Magellan Scientific and Anax Power Sign Multi-Year, $12M Partnership to Mine Bitcoin Using the 500kW Anax Turboexpanders
AKRON, Ohio–(BUSINESS WIRE)–Magellan Scientific, LLC (“Magellan” or the “Company”) announces the execution of a long-term exclusive agreement with Anax Power (“Anax”) to use Anax’s proprietary technology to generate zero-emission electricity from natural gas flows to power Magellan’s distributed data centers using 500kW Anax Turboexpanders (“ATE”).
Magellan and Anax are actively working to lower the carbon intensity of digital asset mining. Under the exclusive agreement, Magellan and Anax will jointly develop projects utilizing Anax’s technology to power distributed data centers for digital asset (e.g. Bitcoin) mining applications. These projects will help Midstream Companies, Interstate Pipeline Companies, Utilities and Local Distribution Companies (“LDC”s) accelerate their net-zero goals.
The ATE uses waste energy to generate carbon-free power from the pressure letdown process in natural gas transmission pipelines which will be used in Magellan’s off-grid distributed data centers.
“We are thrilled to partner with Magellan to power the bitcoin network. We believe in the long-term growth of the crypto ecosystem, and Anax wants to play a role in helping the industry grow in a sustainable way. Pairing the ATE with Magellan’s bitcoin mining data centers provides a practical approach to monetize the ATE’s clean, distributed power,” said Joe Longo, Anax’s CEO.
Brent Breon, VP of Power and Power Systems of Magellan Scientific, LLC stated, “Our strategic partnership with Anax adds to our already existing 100MW of power capacity for our U.S. based Bitcoin mining operations. There are thousands of locations across North America that can utilize this carbon-free power generation technology.”
Magellan Scientific is a digital asset technology company and operator of decentralized, off-grid data centers. Magellan focuses on off-grid, decentralized digital asset production in North America. The Company’s operations support the expanding digital asset infrastructure and advanced computing systems within North America. Magellan has 100MW of power capacity directed to high-performance computing applications.
Anax Power is a New Jersey-based clean energy technology company that builds, markets, and develops projects around the 500kW Anax Turboexpander. Anax is headquartered in Wharton, New Jersey, one of the state’s economic opportunity zones.