English | 简体中文 | 繁體中文 | 한국어 | 日本語
Tuesday, 22 February 2022, 07:30 HKT/SGT
Share:
    

Source: Arkon Energy
Arkon Energy Sets New Australian Pre-seed Funding Record

SYDNEY, Feb 22, 2022 - (ACN Newswire) - Bitcoin mining startup Arkon Energy has raised an AUD$2.6M pre-seed round, setting a new Australian record, just one month after the record was set by one-click checkout startup "Instant" at AUD$2.2M.


The company will use the funds to rapidly scale its capabilities and deploy more bitcoin mining operations through a two year, 44 megawatt (MW) renewable energy project pipeline.

Utilising low-cost renewable energy and immersion cooling, Arkon Energy has built this 44MW future pipeline across four project partnerships to be deployed over 18-24 months. Arkon intends to scale its operations at a similar pace to its much larger Australian competitors, Mawson Infrastructure and Iris Energy.

The record-breaking round was led by blockchain investment firm Kestrel0x1. It also attracted a number of strategic investors, including leading provider of trade services and renewable energy products, Linked Group Services, and a suite of other angel investors.

The company was co-founded by Sydney-based Joshua Payne and Gold Coast-based Nathan Townsend. Payne is the COO and co-founder of NYSE-listed special purpose acquisition company, Battery Future Acquisition Corp, which raised USD$345M at an IPO in December. Mr Townsend is a former partner at boutique project finance advisory firm PT Capital.

The pitch

Payne and Townsend's pitch to renewable power generation asset companies is to utilise low-cost, renewable energy (that often runs on a cost-negative basis during the day and is only profitable during peak grid pricing), to mine Bitcoin. This would result in five-fold greater profit margins, 24-hours a day, every day of the year.

"Due to the grid oversupply issues causing the cost of power to run negative during the day, renewable energy generation asset owners must consider alternative sources of electricity monetisation to remain profitable and competitive," says Payne.

"Most large renewable companies are already exploring the use of battery storage to store energy and deliver it to the grid on-peak for additional profit. But this only provides a small window of opportunity during the day to benefit from high power prices."

"There are benefits we provide for our clients are built on two fundamentals. The first is that fundamentally, Bitcoin is money," explains Payne.

"The second is that the processes of converting energy to battery storage and converting energy to bitcoin, are essentially the same.

"The advantage of mining Bitcoin is that you are storing energy in money, which can either be immediately converted back to Australian Dollars at a five-times greater profit margin or held for long-term price appreciation."

The outlook for Arkon Energy appears to be all upside, with competitors Mawson Infrastructure and Iris Energy both going public on the Nasdaq in Q3 and Q4 last year with enterprise valuations of USD $800M and USD $1.5B respectively.

With new cash reserves, Arkon Energy aims to achieve similar results within 24-months.

About Arkon Energy

Arkon Energy is a bitcoin mining startup founded by Sydney-based Joshua Payne and Gold Coast-based Nathan Townsend.

Web: ArkonEnergy.com
Contact: info@arkonenergy.com
Location: Sydney, Australia

SOURCE: Arkon Energy

Topic: Press release summary
Source: Arkon Energy

Sectors: Daily Finance, Energy, Daily News, Alternative Energy, Crypto, Exchange, Funds & Equities, Blockchain, Technology, Local Biz, Oil & Gas, Startups
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
Wintermar Offshore (WINS:JK) Unveils Growth Strategy  
June 24, 2022 19:00 HKT/SGT
Toyota and Suzuki to Deepen Collaboration in the Fields of Development and Production in India  
Friday, June 24, 2022 6:16:00 PM
Murata and Mitsubishi Agree on a Cooperative Framework for Working Toward a Carbon-Neutral Society  
Friday, June 24, 2022 5:22:00 PM
32nd annual Hong Kong Book Fair returns on 20 July  
June 24, 2022 17:00 HKT/SGT
RHT Rajan Menon Foundation's GAIL Sustainability Forum shines spotlight on the road to COP27  
June 24, 2022 16:30 HKT/SGT
CleverTap Recognized by Great Place to Work Among India's Great Mid-size Workplaces  
June 24, 2022 15:00 HKT/SGT
CleverTap Recognized by Great Place to Work Among India's Great Mid-size Workplaces  
June 24, 2022 15:00 HKT/SGT
Spritzer wins Platinum Award in Reader's Digest Trusted Brands 2022  
June 24, 2022 11:00 HKT/SGT
Eisai Signs the Public-Private Partnership "Kigali Declaration" for Eliminating Neglected Tropical Diseases  
Friday, June 24, 2022 10:55:00 AM
Honda Joins Sustainable Aviation Fuel Review Panel   
Friday, June 24, 2022 9:42:00 AM
More Press release >>
 Events:
More events >>
Copyright © 2022 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575