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LPE cashes-in on crypto-mine prospects

24 March 2022
ASX: LPE
Jack Baker

Locality Planning Energy is upbeat on sales forecasts it expects will drive expedited works on its crypto-currency BiohHub at Bundaberg in Queensland, Australia.

The company is connected with on-site crypto miner STAK Mining Pty Ltd and in lock-step with the next generation company’s focus on 100 per cent renewable-powered projects.

LPE —holding a 50 per cent buy-in option— has begun construction of the hub in preparation for STAK’s first 110 mine workers, which will eventually grow to around 10,000.

STAK has secured a principle agreement with two 120-megawatt solar farms – between Gympie and Bundaberg (Queensland) – to power its additional ‘behind-the-meter’ mining operations.

The Bundaberg site has development approval for a 120MW solar farm, with batteries and grid connection signed-off through Ergon Energy.

Each site will house 5,000 miners generating enough Bitcoin to fall within the top producers worldwide when fully operational by 2025.

The company said an internal review forecast sustainable cash flow at the project fast-approached critical mass.

“There is significant value creation potential should the board decide to exercise the option to acquire the stake and opportunity to integrate its expected future revenue stream into the business vertically,” chairman Justin Pettett said.

LPE’s Australian Stock Exchange-listed share price has risen 17.11 per cent today, selling at 8.9c (8.21 am UTC+ 8 hours).

COMPANY OVERVIEW

LPE is a fast-growing electricity provider challenging the way customers receive their electricity, going beyond being just a traditional supplier, we are leaders in innovation supporting strata communities to think of tomorrow.

COMPANY INFORMATION

ASX: LPE

Website

https://localityenergy.com.au/
https://www2.asx.com.au/markets/company/lpe

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