Arctic Core - Conditional lease agreement

Arctic Core AS, a wholly owned subsidiary of Harmonychain AS, has today entered into a conditional lease agreement on a commercial plot in Øksnes municipality for the development of a data center. The agreement is conditional on, among other things, that necessary permits are granted, and that the necessary studies are completed. After initial discussions with the grid company, it has been indicated that a 5 MW power supply will be possible in the short term after the necessary investments have been made. The goal is to be able to gradually increase this to 25 MW. The rental price is variable, and depends on power consumed. Arctic Core also has a purchase option on the plot at the end of the lease period. We are seeing an increasing demand for renewable energy from our customers. Many potential customers require green energy, and Harmonychain's strategy is to be able to offer the most environmentally friendly blockchain validation. This is also reflected in Lokotech's investment in the world's most energy efficient chip in its niche. As always, we consider reusing waste heat from the data centers, often in collaboration with local partners, to further improve the environmental profile. In Øksnes, with a well-established fishing industry, the use of waste heat into this industry will then also be an opportunity. Other synergies will also be considered. If a sublease agreement is entered into, a separate notice to this effect will be published. It is assumed that Harmonychain AS will have little or no financial effect in 2022, but is in line with our strategy of establishing 5-10 such centers in the long term.

https://newsweb.oslobors.no/message/565711