Talen Now Fully Owns and Controls the Nuclear-powered Bitcoin Mining Facility
HOUSTON, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Talen Energy Corporation (“Talen” or the “Company”) ( TLN), an independent power producer dedicated to powering the future, announced today that it has completed a transaction with TeraWulf Inc. (“TeraWulf”) to purchase TeraWulf’s interest in Nautilus Cryptomine (“Nautilus”), a 200-megawatt bitcoin mining facility in Berwick, Pa. As a result of the transaction, Talen now owns 100% of Nautilus.
“We are pleased to complete this strategic transaction,” said Cole Muller, Executive Vice President -Strategic Ventures. “The transaction allows Talen the ability to reset a legacy below-market power purchase agreement and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility.”
Under the terms of the agreement, Talen has purchased TeraWulf’s 25% share in Nautilus and obtained full control of the legacy power purchase agreement, for total consideration of $85 million cash along with select physical assets used in the bitcoin mining operation.
About Talen
Talen Energy ( TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced and driving the energy transition. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.
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