griid infrastructure investor presentation

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How Ethereum's evolution impacts crypto markets. Edelstein & Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. According the company's website, the organization says that they "procure low-cost, carbon-free energy to build, manage, and operate a growing portfolio of vertically-integrated bitcoin mining facilities." The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no investments that create positive change. These statements express a belief, expectation or intention and are generally accompanied by words that convey projected future MW will be operational by 2023, with a breakeven bitcoin production cost materially below its peers and a cost of scaled bitcoin production of under $6,225 per BTC. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The Company holds it digital currencies in cold storage solutions not connected to the internet. 9,898 Number of Organizations $45.2B Total Funding Amount 1,905 Number of Investors. CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) -- GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain . Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. EX-99.2 6 ea136931ex99-2_goodworks.htm INVESTOR PRESENTATION Exhibit 99.2 . This press release includes "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. of the proposed transaction. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. the combined company is expected to operate under the name GRIID HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to The deal values the combined. The latest moves in crypto markets, in context. Transfers Listing to NYSE American LLC, Adit EdTech Acquisition Corp. The transaction is expected to provide approximately $246 million of cash at closing from Adit EdTech's trust account, after payment of Adit EdTech's transaction expenses and without giving effect to any redemptions by Adit EdTech public stockholders. This press release includes forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended. proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. On a larger scale, investor-owned utilities in some regions of the United States have recently begun offering "Community Resiliency" programs wherein a commercial-scale customer (often a school, church or community center) hosts utility-owned solar-plus-storage system, which can provide economic and resilience benefits for the customer, the . Sanders LLP acted as legal advisor to GRIID. Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. the combined company is expected to operate under the name GRIID Infrastructure Inc. and be listed on the NYSE under the new ticker symbol GRDI. (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Follow. GRIID management reports that it has over 1,300 MW of power (under agreement, MOU or LOI), of which 734 potential, predict, seek, should, would or by variations of such words or by similar expressions. | Learn more about Harry Sudock's work . HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. HIVE benefits from monitoring software that constantly tracks things like hash rates, temperatures, and power consumption. Before making any voting decision, investors and security holders of Adit EdTech are urged to read the proxy statement and all other relevant documents filed or that will be filed with events or otherwise. Simply put, HIVE is a cryptocurrency mining firm. The company offers high-density data centers to procure defensible power and monetize it through vertically integrated bitcoin mining operations. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of . Public ADEX shareholders will own 9% of the combined company. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. . Date and time. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Contact us. There are more than a million miners today from "Mom and Pop's" to Governments. All statements other than statements of historical fact are forward-looking statements for purposes of federal and The company is headquartered in Cincinnati, Ohio. prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. or intention and are generally accompanied by words that convey projected future events or outcomes such as believe, may, will, estimate, continue, anticipate, For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. Legal Name Griid Infrastructure LLC. Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. Growth Ahead: Transaction proceeds from going public are expected to help fund the companys growth plans. Adit EdTechs CFO, John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. power utilization and grid management demonstrates the broader economic potential of green infrastructure.. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. determining whether or not to pursue the proposed transaction, (v)the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi)the effect of. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. Additional Information and Where to Find It. Edelstein& Company, LLP acted as advisor to Adit EdTech for accounting and tax due diligence and quality of earnings assessment. Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and CEO and CIO of U.S. Elon Musk will aim to quiet any doubts about Tesla's standing in the electric car race on Wednesday when the serial entrepreneur convenes an investor day. facilities across the United States. programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public HIVE is a relatively new public company that uses high powered computing assets to mine cryptocurrencies like Ethereum and Bitcoin on the cloud. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i)an attractive valuation entry point, (ii)a. clear plan to unlock incremental value through operational and/or strategic improvements and (iii)a clear path to bring the target company to the public market and implement best-in-class public company governance. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. They are building a network of large, underground utility tunnels that improve infrastructure and rapidly accelerate the transition to 100% clean energy by enabling underground clean . HIVE offers shareholders exposure to the operating margins from cryptocurrency mining plus a growing portfolio of coins. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins. stockholders. the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the "EEI and our member companiesAmerica's investor-owned electric companiesare at a global inflection point," said Kuhn. D'AgostinoChief Financial Officerdagostino@aditedtech.com. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. release and investor presentation. Description. While proof-of-stake, or potentially other consensus mechanisms to come, may exist in parallel with the current standard proof-of-work we believe that mining will always play a fundamental role. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among Griid Infrastructure LLC (GRIID) is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. The foregoing list of factors is not exhaustive. results or developments may differ materially from those projected in the forward-looking statements. 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks, Do Not Sell My Personal Data/Privacy Policy. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. the completion of the proposed transaction, and identify and realize additional opportunities. Adit EdTechs strategy is to focus on companies which offer an opportunity for stockholder value creation through the combination of (i) an attractive valuation entry point, (ii) a clear plan to unlock incremental value through operational and/or strategic improvements and (iii) a clear path to bring the target company to the public market and implement best-in-class public company governance. If Ethereums shift to proof of stake were to occur, HIVEs GPU-based mining provides flexibility to identify and focus computing resources on existing and new cryptocurrencies including those using the proof-of-work standard as they become more profitable to mine, as well as for other high efficiency computing applications, such as artificial intelligence and graphic rendering as well as private blockchain computing, which are becoming more widespread as the blockchain technology grows and develops. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Adit Ventures is an investment Adit EdTech also will file Download a PDF copy of our corporate presentation. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, The SPAC Deal: Griid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE:ADEX). Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion . the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. GRIID supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage, and operate its portfolio of vertically integrated bitcoin mining facilities. 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griid infrastructure investor presentation