SAFETY HARBOR, Fla., Aug. 01, 2022 (GLOBE NEWSWIRE) — Cryptyde, Inc., or the Company, (NASDAQ: TYDE), a company providing comprehensive and scalable Web3 services using blockchain technologies, today announced the recent signing of an Energy Program Development Agreement with Argo Energy, LLC. Cryptyde expects the program to help the company find locations to host and operate the infrastructure needed to offer Bitcoin mining services, including colocation services, over the next few years.
Argo Energy will help Cryptyde identify energy delivery and site development solutions for the infrastructure Cryptyde needs to offer Bitcoin mining services. Cryptyde aims to mitigate the effects of potential rising and unpredictable energy costs while reducing harmful carbon emissions by utilizing a comprehensive combination of solar and other renewable sources. Cryptyde believes the approach of eventually using sustainable energy will add financial and operational efficiency to its Bitcoin mining services while reducing environmental impact.
Cryptyde anticipates that the relationship with Argo Energy will allow the Company to alleviate capital expenditures by utilizing Argo Energy’s extensive development network. Argo Energy will help identify, fund and build multiple sites housing the infrastructure required for Cryptyde’s Bitcoin mining services at strategic geographic locations across the United States. Cryptyde plans to enter into agreements with Argo Energy governing the terms of any specific project they choose to undertake.
“We believe this agreement puts us in a good position to meet the energy needs of our crypto mining solutions business in an environmentally and socially responsible manner,” said Brian McFadden, CEO of Cryptyde. “We expect to generate approximately 150 megawatts of available power through this agreement, which will provide us with another crucial element in our ability to launch and sustain profitable mining opportunities for consumers,” McFadden added.
Argo Energy has a team of industry veterans familiar with both the solar/renewable and traditional energy sectors. Additionally, Argo Energy has historical expertise in data infrastructure and traditional finance, with extensive national and international experience in the development of previous projects.
“We are convinced that Cryptyde is an excellent strategic partner for this company. Argo Energy plans to capitalize on their expertise in deal structure in the Web3 space as we complement their model with a focus on energy supply and development,” said Jeff Amorosana, Senior Vice President of business development at Argo Energy. “Collectively, we envision transforming the way these projects are developed.
Cryptyde, Inc. (Nasdaq: TYDE), is focused on harnessing blockchain technologies to disrupt consumer-facing industries. http://www.cryptyde.com/
About Argo Energy
Argo Energy has multiple lines of business, providing commercial and industrial (C&I) and utility-scale development solutions, with a focus on data centers and bitcoin mining applications . Argo Energy sources projects, structures financing and establishes operations through an extensive network of best-in-class strategic partnerships. Argo Energy is a Delaware LLC with principal offices in White Plains, New York.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical fact may be deemed to be forward-looking, including, but not limited thereto, statements regarding the company’s spin-off from Vinco Ventures, Inc. Words such as “plans”, “expects”, “will”, “anticipates”, “continues”, “extends”, “advances”, “develops”, “believes”, “direction”, “target”, “may”, “remains”, “project”, “outlook”, “intent”, “estimate”, “could”, “ should” and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are based on management’s current beliefs and assumptions which are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement due to a variety of factors, including, but not limited to: risks and uncertainties regarding the realization of the expected benefits of the Company’s spin-off from Vinco Ventures , Inc.; tax treatment of the demerger; market and other conditions; the risks that the ongoing COVID-19 pandemic could disrupt the Company’s business more severely than to date or more severely than expected; Argo Energy’s inability to successfully find and operate sites for Cryptyde’s Bitcoin mining services; failure to develop the infrastructure planned for Cryptyde to offer Bitcoin mining services, unanticipated costs, fees or expenses that reduce the Company’s capital resources; the Company’s inability to raise sufficient capital to fund its operations; the Company’s inability to innovate and attract users for the Company’s products; future legislation and rulemaking negatively impacting digital assets; and changing public and government positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, each of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, see the Company’s filings with the Securities and Exchange Commission (SEC), including the section entitled “Risk Factors” in the company’s registration statement on Form 10, as amended, filed with the SEC on May 13, 2022, and the registration statement of the Company on Form S-1, as amended, filed with the SEC on June 16, 2022. All information contained in this press release is as of the date of the release, and the Company undertakes no obligation to update update this information or publicly announce the results of any revisions to any of these statements to reflect future events or developments, except as required by law.
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