Arkon Energy Expands Bitcoin Mining Presence With Fundraise and Hydrokraft Acquisition
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Arkon Energy, a leader in renewable data center infrastructure, has raised $28m in funding and acquired Hydrokraft AS. Both developments will aid the company in expanding its footprint in the Bitcoin mining industry.
Acquiring Hydrokraft is a strategic milestone for Arkon Energy. Following the acquisition, the company can explore a vertically integrated “green Bitcoin mining” venture. It will focus on sovereign power, geographic diversification, and a versatile balance sheet. Arkon aims to do better than other leading bitcoin participants who have encountered pitfalls along the way.
Hydrokraft is a reputable European data center with an operating capacity of 30MW, which can be increased to 60MW. Moreover, it relies on low-cost sustainable electricity and has been operational since 2021. Arkon’s team will incrementally increase infrastructure to ensure the facility runs at maximum capacity.
Arkon CEO Josh Payne adds:
“The current market climate, with low prices for bitcoin and mining equipment, offers a compelling opportunity to take advantage of our unique profitability and access to growth capital. We are excited to have completed this transaction and we look forward to executing on several additional growth opportunities in the near future.”
To finance the deal, Arkon Energy used senior debt and equity capital. In addition, the deal was made possible with the help of Barkers Point Capital Advisors, Blue Sky Capital, Kestrel 0x1, Shima Capital, and various other parties. Several partners will join the main board following the deal’s finalization.
Renewable energy is the staple of Arkon Energy. The Australian firm operates data center infrastructure through 100% renewable electricity sourced from excess power in constrained markets. Doing so enables them to provide state-of-the-art efficiency at a very low production cost.
Arkon Energy CEO Josh Payne and COO Nathan Townsend have expertise in the bitcoin mining vertical. Together with a dedicated team of experts and executives, they will continue to explore opportunities in this growing industry.
