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Iris Energy Executes Transformational 600MW Connection Agreement With AEP Texas, Increasing Power Capacity to 765MW (~22 EH/s¹). US$19m Security Deposit and Connection Fee Paid, Procurement and Construction Activities Underway.

Highlights

  • 600MW binding connection agreement executed with AEP Texas and $19m security deposit and connection fee paid
  • Power capacity expected to increase from 165MW (4.6 EH/s) to 765MW (~22 EH/s1)
    • 15.2 EH/s (~530MW) of miners previously secured; and
    • ~7 EH/s1 (~235MW) of potential additional capacity
  • ~22 EH/s1 would represent >10%2 of the total global network hashrate if operating today
  • >300 acre freehold site (100% owned), with direct grid access located in the renewables heavy Panhandle region of Texas, USA
  • Electrical connection expected to be completed during Q1 2023
  • 15.2 EH/s execution plan now clear
    • 4.6 EH/s (165MW) - operating and under construction (BC, Canada)
    • 10.6 EH/s (365MW) - procurement and construction activities underway (Texas)
      • 3.0 EH/s (100MW) targeted for 20223
      • 7.6 EH/s (265MW) targeted for 2023

SYDNEY, Australia, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading sustainable Bitcoin miner with 15.2 EH/s of secured miners, today announced its wholly owned subsidiary has executed a binding connection agreement with AEP Texas Inc. (“AEP Texas”, a subsidiary of AEP) for a new 600MW specialized data center site in the renewables heavy Panhandle region of Texas, USA.

The agreement with AEP Texas is to connect into a 345kV transmission line running directly through the >300 acre freehold site (100% owned). Key utilities are located in close proximity to the site boundary, including high speed fiber.

The new 600MW site is transformational and expected to increase the Company’s power capacity from 165MW (4.6 EH/s) to 765MW (~22 EH/s1), supporting:

  • 15.2 EH/s (~530MW) of miners previously secured; and
  • ~7 EH/s1 (~235MW) of potential additional capacity.

22 EH/s1 would represent >10%2 of the total global network hashrate if operating today.

The Company now has a clear execution plan for its 15.2 EH/s of secured miners at 100% owned and operated data center facilities.

Importantly, the Company’s entry into the renewables heavy Panhandle region of Texas is consistent with its stated strategy of targeting markets with abundant and/or under-utilized renewable energy and provides potential opportunities to support the local energy market through the provision of flexible load, demand response and other ancillary services.

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Iris Energy Executes Transformational 600MW Connection Agreement With AEP Texas, Increasing Power Capacity to 765MW (~22 EH/s¹). US$19m Security Deposit and Connection Fee Paid, Procurement and Construction Activities Underway. Highlights 600MW binding connection agreement executed with AEP Texas and $19m security deposit and connection fee paidPower capacity expected to increase from 165MW (4.6 EH/s) to 765MW (~22 EH/s1) 15.2 EH/s (~530MW) of miners previously secured; …

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