Company Operates 100% Carbon-Neutral Bitcoin Operation Today; Project Will Create Location for New Renewable Energy for New York State
DRESDEN, N.Y., July 29, 2021 /PRNewswire/ -- Greenidge Generation Holdings Inc. ("Greenidge") announced today that it will be investing profits from its carbon-neutral bitcoin mining operation in Upstate New York to expedite the closure of an existing, forty-year-old coal ash landfill in the Finger Lakes region and create a significant new solar farm at the site. The Lockwood Hills landfill in Dresden, New York was acquired by Lockwood Hills LLC, a subsidiary of Greenidge Generation Holdings Inc., in 2014 and has been safely maintained by the company over the past seven years. During that period, the company ended the use of coal-fired power at its adjacent power generation facility.
The company intends to work with the New York State Department of Environmental Conservation to safely cap and close the landfill and relinquish its existing permit to operate the site. Greenidge will launch a Request for Proposals to identify the best option for creating a solar project across the 143-acre site that will produce up to 5MW of power.
In May of this year, Greenidge announced that it was purchasing voluntary carbon offsets from a portfolio of U.S. greenhouse gas reduction projects to create the first fully carbon-neutral bitcoin mining operation of its kind in the United States. At the same time, Greenidge said it was actively exploring investing a portion of its mining profits in renewable energy projects in New York.
"Bitcoin mining at Greenidge is already a model for the industry in that we are advancing this emerging financial platform for people across the world in a manner that fully protects our environment and drives economic growth across Upstate New York. Today, we're announcing the next step; making more renewable energy a reality by leveraging bitcoin mining profits to fund the creation of a new solar farm at a landfill site we're going to close well ahead of schedule," said Jeff Kirt, CEO of Greenidge Generation Holdings Inc.
"For those of us who grew up and still live right here in the Finger Lakes, the Lockwood Hills landfill has been a constant presence, overlooking Seneca Lake and the Village of Dresden, and something we always hoped would eventually not be needed. I am thrilled that the success of our clean bitcoin mining operation is not only creating great high-tech jobs for residents here, and supporting local businesses, but will now also facilitate the development of renewable energy at this old landfill site," said Dale Irwin, President of Greenidge Generation Holdings Inc.
The Lockwood Landfill was initially constructed and permitted in 1979 to dispose of coal combustion residuals (CCR) and other wastes generated by the power generation facility prior to Greenidge assuming ownership in 2014. Today, while Greenidge has ended the use of coal as a fuel source for its clean natural gas fired operation, the Lockwood Landfill remains open and operational. It operates in strict compliance with two comprehensive New York State DEC permits; a Part 360 Solid Waste Management Permit and a State Pollutant Discharge Elimination System Permit. In 2017 and 2018, upgrades to the stormwater and leachate management systems were completed by Lockwood Hills at a cost of over one million dollars. In addition to ensuring that the site will no longer accept waste of any kind, the closure process will entail several steps including site grading and the installation of a permanent engineered membrane to prevent erosion and water infiltration.
About Greenidge Generation Holdings, Inc.
Greenidge Generation Holdings, Inc. ("Greenidge") is a vertically integrated bitcoin mining and power generation company. Greenidge currently operates one facility in Upstate New York, with plans to expand to a second location in South Carolina in the upcoming months which will source most electricity from zero carbon sources. Greenidge's New York facility is an environmentally-sound operation that has undergone a remarkable transformation in recent years and employs dozens of skilled associates, creating attractive new blockchain jobs and serving as an anchor for the local economy.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act, as amended. These forward-looking statements are typically identified by terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will," or similar expressions.
These forward-looking statements include references to assumptions and relate to the future prospects, developments, and business strategies of Greenidge. These forward-looking statements are largely based on the current expectations and projections about future events and trends that are expected to affect the financial condition, results of operations, business strategy, and short-term and long-term business operations and objectives of Greenidge. Forward-looking statements contained in this press release include, but are not limited to, statements concerning the current and future build out and acquisition plans of Greenidge.
Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to: (i) the ability to recognize the anticipated objectives and benefits, including tax benefits, of the proposed transaction; (ii) changes in applicable laws, regulations or permits affecting Greenidge's operations or the industries in which it operates, including regulation of the energy industry or regarding cryptocurrency; (iii) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms with regard to growth strategies or operations; (iv) fluctuations in the market pricing of cryptocurrencies; (v) loss of public confidence in cryptocurrencies; (vi) the potential of cybercrime, money laundering, malware infections and phishing, and the costs associated with such issues; (vii) the potential of cryptocurrency market manipulation; (viii) the economics of mining cryptocurrency, including as to variables or factors affecting the cost, efficiency and profitability of mining; (ix) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of Greenidge, including mining equipment, (x) the possibility that Greenidge may be adversely affected by other economic, business or competitive factors, including factors affecting the industries in which it operates or upon which it relies and is dependent; (xi) an inability to expand successfully to other facilities, mine other cryptocurrencies or otherwise expand the business; (xii) any potential litigation involving either or both of Greenidge or Support.com, Inc. ("Support.com") in connection with their pending previously announced merger transaction (the "proposed merger"); (xiii) costs and expenses relating to cryptocurrency transaction fees and fluctuation in cryptocurrency transaction fees; (xiv) Greenidge's single operating facility may realize material, if not total, loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage; (xv) other risks and uncertainties related to the business plan, business strategy, acquisition strategy and buildout strategy of Greenidge; (xvi) the potential economic fallout resulting from the COVID-19 outbreak. The actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements.
Greenidge does not undertake any obligation to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, changes in assumptions or otherwise, after the date of this press release.
Participants in the Solicitation
Support.com and its directors, executive officers, other members of management and employees may be deemed participants in the solicitation of proxies from Support.com's stockholders with respect to the proposed merger. A list of the names of those directors and executive officers and a description of their interests in Support.com will be included in the proxy statement/prospectus for the proposed merger (as further described below) and will be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed merger when available.
Greenidge and its directors, executive officers, other members of management and employees may also be deemed to be participants in the solicitation of proxies from the shareholders of Support.com in connection with the proposed merger. A list of the names of such directors and executive officers and information regarding their interests in the proposed merger will be included in the proxy statement/prospectus for the proposed merger when filed with the SEC.
No Offer or Solicitation
This press release is not and shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed merger. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom. This press release is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction in which such release, publication or distribution would be unlawful.
Additional Information, Disclaimer and Where to Find More Information
In connection with the proposed merger, Greenidge has filed with the SEC a registration statement on Form S-4 (the "Registration Statement"), which includes a preliminary proxy statement of Support.com and a prospectus in connection with the proposed merger. The definitive proxy statement/prospectus and other relevant documents will be mailed to shareholders of Support.com as of a record date to be established for voting on the proposed merger. Stockholders of Support.com and other interested persons are advised to read the preliminary proxy statement/prospectus, and amendments thereto, the definitive proxy statement/prospectus in connection with Support.com's solicitation of proxies for the special meeting to be held to approve the proposed merger, and other documents filed with the SEC by Greenidge and Support.com, because these documents will contain important information about Support.com, Greenidge, and the proposed merger. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, by directing a request to: Support.Com, Inc., 1521 Concord Pike (US 202), Suite 301, Wilmington, DE 19803. These documents, once available, and Support.com's annual and other reports and proxy statements filed with the SEC can also be obtained, without charge, at the SEC's internet site (http://www.sec.gov).
SOURCE Greenidge Generation Holdings Inc.