Greenidge Generation closes over $100 million in new financing to fund expansion outside of New York

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FAIRFIELD, Conn., March 24, 2022 /PRNewswire/ — Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”) today announced the closing of two financings for approximately $108 million in gross proceeds to provide the company with additional liquidity to fund its growth in 2022.

The funding consists of approximately $81.4 million installation with a subsidiary of NYDIG, secured by certain Bitmain ANTMINER S19 J Pro equipment delivered in 2022, and a $26.5 million note guaranteed with an affiliate of B. Riley Financial, Inc. (“B. Riley”), guaranteed by the real estate of the Greenidge facility at Spartanburg, South Carolina.

“These financings are consistent with Greenidge’s established strategy of using non-dilutive capital to fund our expansion,” said Greenidge’s CEO. Jeff Kirt. “This is a transformative year for Greenidge as we plan to more than triple our data center capacity to 4.7 PE/s, with the vast majority of capacity expansion concentrated outside from the company’s home site to new York. Three months after the start of operations at our Spartanburg location, the install accounts for over 15% of Greenidge’s overall hash rate.”

“We are pleased that both financings represent the continued development of institutional relationships with our existing lenders,” Mr. Kirt said. the $81.4 million builds on our previous partnership with NYDIG and the $26.5 million the secured note is the third debt financing arranged by B. Riley affiliates for Greenidge.

Further details regarding the financings announced today can be found in the company’s Form 8-K filed today with the Securities and Exchange Commission.

About Greenidge Generation Holdings Inc.

Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency data center and power generation company. Greenidge is committed to 100% carbon neutral data center operations at all of its sites by using low carbon energy sources and offsetting its carbon footprint.

Forward-looking statements

This press release contains certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. . All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could materially affect Greenidge’s financial or operating results. These forward-looking statements can be identified by words such as “anticipate”, “believe”, “continue”, “plan”, “expect”, “intend”, “plan”, “may”, “will”, “,” “could” and “should” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions which are subject to risks and uncertainties and do not are not guarantees of future performance. The forward-looking statements contained in this press release include, among other things, statements regarding Greenidge’s business plan, business strategy and future operations. operating performance and future performance, expected or anticipated events or developments in the future, such as statements regarding (i) the development of facilities outside of new York (ii) delivery of Antminer S19 J Pro equipment (iii) future mining capacity, and (iv) ability to obtain future debt or equity financing, are forward-looking statements. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the matters and factors described in Part II, Item 1A. “Risk Factors” of Greenidge’s Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission. Accordingly, any forward-looking statements made in this press release are qualified by the information contained under this heading. No assurance can be given that these are all factors that could cause actual results to differ materially from the forward-looking statements contained in this press release. Forward-looking statements are only predictions based on our current expectations and projections of 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 these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise, after the date of this press release.

SOURCE Greenidge Generation Holdings Inc.

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