Greenidge, New York State Agree on Historic New Air Permit That Will Support Local Power Grid; Includes Required Emissions Reductions That Exceed State’s Climate Act Goals

Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge” or the “Company”), a vertically integrated cryptocurrency datacenter and power generation company, today announced the company and the State of New York have agreed on the terms of a historic new five-year renewal of the company’s Title V Air Permit for its Dresden, NY facility. The agreement ensures that the facility, which provides significant power to the local energy grid each year, will continue to do so while also serving as a model datacenter operation.

The agreement, signed by the New York State Department of Environmental Conservation (“NYSDEC”) and the Company, states unequivocally that Greenidge shall receive a Final Title V Air Permit, and that the new emissions levels are fully consistent with New York’s Climate Leadership Community Protection Act (“Climate Act”). Greenidge provides power to the Upstate New York electrical grid every minute it operates, a requirement of the company’s operating agreement with the New York Independent System Operator (NYISO), and Greenidge regularly increases power to the grid during times of high demand, to strengthen grid reliability and help reduce energy costs for residents and homeowners.

Before Greenidge’s fully approved crypto mining operation, the facility’s time from start-up to high-power generation for the grid was approximately 14 hours. Now, reaching a high-power supply to the grid takes only minutes. Greenidge can curtail its cryptocurrency mining operations in minutes and direct more of its power generation to the local energy grid.

Since 2022, Greenidge has increased the amount of power it sends to the electrical grid every year.

The permit agreement establishes, in clear language and signed terms, the following:

• Historic emissions reduction requirements via “an immediate reduction of the Facility’s potential to emit greenhouse gas emissions.”
  
  
• A mandated 44% reduction in permitted emissions by 2030, exceeding ambitious goals of the Climate Act, which aims to achieve a 40% reduction in statewide emissions by 2030.
  
  
• A 25% reduction off the facility’s actual emissions by 2030, which is believed to be the first such condition in a Title V Air Permit renewal in the State of New York.
  
  
• NYSDEC’s conclusion that the emissions limits “establish the Facility’s consistency with the Statewide GHG emission limits as established by the Climate Leadership and Community Protection Act.”