US independent power producer Talen Energy has acquired full ownership of Nautilus Cryptomine, a 200MW Bitcoin mining facility in Berwick, Pennsylvania, from TeraWulf. Talen acquired TeraWulf’s 25 percent interest in Nautilus and obtained full control of the legacy Power Purchase Agreement (PPA) for $85 million cash, along with select physical assets used in the Bitcoin mining operation. The total transaction value was valued at $92 million.
Cole Muller, executive vice president of strategic ventures, commented on the deal, stating: “The transaction allows Talen the ability to reset a legacy below-market Power Purchase Agreement (PPA) and provides us with increased flexibility as we explore strategic alternatives in order to maximize the value per megawatt for our Susquehanna nuclear generation facility.”
Paul Prager, chief executive officer of TeraWulf commented on the deal, stating that: “Monetizing our interest in Nautilus ahead of the 2027 expiration of the highly advantageous 2¢/kWh power contract allows us to capture a significant premium for our investment, provide significant capital to invest into our HPC/AI infrastructure and capitalize on our favorably structured miner purchase agreement to upgrade our mining fleet at a discount to the current market price.”
