Midland, Pa.-based technology company Mawson Infrastructure Group Inc. said Wednesday it signed a new digital colocation customer agreement with a chip design company.
Mawson, a publicly-traded tech company focused on digital infrastructure platforms for artificial intelligence, high-performance computing, and digital assets markets, inked the deal March 21 with Canaan Inc. to grow and expand its digital colocation business with latest-generation application-specific integrated circuit machines (ASICs).
“We recently announced that we grew our digital colocation business revenue 136 percent year-on-year,” said Rahul Mewawalla, Mawson CEO and president. “We are now pleased to sign and welcome Canaan as our newest enterprise-grade customer. I am delighted to announce this new long-term digital colocation customer agreement, further driving growth of our digital colocation services business.”
Under the agreement, Mawson will provide Canaan with digital colocation services for about 17,453 latest-generation ASICs at Mawson’s facilities. The initial agreement term is for three years and it can be extended upon mutual agreement, according to Mawson, which added that the contract also provides for future potential capacity expansion.
“This aligns well with our strategy of optimizing our digital infrastructure and compute management capabilities working with latest-generation machines,” Mewawalla said. “By combining Mawson’s digital infrastructure innovation and Canaan’s latest hardware innovation, we’re creating a strategic relationship that we expect will benefit both companies and the overall ecosystem.”
The agreement calls for approximately 64 megawatts (MW) of compute capacity at Mawson’s facilities, which provide digital infrastructure and digital colocation services in the PJM Interconnection market.
“This agreement between Canaan and Mawson combines Mawson’s digital infrastructure and operational excellence with Canaan’s next-generation mining hardware to create an innovative, scalable foundation that provides the flexibility for additional opportunities,” said Nangeng Zhang, chairman and CEO of Canaan. “Together, we’re building a partnership that we believe will drive value and create opportunities for sustainable growth for both companies.”
Mawson also has an additional site in Ohio under development that’s expected to add an initial 24 MW to the company’s currently operating 129 MW across its facilities.