Greenidge to enter Nasdaq with merger
DRESDEN – Greenidge Generation announced recently that its holding company, Greenidge Generation Holdings Inc., has signed a definitive agreement to merge with Support.com, subject to Support.com shareholder approval and customary closing conditions.
Support.com is a leading provider of customer and technical support solutions delivered by home-based employees. Upon completion of the proposed merger, Support.com will be a wholly-owned subsidiary of Greenidge Holdings. The transaction is expected to close in Q3 of this year, after which Greenidge Holdings is expected to be listed on the Nasdaq Stock Exchange.
Dale Irwin, the CEO of Greenidge Generation, who has led the transformation of the company in recent years, will continue to serve as the CEO. Greenidge Generation operates a data processing center and power generation facility which it converted from coal to cleaner burning natural gas. The Company supports the power needs of up to 20,000 homes and businesses in the region. Greenidge Holdings is expected to be the only U.S. public company operating a vertically integrated power generation asset and bitcoin mining operation.
“This proposed merger by our holding company is an unmistakable validation of what we have accomplished right here in Yates County, and a testament to those across local and state government who believed in our promise to transform this company into something great,” said Irwin. “Our team has turned an old coal plant into a clean power business that fully protects Seneca Lake and is already delivering huge economic benefits to our neighbors. This is a unique opportunity for all of us; as we continue to build a stronger business through this transaction, we will have even more resources to invest, and everyone in this region will continue to benefit.”
Irwin added, “Last year alone, Greenidge spent over $6 million on family-owned businesses and other companies across the Finger Lakes region, underpinning our community during the worst of the COVID-19 pandemic. Its local taxes have risen nearly $300,000 last year alone, and the company continues to hire skilled local individuals for high-tech jobs. The facility’s operation is fully compliant with all permits, laws, and local ordinances, as highlighted several times recently by the New York State Department of Environmental Conservation. All required environmental permits and local approvals which govern our operation, and to which the company adheres today, will still govern the operation following the transaction.”
Under the proposed transaction, Greenidge Holdings’ majority owner will still be funds managed by Atlas FRM LLC, doing business as Atlas Holdings LLC.
Facing opposition from some area residents and environmental groups, Greenidge Generation recently commended the Village of Watkins Glen for rejected a resolution opposing the facility following its presentation on the positives its integrated data processing center bring to Finger Lakes Region.
In an April 7 press release, the company stated, “Greenidge Generation LLC commends the Village of Watkins Glen Board of Trustees for supporting the facility despite efforts from a handful of opponents who continue to misrepresent the company’s operation and its many contributions to the Finger Lakes Region. The Board last night rejected a resolution opposing Greenidge.”
Irwin said, “The board took the time to listen to both sides, considered the facts, and sent a clear message that our facility is an important part of the regional economy. We are providing good jobs, driving millions of dollars into local businesses, and supporting local governments and schools with a tax contribution that continues to grow.
“Greenidge recognizes that Seneca Lake is a vital part of life here and we’re grateful the Board saw that we have met every obligation we have to protect it. We are operating within our permits, which are designed by both the State Department of Environmental Conservation and the federal Environmental Protection Agency to protect our public health and environment. We’re making major investments to improve on that strong track record, all under that watchful eyes of the NYSDEC and EPA.
“Our team has taken an old coal fired plant and turned it into a new, integrated power plant and data processing center that is not only environmentally-sound but also a significant economic contributor for the entire Finger Lakes region. We thank the Village Board for its support.”
Among those speaking in support of Greenidge was Hunt Engineers and Architects CEO Christopher Bond. In a letter, Bond said: “We can state from our experience that Greenidge brings benefit to members of the Finger Lakes Region. During 2020, as COVID-19 was impacting many bottom lines, Greenidge and its new data processing center project provided opportunities for us and others.”
A proposed expansion for the bitcoin mining operation at Greenidge comes before the Town of Torrey Planning Board again at 7 p.m. Monday, April 19 at the Town Barn in Dresden.