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Aspen Creek Digital Corporation Announces $8 Million Series A Funding

Boston, US, 27 Sep. 2022, 12:01 CEST
Aspen Creek Digital Corporation Announces $8 Million Series A Funding img#1

Aspen Creek Digital Corporation (ACDC), a renewable Bitcoin mining operator, announces today an $8 million Series A financing round led by investors Galaxy Digital and Polychain Capital. Jamie Lee of Tamarack Global, Alex Robertson of Tiger Management, CMT Digital, Luxor Technologies, Mana Ventures, Gaingels, and Copper River Energy Partners also participated in the round.

"ACDC was founded to create a sustainable source of renewable energy to power our operations and put new renewable energy on the grid. This funding will support our 3GW+ pipeline of wind, solar and battery generation by 2025 and support innovative solutions to build the world's leading fleet of renewably powered data centers," said Alexandra DaCosta, CEO of ACDC.

In June, ACDC announced its first bitcoin mining center, a 6MW HPCC co-located behind-the-meter with a 10MW solar farm, commenced operations in west Colorado.

ACDC's second facility, which is on track to be operational this fall, is a 30MW HPCC co-located behind-the-meter with an 87MW solar farm. ACDC's third project is a 150MW HPCC co-located behind-the-meter with a 200MW solar farm. Both projects are located in Texas and represent significant additional generation resources for the Electric Reliability Council of Texas (ERCOT), as well as valuable controllable load resources that expand the reach of renewables by stabilizing the grid.

"The narrative around Bitcoin's energy consumption is increasingly in focus. We are excited to support a company focusing on how Bitcoin is the solution for sustainable energy projects." said Amanda Fabiano, Head of Mining at Galaxy Digital.

"We're excited to partner with ACDC as they build out more long-term, fixed-cost renewable energy production to enable more predictable Bitcoin mining operations, while providing the flexibility to sell excess power opportunistically into volatile energy markets," said Olaf Carlson-Wee, founder of PolychainCapital. "It's great to witness Bitcoin's ability to incentivize renewable power production at scale, and we think ACDC is at the forefront of these efforts."