Canadian Manufacturing

EV Battery Tech closes acquisition of crypto mining infrastructure company

The Company now has control over Optimal’s development pipeline and is retaining its management team to enable a seamless transition.

December 8, 2021  by CM Staff

VANCOUVER — Extreme Vehicle Battery Technologies Corp. announces that further to its news release dated November 23, 2021, it has now completed the acquisition of Optimal CP Inc., a company focused on the development and management of large-scale crypto mining facilities.

Optimal is presently developing numerous facilities within Alberta, Canada, that will leverage direct access to clean and reliable power generation that will provide energy for some reliable mining operations globally.

The Company now has control over Optimal’s development pipeline and is retaining its management team to enable a seamless transition. The Company will also use the Optimal team’s background whilst the Company expands further into the cryptocurrency mining space.

Following extensive market research, EV Battery Tech hopes this transaction will show significant synergies with its blockchain-based technologies, while providing the Company and its shareholders further direct exposure to the cryptocurrency industry.

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“I’m incredibly pleased to have closed this Acquisition and retained Optimal’s team of experts to join us in our journey as we focus on this rapidly growing industry,” commented EV Battery Tech CEO, Bryson Goodwin. “Our emphasis on crypto and our acquisition of such an expansive crypto-mining infrastructure is an excellent opportunity for us to really expand on our portfolio”

As compensation for the Acquisition, and based on arm’s length negotiation, the Company has issued 55 million common shares of the Company, 30 million of which are subject to a repurchase right, whereby the Company will have the option to repurchase such shares for nominal consideration in the event certain performance milestones are not met by Optimal following the Acquisition.