Energy Harbor and Standard Power to Develop Nuclear Energy Data Infrastructure
AKRON, Ohio, May 9, 2022 /PRNewswire/ -- Energy Harbor Corp. and Standard Power announced today they have signed a Memorandum of Understanding to develop a large-scale carbon free data infrastructure operation adjacent to Energy Harbor's Beaver Valley nuclear facility in Shippingport, Pennsylvania. Under the terms of the agreement, the partnership will complete the required feasibility analysis to determine optimal engineering, co-location and implementation for a new data center. In phase 1, Standard Power will commit to a 10 year agreement to purchase between 200 and 300 MWs of 100% carbon free electricity and capacity through a direct connection to the Beaver Valley nuclear facility at a fixed price that reflects the value of the clean, baseload and carbon free attributes of nuclear power. Phase 1 of development is expected to come online in 2023 and 2024, with the opportunity to scale development up to 900 MWs in subsequent phases.
Energy Harbor's Chief Operating Officer and Chief Nuclear Officer, David Hamilton, said "We appreciate the opportunity to build upon our strong relationship with Standard Power through this industry-transforming transaction. This effort is an important step in the transformation of the regions around our nuclear plants into Clean Energy Centers (CECs) that will be the necessary 24/7 carbon free, infrastructure backbone of the US economy."
"This agreement and projects like the clean hydrogen pilot at our Davis-Besse Nuclear Station, demonstrate that clean energy infrastructure development near our nuclear facilities will create additional jobs and economic growth for our local communities. We look forward to the culmination of these efforts as we pursue Clean Energy Center (CEC) projects at our nuclear facilities in Ohio and Pennsylvania," said Energy Harbor President and Chief Executive Officer, John Judge.
"Data infrastructure and the associated technology is energy intensive, and we recognize our responsibility to build a more environmentally sustainable future. Expanding our relationship with Energy Harbor strategically enables us to proactively structure our hosting capabilities to ensure that 100% of the power associated with this facility is carbon free," said Maxim Serezhin, Standard Power's Chief Executive Officer.
About Energy Harbor
Energy Harbor is a highly reliable provider of carbon free baseload electricity committed to Environmental, Sustainability and Governance (ESG) principles critical to meeting the nation's emissions goals and accelerating the country's clean energy transition. Our success is driven by our unwavering employee commitment to safe, reliable operations, financial stability and best in class service to meet the energy and sustainability needs of our customers.
For more information on Energy Harbor visit www.energyharbor.com
About Standard Power
Standard Power is a leading data hosting provider providing services from early 2019 with a pipeline of over 1,000 MW of power capacity in development. Standard Power leverages its infrastructure management expertise to develop modular data centers that lead the industry in efficiency. As part of its Tier III+ data center designs, Standard Power focuses on technologies that support high performance computing and is one of the first to adopt liquid 2-phase immersion cooling technology. Standard Power has developed robust designs and systems to provide large scale data center infrastructure to its institutional partners.
For more information on Standard Power visit www.standardpwr.com
Forward Looking Statements and Further Information
This press release contains "forward-looking statements." All statements, other than statements of historical facts, that are included in this press release that address activities, events, or developments that Energy Harbor Corp. (the "Company") expects or anticipates to occur in the future (often, but not always, through the use of words or phrases such as "intends," "plans," "will likely result," "are expected to," "could" and "will continue"), are forward-looking statements. Although the Company believes that in making any such forward-looking statement its expectations are based on reasonable assumptions, any such forward-looking statement involves uncertainties and is qualified in its entirety by reference to the discussion of risk factors under "Risk Factors" available on the Investor Website (as described below) and the following important factors, among others, that could cause the Company's actual results to differ materially from those projected in such forward-looking statements: the actions and decisions of regulatory authorities; economic conditions and power pricing within the Company's territories and markets; the Company's ability to accomplish or realize anticipated benefits from strategic and financial goals; the uncertainties associated with the deactivation of remaining commodity-based generating units, including the impact on vendor commitments, and as it relates to the reliability of the transmission grid, the timing thereof; the risks and uncertainties associated with litigation, arbitration, mediation and like proceedings, including with respect to the timing and amounts of the capital expenditures that may arise in connection with any such proceedings; changes in customers' demand for power; and weather conditions affecting future sales, margins and operations.
Any forward-looking statement included in this press release speaks only as of the date hereof, and except as may be required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for the Company to predict all of them; nor can the Company assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. As such, you should not unduly rely on such forward-looking statements.
Further information regarding the Company will be available at www.energyharbor.com under the heading www.energyharbor.com/ir (the "Investor Website"). The Company advises that holders of the Company's securities should review all available information before making any decisions whether to buy or sell any of the Company's securities. Any information in any materials posted on the Investor Website in the future will automatically update and, where applicable, modify or supersede the information contained in this press release and any other information previously posted on the Investor Website.
SOURCE Energy Harbor
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