With emergence of blockchain technology and the trend toward a DER based grid, the public blockchain makes the most sense. Based on this concept, we have identified power plants in Canada and the USA ready for acquisition and have pursued several in Canada. The power plants include natural gas co-generation and run-of-river hydro power, both of which are green power and environmentally friendly.
The benefits of acquiring power plants in North America include cooler temperatures for larger scale computing operations, ready access to equipment & parts, as well as a skilled and well-educated labour force fluent in English. In addition, these jurisdictions offer stability and rule of law. The acquisition targets identified are currently available at situational discounts, as they are stranded; until recently they have been selling their electric power directly into the power grid and that access is now denied - their Power Purchase Agreements (“PPA”) with the government owned utilities have expired and are not foreseeably renewable. A key factor in identifying these targets was their need for an industrial user of power with a steady state power draw. Accordingly, they are ideal for High Performance Computing (“HPC”) and cryptocurrency mining applications, both of which require steady state power consumption.
Among other things, the JustPowerIT Securities Token Offering (“STO”) will be used to acquire the stranded power plants. The size of these power plants ranges from 25 to 120 MW. JustPowerIT has identified up to 200 MW in private power to date and has completed preliminary due diligence and prepared Offers for the acquisition of two plants. The replacement cost of these plants would be on the order of US$2 million per MW, but the acquisition cost is a fraction of that amount. The power plants are ideally located, with adjacent land packages. JustPowerIT will use the proximate land to develop state-of-the-art data centers, which in turn, will be used to provide various services which JustPowerIT will offer to the Community. Given the insatiable demand for electricity within the Blockchain Community, JustPowerIT will provide the opportunity to buy power for mining, HPC, and other Blockchain applications, from a private source dedicated to the Blockchain community.
