SAI.TECH Announces the Signing of an MOU with Green Agritech for Canada Manitoba Site Project
April 29 2024 - 8:00AM
SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”)
(NASDAQ: SAI, SAITW), announces the signing of a Memorandum of
Understanding (MoU) with Green Agritech Ltd. regarding the
Company’s Canada Manitoba Site Project (Project) and the intention
of establishing a Joint Venture (JV) for the future cooperation.
The Project is a 1MW computing data center. It will be
implemented through cooperation – between SAI.TECH and Green
Agritech Ltd., an innovative crypto mining company. With SAI’s
unique computing waste heat recovery technology, the heat generated
from the computing data center will be recycled and supplied to
onsite office and warehouse, and a later constructed
greenhouse.
The Project also officially marks the Company’s entry into the
Canadian market of sustainable computing demonstrated by the nature
of computing waste heat recycling. Through this project, the
Company expects to certify its products for the Canadian market and
be ready for its product sale and operation in Canada.
This center will soon be developed as SAI NODE Manitoba, similar
to SAI NODE Marietta and SAI NODE Cleveland. Additionally, SAI will
partner with the non-profit organization OCEC to build and develop
this SAI NODE facility.
Revenues and benefits from the Project will be distributed
proportionately based on each party’s investment. Similarly, all
associated costs will be shared in line with their respective
contributions to the project.
Furthermore, SAI will be responsible for securing miners for the
proposed 1MW data center. A separate hosting agreement will be
entered into with the JV. On the other hand, the JV will oversee
the collection of rent and heat supply charges from the greenhouse
operating entities.
About SAI.TECH
SAI.TECH is a Nasdaq-listed (SAI) sustainable distributed
bitcoin mining operator headquartered in Singapore. SAI’s mission
is to become a sustainable distributed digital asset mining
operator and heating supplier globally, while simultaneously
promote the clean transition of the bitcoin mining, power and
heating industries.
In May 2022, SAI became a publicly traded company under the new
ticker symbol “SAI” on the Nasdaq Stock Market (NASDAQ) through a
merger with TradeUP Global Corporation. For more information on
SAI.TECH, please visit https://sai.tech/.
About Green Agritech
Green Agritech Ltd. is an innovative crypto mining company that
combines the cutting-edge world of cryptocurrency mining with a
strong commitment to environmental sustainability and greenhouse
agriculture. They have harnessed the power of renewable energy
sources to revolutionize the cryptocurrency mining industry while
simultaneously cultivating lush and efficient greenhouse
environments for sustainable food production.
Their mission is to drive the evolution of cryptocurrency mining
into a greener and more environmentally responsible venture. They
understand the energy-intensive nature of BTC mining and have taken
significant steps to mitigate its ecological impact. By utilizing
renewable energy sources such as solar, wind, and hydroelectric
power, they reduce their carbon footprint and ensure that their
operations are powered by clean and sustainable energy.
At Green Agritech Ltd., they are reshaping the BTC mining
industry by aligning it with sustainable practices and greenhouse
agriculture. By using renewable energy to power their mining
operations and contributing to greenhouse agriculture, they are not
only securing the future of cryptocurrency but also nourishing the
planet and creating a more sustainable world for generations to
come.
Their parent company, NewDecade PowerTech Ltd., has its
headquarters in Vancouver and operates as an investment enterprise.
Currently, their 100 MW project is under construction in South
Dakota.
About OCEC
The Organization of Clean Energy and Climate ("OCEC") is a
non-profit organization with the mission to perform research and
study on more effective ways to use computing heat, develop the
technology and system to demonstrate how residential, commercial,
and industrial scenarios can recycle the computing heat waste as a
replacement for traditional heating.
The OCEC operates to build the Computing Heat Recycle Technology
Development Center in a way that benefits the local community. As
the first of this kind of R&D center, OCEC continues to be the
leader in this area, bringing the best computing heat recycling
solution to the world, and being one of the key contributors to
achieving carbon-neutral efforts.
For more information on OCEC, please visit https://ocec.co/.
Safe Harbor Statement:
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words “believe”, “expect”, “anticipate”, “project”,
“targets”, “optimistic”, “confident that”, “continue to”,
“predict”, “intend”, “aim”, “will” or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
include, but not limited to, statements concerning SAI.TECH and the
Company’s operations, financial performance, and condition are
based on current expectations, beliefs and assumptions which are
subject to change at any time. SAI.TECH cautions that these
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors such as government and stock exchange
regulations, competition, political, economic, and social
conditions around the world including those discussed in SAI.TECH’s
Form 20-F under the headings “Risk Factors”, “Results of
Operations” and “Business Overview” and other reports filed with
the Securities and Exchange Commission from time to time. All
forward-looking statements are applicable only as of the date it is
made and SAI.TECH specifically disclaims any obligation to maintain
or update the forward-looking information, whether of the nature
contained in this release or otherwise, in the future.
Media Contact
pr@sai.tech
Investor Relations Contact
ir@sai.tech
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