Hemp company Generation Hemp, Inc. (OTCQB:GENH) announced significant developments in the previously announced collaboration with a leading player in the Bitcoin hardware resale business, Crypt Solutions, Inc., which is doing business as Cryptech Solutions.
Engineering and equipment procurement is underway on the team’s first “Diversified Green Energy” project with Bitcoin mining installations that will ultimately utilize hemp biomass as a biofuel feedstock to power the mining equipment.
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The entire power source will also be complemented by solar power but backed up with grid power capacity from the local utility. These recent developments include the execution of a Letter of Intent on a Joint Venturebetween the companies, Generation Hemp and Crypt Solutions. Ownership of the JV will be 85% Generation Hemp and 15% Crypt Solutions.
What’s Next?
The JV will install a two megawatt modular plant that should be ready to deploy in the March/April time frame.
The installation will be at GENH Halcyon Acquisition’s (Generation Hemp, Inc.’s wholly-owned subsidiary) existing 48,000 square foot warehouse and manufacturing facility located in Hopkinsville, Kentucky.
This first small-scale project will be phase one of the team’s plan to build larger complexes with the same operating model.
Management Commentary
“We are located in an industrial park of western Kentucky with ample low cost electric availability and a very friendly business environment,” Gary C. Evans, chairman and CEO of Generation Hemp, Inc. commented. “Also, by starting with just 2 Megawatts of Bitcoin mining (576 miners), it gives us an opportunity of beginning a project quickly and efficiently with our partners at Crypt Solutions. This will be a tremendous learning experience for us as we are planning significantly larger projects in the southeastern U.S.”
“We are excited to move this project forward,” Joseph Stefanelli, the founder and CEO of Crypt Solutions, Inc., added. “Using existing assets and sites owned by Generation Hemp in combination with the UL listed, turn-key products manufactured by our sister company, DELV Innovation, we will be able to get our first 2MW up and running very quickly.”