CPE News (8/215/2020) – Plexus Technology has raised $5,500,000 in funding, effective July 31st, 2020.
Calgary based Proof Capital Inc. acted as both a financial advisor and lead investor in the transaction.
Funding will be used for the advancement of Plexus’ natural gas supplied power generation projects near Langdon, Alberta.
Okotoks, Alberta based Plexus Technology is partnering with Oil and Gas producers to off-take their natural gas (pre-sales line) to generate electricity for industrial load data centers.
Plexus said it believes that the combined electricity demand from Big Data, Blockchain, Artificial Intelligence and Edge Computing will grow exponentially in the future. Having access to low-cost, long-life energy will position Plexus as a leader in these exciting new industries.
photo credit: Plexus Technology
News Release
August 17, 2020 – Plexus Technology (“Plexus”) is pleased to announce the closing of $5,500,000 CAD in financing, effective July 31st, 2020, for the advancement of their natural gas supplied power generation projects near Langdon, Alberta, Canada. Plexus believes that the combined electricity demand from Big Data, Blockchain, Artificial Intelligence and Edge Computing will grow exponentially in the future. Having access to low-cost, long-life energy will position Plexus as a leader in these exciting new industries.
Proof Capital Inc. (“Proof”), based in Calgary, Alberta, acted as both financial advisor and lead investor in the transaction.
Steve Vannatta, Founder/Partner, Plexus Technology said “We are very excited to be working with Proof Capital as our financial partner. Proof brings to Plexus a wealth of knowledge and insight in capital markets and financial structuring.”.
“We are proud to have achieved this institutional financing milestone for our company and feel this plan puts Plexus in a very strong position to navigate the current market volatility, while delivering exceptional returns for our shareholders” Mike Kennedy, CEO, Plexus Technology.
About Plexus Technology
Plexus Technology is an Alberta based company partnering with Oil and Gas producers to off-take their natural gas (pre-sales line) to generate electricity for industrial load data centers. By partnering with Alberta energy producers, Plexus utilizes natural gas to create extremely low-cost electricity – $0.025KWh USD vs the global average of $0.08KWh USD. Plexus has a right of first refusal (ROFR) to expand up to 200MW of power generation. Phase 1 is nearing completion and consists of 5MW of power generation. Phase 2 and Phase 3 combined will add another 10MW of power generation to the Alberta portfolio. Phase 2 is expected to be online before the end of this year, with Phase 3 coming online by Q2 2021. For more information about Plexus, please visit www.plexuscorp.ca
About Proof Capital Inc.
Proof Capital Inc. is a merchant bank and wealth management firm that specializes in private investments in alternative assets. Jeremy Kaliel, CEO of Proof Capital, will be joining Plexus’ board of directors. For more information about Proof, please visit www.proofcapital.ca
“We are proud to have achieved this institutional financing milestone for our company and feel this plan puts Plexus in a very strong position to navigate the current market volatility, while delivering exceptional returns for our shareholders” Mike Kennedy, CEO, Plexus Technology.