TeraWulf Closes Sale of 25% Stake in Nautilus Cryptomine Venture to Talen Energy Unit

MT Newswires Live

2024/10/04

TeraWulf (WULF) completed the sale of its 25% stake in the Nautilus Cryptomine joint venture to its partner, a unit of Talen Energy (TLN), for $92 million in cash and equipment.

The deal comprises $85 million in cash and 30,000 miners and related equipment valued at $7 million, TeraWulf said Thursday in a statement.

The company plans to reinvest the capital into the construction of its CB-1 facility at Lake Mariner in western New York, which will be used for data center hosting for

high-performance computing and artificial intelligence.

TeraWulf also plans to complete construction of a mining building and improve the efficiency of its mining fleet.

Price: 4.60, Change: -0.11, Percent Change: -2.34

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