SAFETY HARBOR, Florida, Aug. 01, 2022 (GLOBE NEWSWIRE) — Cryptyde, Inc., or the Company, (NASDAQ: TYDE) a company offering comprehensive, scalable Web3 services utilizing blockchain technologies, announced today the recent signing of an Energy Program Development Agreement with Argo Energy, LLC. Cryptyde expects the program will help the Company source locations to house and operate the infrastructure required for it to offer Bitcoin mining services, including co-location services, over the coming years.
Argo Energy will assist Cryptyde in identifying power delivery and site development solutions for the infrastructure needed by Cryptyde to offer Bitcoin mining services. Cryptyde aims to mitigate the effects of potential rising and unpredictable energy costs while reducing harmful carbon emissions by employing a comprehensive combination of solar and other renewable sources. Cryptyde believes the approach of ultimately using sustainable energy will add financial and operational efficiency to their Bitcoin mining services while diminishing environmental impact.
Cryptyde anticipates the relationship with Argo Energy will allow the Company to alleviate capital expenditures by utilizing Argo Energy’s vast development network. Argo Energy will help identify, finance, and construct multiple sites housing the infrastructure required for Cryptyde’s Bitcoin mining services at strategic geographic locations throughout the US. Cryptyde expects to enter into agreements with Argo Energy governing the terms of any specific projects they choose to engage.
“We believe this agreement puts us in a good position to satisfy the energy needs of our crypto mining solutions business in an environmentally and socially conscious manner,” says Brian McFadden, CEO of Cryptyde. “We plan on generating approximately 150 megawatts of power availability through this agreement, providing us another crucial piece in our ability to launch and support cost effective consumer mining opportunities,” added Mr. McFadden.
Argo Energy boasts a team of industry veterans knowledgeable in both the solar/renewable and traditional energy sectors. Additionally, Argo Energy has historical expertise in data infrastructure and traditional finance, with broad domestic and international experience in past project development.
“We are confident that Cryptyde is a great strategic partner for this venture. Argo Energy expects to capitalize on their expertise with deal structure in the Web3 space, while we compliment their model with our concentration on energy delivery and development,” says Jeff Amorosana, Argo Energy’s Senior VP of Corporate Development. “Collectively, we plan to transform the way in which these projects are developed.”
About Argo Energy
Argo Energy has several lines of business, providing development solutions in the commercial and industrial (C&I) and utility scale sectors, with a focus on data center and Bitcoin mining applications. Argo Energy sources projects, structures financing and establishes operations through a vast network of best-of-breed strategic partnerships. Argo Energy is a Delaware LLC with primary 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 could be deemed forward looking, including, but not limited to, the statements regarding the spin-off of the Company from Vinco Ventures, Inc. Words such as “plans,” “expects,” “will,” “anticipates,” “continue,” “expand,” “advance,” “develop” “believes,” “guidance,” “target,” “may,” “remain,” “project,” “outlook,” “intend,” “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 that 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 as a result of various factors, including, without limitation: risks and uncertainties regarding achievement of the expected benefits of the Company’s spin-off from Vinco Ventures, Inc.; tax treatment of the spin-off; market and other conditions; the risks that the ongoing COVID-19 pandemic may disrupt the Company’s business more severely than it has to date or more severely than anticipated; Argo Energy’s inability to successfully find and operate sites to for Cryptyde’s Bitcoin mining services; the inability to develop the planned infrastructure for Cryptyde to offer Bitcoin mining Services, unexpected costs, charges or expenses that reduce the Company’s capital resources; the Company’s inability to raise adequate capital to fund its business; the Company’s inability to innovate and attract users for the Company’s products; future legislation and rulemaking negatively impacting digital assets; and shifting public and governmental positions on digital asset mining activity. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. For a discussion of other risks and uncertainties, and other important factors, any 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 titled “Risk Factors” in the Company’s Registration Statement on Form 10, as amended, filed with the SEC on May 13, 2022, and the Company’s Registration Statement on Form S-1, as amended, filed with the SEC on June 16, 2022. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information or to publicly announce the results of any revisions to any of such statements to reflect future events or developments, except as required by law.
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