EarthRenew inks power sales agreement with cryptocurrency mining firm

EarthRenew (VVIVF) signed a power sales agreement with a cryptocurrency mining company for providing off-peak power over a 5-year term for the purposes of cryptocurrency mining.This agreement enables the potential for further revenue generation from EarthRenew's power generating asset, the 4 MW Rolls Royce turbine.Led by the agreement, revenue for power generation at the Strathmore facility is expected to exceed $1.3M for CY21 (vs. $506K for 2020); 2021 gross margin is estimated at 40%."We anticipate that this arrangement will allow us to run the Strathmore unit more consistently, ramping production up when power pricing is at a premium. With this flexibility, we intend to capitalize on the opportunities for peak pricing while maintaining consistent operations of the Strathmore facility," CEO Keith Driver commented.