Cango Inc. announced the acquisition of a fully operational 50 MW mining facility in Georgia, marking an important step in the company's strategy for managing a portfolio of mining operations and energy infrastructure.
Overview of the Deal
Cango Inc. has announced the acquisition of a mining facility in the US for $19.5 million. This acquisition marks the first step in increasing the company’s portfolio of owned and operated mining sites.
Cango's Strategic Goals
Following the acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. This allows the company to develop in-house expertise in managing self-owned mining sites and establish a foundation for supporting high-performance computing applications.
CEO's Comment
Cango's CEO, Mr. Peng Yu, stated, "This acquisition is a critical milestone and marks the beginning of our vertical integration. We are optimizing power costs and expanding operational capacity, aligning with our long-term vision of becoming a leading mining and energy solutions provider."
With the acquisition of the mining facility in Georgia, Cango Inc. takes a significant step towards diversifying its portfolio, strengthening its position in the mining and energy infrastructure markets.
