Hydro66 Holdings Corp. (CSE: SIX) ("Hydro66" or the "Company") is pleased to announce an update on its operations during Q2, 2018.
Highlights from the recent quarter include:
- Commencement of trading on the CSE via a reverse takeover
- Tripled data center capacity from 3.6 to 11.2 MegaWatts ("MW"), completed on time and on budget
- Sold 100% of the additional 7.6MW capacity to high performance computing ("HPC") partners, which is fully revenue generating by the end of Q2
- Began construction on an additional 8.0MW of capacity in two data halls, which are due to come online in Q3 and early Q4
- Made strategic hires in technical data center management and financial control to support business growth
- The Company continues to review the digital currency markets to optimize self-mining opportunities
Anne Graf, CEO, commented "The current model for how to process and store data is broken. The data tsunami is building exponentially, powered by consumer expectations, internet of things, personalized medicine, big data, driverless cars, blockchain and cryptocurrencies. Connecting to the world's most reliable power grid means you can increase uptime, efficiency and scalability. At the same time, complexity, cost and the environmental footprint are all reduced. Every company needs their data to be handled in the most sustainable way possible - financially and environmentally. Hydro66 provides ultra-efficient, green colocation solutions. We want to continue to execute our aggressive build out plan to provide the perfect home for HPC and blockchain infrastructure."
Following the completion of a $ 10 million private financing in Q1, the Company completed an RTO and started trading on the CSE. The listing milestone provides the Company with increased access to capital, which has accelerated the Company's planned expansion. In addition to the listing process, Hydro66 delivered on its plan to more than triple the MW available to clients from 3.6 MW to 11.2 MW. The buildout of two additional data halls in Q2 completed on time and on budget.
While the majority of the business is still in the process of making its own provision, the Company is constantly optimizing it. The Company mines, holds and sells a suite of coins including Bitcoin, Litecoin, Ethereum and AION and at the end of Q1 2018, the closing price of cryptocurrency by the Company exceeded US $ 1 million.
In the Q3 and early Q4, 8 MW scheduled for delivery has been completed. This will bring total data center capacity to 19.2MW and 6 data halls. The Company continues to demand for its additional capacity. The Company also plans to lay the groundwork for a total of 40 MW on the existing site. The Company has reserved 50 MW of power on a second site.
For further information please contact:
Chief Commercial Officer
Director, Corporate Development
Hydro66 owns and operates a colocation data center in Sweden specializing in High Performance Computing ("HPC") hosting. The company hosts third party IT infrastructure, utilizing 100% green power, at the EU's lowest power prices and within the ISO27001 accredited facility. The company is continuing to expand its footprint, with a growth plan in place to expand the current facility from 11.2 MW to 40 MW.
Hydro66 is uniquely positioned to capitalize on opportunities in blockchain infrastructure as well as the traditional enterprise colocation data center market. The Company provides truly green power at a leading price, purpose-built space and cooling, telecoms, IT support services and 24/7 physical security at their facility in Boden, Sweden.
Revenues are generated from data center services to hashrate service companies and traditional enterprise companies as well as digital currency self-mining (GPU and / or ASIC). Combining the above provides steady, diversified revenue with strong margins. A flexible and rapid build-out schedule will allow for the development of hydro-to-business relationships.
Hydro66 is a team with decades of technical expertise in data center facility design, construction, operation and more recently blockchain infrastructure and hashrate services.
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Certain information set forth in this news release may contain forward-looking statements. Corporate statements, proposed acquisitions, joint ventures, joint ventures and strategic alliances and co-operations , budgets, cost and plans of the Company. Search forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking Statements, as well as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "Predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of words and phrases , "Could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may be expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals.www.sedar.com . Readers are cautioned that they may seek information, and that they may reasonably believe that they are in good time. The Company does not accept any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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