Greenidge Generation Rebrands as Vulcan Infrastructure and Power to Target AI and HPC

Greenidge Generation Rebrands as Vulcan Infrastructure and Power to Target AI and HPC

Greenidge Generation has changed its name to Vulcan Infrastructure and Power as it shifts away from Bitcoin mining and seeks to adapt its power portfolio for artificial intelligence (AI) and high-performance computing (HPC) data centers.

The company’s shares began trading on Nasdaq under the ticker VIP on July 24, replacing the previous GREE symbol.

Vulcan said it has moved beyond its “historical Bitcoin mining data center operations” and will focus on acquiring, developing, and operating powered infrastructure for data centers and local electricity grids.

The company says it controls 104MW of existing energized capacity and has a 654MW development pipeline across its sites. It is seeking to commercialize more than 100MW for AI and HPC workloads in the near term.

Dresden facility conversion

A primary development opportunity is the former Greenidge cryptomining facility and natural gas power plant in Dresden, New York. Vulcan has secured approval for 60MW of non-curtailable grid power at the site and is working with utility New York State Electric and Gas on the required facility upgrades.

The company has also entered the New York Independent System Operator’s system impact study process for an additional 200MW of grid capacity. That additional capacity has not yet been approved.

The Dresden facility can generate approximately 106MW. It previously supplied up to 60MW to Bitcoin mining equipment while selling electricity to the grid. Vulcan said the power plant’s operation would not change under the proposed data center conversion.

The AI and HPC plans could face delays because of a temporary data center permitting moratorium introduced by New York Governor Kathy Hochul in July.

The order directs the Department of Environmental Conservation to pause discretionary permit applications for the construction or expansion of data centers consuming 50MW or more while the state conducts an environmental impact study.

The department said it had not received a new application concerning the conversion of Vulcan’s facility. It did not confirm whether the proposed project would be covered by the moratorium.

Other capacity and financing

Vulcan also has access to 40MW of non-curtailable power at a 34-acre greenfield site in Mississippi. That capacity is expected to become available in the first quarter of 2027.

The rebrand follows the announcement of a proposed $39.4 million investment led by affiliates of Machine Investment Group and Atlas Holdings, alongside Conversant Capital, institutional investors, and company insiders.

The financing consists of $29.4 million in Class A common stock and a $10 million secured convertible note issued to Machine. Vulcan intends to use most of the proceeds to redeem approximately $33 million in senior unsecured notes due in October 2026.

Vulcan reported second-quarter revenue of $3.4 million and a net loss of $9.9 million. It held $9.2 million in cash and digital assets at the end of June.