Magellan Scientific LLC, a digital asset technology company that operates decentralized, off-grid data centers, is partnering with clean energy technology company Anax Power to lower the carbon intensity of digital asset mining.
Under the long-term exclusive agreement, worth $12 million, Akron, Ohio-based Magellan will use Anax’s technology to generate zero-emission electricity from natural gas flows to power Magellan’s distributed data centers using 500 kilowatt Anax Turboexpanders.
Magellan and Wharton, New Jersey-based Anax will jointly develop projects using Anax’s technology to power distributed data centers for digital asset, such as Bitcoin, mining applications. The companies said these projects will help midstream companies, interstate pipeline companies, utilities and local distribution companies accelerate their net-zero goals.
The Anax Turboexpander uses waste energy to generate carbon-free power from the pressure letdown process in natural gas transmission pipelines, which will be used in Magellan’s off-grid distributed data centers.
"We are thrilled to partner with Magellan to power the bitcoin network,” Anax Chief Executive Joe Longo said in a statement. “We believe in the long-term growth of the crypto ecosystem, and Anax wants to play a role in helping the industry grow in a sustainable way. Pairing the ATE with Magellan’s bitcoin mining data centers provides a practical approach to monetize the ATE’s clean, distributed powe.”
Brent Breon, vice president of power and power wystems of Magellan Scientific, said the strategic partnership with Anax adds to the company’s already existing 100 megawatts off power capacity for its U.S.-based Bitcoin mining operations
“There are thousands of locations across North America that can utilize this carbon-free power generation technology,” Breon said.
