AXP Energy Limited (ASX:AXP) Scales Up Gas-to-Power Operations with BitFuFu Partnership
Operational Achievements
AXP Energy successfully completed a 14-day gas-to-power trial at the Pathfinder production hub, delivering approximately 1.5 MW/hour of electricity to power two bitcoin mining containers. The trial achieved an 85% system uptime, which has since increased to over 90% with further system adjustments.
Partnership with BitFuFu
The company has secured the support of NASDAQ-listed BitFuFu, Inc. (NASDAQ: FUFU, FUFU.WS) for the next phase of expansion at Pathfinder. BitFuFu will supply additional ASIC miners and equipment, while AXP focuses on delivering gas-to-power and site services.
Future Expansion
AXP and BitFuFu are committed to establishing a power generation output of 25MW/hour by the end of CY2025, leveraging Pathfinder’s approximately 750 Bcf of contingent gas resources. The parties are also assessing further expansion opportunities in North America.
Executive Comments
Managing Director Dan Lanskey commented, “AXP is in an exciting position following this trial and we have had excellent fortune to deliver a reliable operation which has now been running smoothly for over a month. BitFuFu’s participation is an outstanding development for AXP and aligns with our strategy of attracting counter parties that have the capacity and balance sheet to significantly scale up operations in Colorado and other sites under consideration. The first site acts as a valuable reference point, with all parties demonstrating we can bring a reliable gas-to-power-bitcoin mining operation online in a fairly seamless manner, and that this can be replicated many times over for a greatly scaled up operation here. Our focus now turns to the build out of this next phase, and we will report on progress as it unfolds. Work is now advancing on this phase, and we are wasting no time. It is worth noting that this first site only consumed ~200 Mcf of gas per day, very modest flows, and the current portfolio of wells has capacity much beyond this.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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