TeraWulf Inc. (NASDAQ:WULF) ("TeraWulf"), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, today announced that it has completed
TeraWulf Inc. (NASDAQ:WULF) ("TeraWulf"), which was formed to own and operate fully integrated environmentally clean bitcoin mining facilities in the United States, today announced that it has completed its previously announced business combination with IKONICS Corporation ("IKONICS") (NASDAQ:IKNX). The combined company is now named "TeraWulf Inc." and its common stock is expected to commence trading on the Nasdaq Stock Market LLC on December 14, 2021 under the ticker symbol "WULF."
TeraWulf previously announced that it raised approximately $200 million in debt and equity financing from a group of leading institutional and individual investors. The additional capital raised is expected to enable TeraWulf to achieve 6 exahash per second, or 200 megawatts, of mining capacity by the second half of 2022. In addition, TeraWulf expects to have 800 megawatts of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate.
"Completing the business combination takes us one step closer to achieving our mission of generating environmentally sustainable bitcoin at industrial scale in the United States while using over 90% zero-carbon energy," said Paul Prager, Chief Executive Officer and chair of the board of TeraWulf. "As TeraWulf begins its journey as a publicly traded company, we believe that our energy infrastructure expertise and our core focus on ESG set us apart from our competitors and tie directly to our business success. TeraWulf intends to utilize cost-efficient, reliable and sustainable energy from nuclear, hydro and solar sources to form a fully-integrated, environmentally clean platform with attractive economics. We look forward to creating substantial value for our shareholders through a new paradigm in the world of cryptocurrency mining."
Nazar Khan, Chief Operating Officer and Chief Technology Officer of TeraWulf, added, "Energy infrastructure is at the core of bitcoin mining, and our team brings a proven track record of developing industrial-scale energy projects. Bitcoin mining can be symbiotic with the modern grid, serving a battery function with mining machines ramping up or down depending on conditions. This balances out the supply and demand for renewable energy on the local grid, while converting local underutilized power generated by renewable sources into bitcoin, a global asset with unlimited shelf life. We look forward to leveraging our expertise to contribute to the acceleration of our electrical grid's transition to a zero-carbon future."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor and Moelis & Company LLC served as financial advisor to TeraWulf. Faegre Drinker Biddle & Reath LLP served as legal advisor and Northland Securities, Inc. served as financial advisor to IKONICS.
A Current Report on Form 8-K containing more detailed information regarding the business combination will be filed by TeraWulf with the Securities and Exchange Commission. The business combination was approved by IKONICS's stockholders at a special meeting of stockholders held on December 10, 2021.