INTELLIGENT BRANDS // Data Centres
HIVE Blockchain to acquire
Kolos Norway AS to build
major data centre
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H
IVE Blockchain Technologies Ltd and
Kolos Norway AS have announced
they have entered into a series of
agreements in which HIVE has agreed to
acquire all of the issued and outstanding
shares of Kolos through the acquisition of
another Norwegian entity for approximately
US$9.9 million, 4,750,000 common shares
and 1,250,000 warrants.
“This is another major milestone in our
continuing global expansion as a leading
blockchain and cryptocurrency infrastructure
company,” said Harry Pokrandt, CEO and
Director of HIVE. “Kolos will be a flagship
data centre project for HIVE for years to
come and has the potential to expand to
more than 1.0 GW, or 1,000 MW, of green
hydroelectricity consumption dedicated to
blockchain infrastructure. For context, our
www.intelligentcio.com
advanced mining operations in Iceland
and Sweden will collectively represent
44.2 MW of consumption, also from green
sources. This acquisition provides HIVE with
significant flexibility for long-term growth.
Our vision is to scale the project in phases
to be among the largest and most energy-
efficient data centres in the world. We
continue to explore non-dilutive financing
alternatives to commence the build-out as
soon as possible.”
HIVE is committed to being a leader in
building a clean energy future for the
blockchain industry. The Kolos project, which
will be run on 100% green, renewable
power, is a major project demonstrating
this commitment. Kolos’ primary asset is a
64-hectare property located in Ballangen,
Norway, approximately 225 kilometres
north of the Arctic Circle and ideally situated
for the construction of a large-scale,
climate-cooled data centre. The property
is in close proximity to infrastructure with
excess capacity to provide HIVE with a
supply of more than 1.0 gigawatt, or 1,000
megawatts, of hydroelectricity at highly-
competitive rates and access to reliable, high
speed Internet.
HIVE and its strategic partner, Genesis
Mining Ltd, are developing a plan to
construct an initial facility on the property
accessing 30 MW of this capacity, which is
available to HIVE immediately. It is expected
that 120 MW of the total capacity will be
available to HIVE within a year. Kolos has
completed preliminary permitting with the
local municipality, which strongly supports
the project. n
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