing our
ability to maintain low cost of power by eliminating the need for
costly forced-air cooling."
About Midas Immersion Cooling
Midas Immersion Cooling is a leader in engineering design and
integration of single-phase immersion cooling equipment solutions
for ASIC miners and data servers. Midas Immersion's
patented cooling tanks increase miner and server density, decrease
power consumption, and significantly reduce cooling and
infrastructure costs compared to traditional air-cooled
About Riot Platforms, Inc.
Riot's (NASDAQ: RIOT) vision is to be the world's leading
Bitcoin-driven infrastructure platform.
Our mission is to positively impact the sectors, networks, and
communities that we touch. We believe that the combination of an
innovative spirit and strong community partnership allows the
Company to achieve best-in-class execution and create successful
Riot is a Bitcoin mining and digital infrastructure
company focused on a vertically integrated strategy. The Company
has data center hosting operations in central Texas, Bitcoin mining operations
in central Texas, and electrical
switchgear engineering and fabrication operations in Denver, Colorado.
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SOURCE Midas Immersion Cooling