Caret Digital has commenced mining with initial fleet of Antminer L9s
Further mining rigs to be ordered and deployed on a staged basis at hosting facilities in Wisconsin and Oregon
LONDON, Jan. 15, 2025 (GLOBE NEWSWIRE) — VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the “Company”) announced today that its wholly owned subsidiary, Caret LLC (trading as “Caret Digital”), has commenced Dogecoin mining operations with an initial fleet of Antminer L9 rigs at its Wisconsin hosting facility.
Execution of this strategy will allow Caret Digital to take advantage of the current profitability of Dogecoin mining to generate revenues and free cashflows for VivoPower as a group. Caret Digital does not intend to hold most of the Dogecoin that is mined but will sell or forward sell them as appropriate. Based on current Dogecoin prices and Antminer GPU costs, there is potential for Caret Digital to generate annual revenues of up to US$25m and cash EBITDA of up to $12m (although this is subject to signification variation given the volatility of both price and cost variables, and should not be taken as a forecast). VivoPower intends to use any free cashflow generated from the Dogecoin mining operations to reinvest into its Tembo e-LV business, and further its commitment to delivering on the triple bottom line of people, profit and planet.
At the same time, Caret Digital will continue to work on developing up to 55MW of its own renewable-powered mining capacity to be used for Dogecoin and Litecoin mining, as previously announced. With a 55MW facility, Caret Digital would be able to generate revenues of up to $150m per annum from Dogecoin mining (based on current price and cost inputs, which are subject to significant variability and hence this should not be taken as a forecast).
About VivoPower
Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focussed on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower’s core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
About Caret Digital
Caret, LLC, (trading as Caret Digital) a wholly owned subsidiary of VivoPower, and has a Power-to-X strategy involving the development of renewable power infrastructure that is vertically integrated with high energy consumption use cases. In the first phase of its Power-to-X strategy, Caret Digital is building up capacity and infrastructure to mine DOGE coin, aligning with the growing demand for sustainable blockchain operations.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
Contact
Shareholder Enquiries
shareholders@vivopower.com
