- Talen Energy is seeking buyers for its 75% stake in the pioneering nuclear-powered Nautilus crypto mining operation.
- The facility offers 200MW of nuclear power to meet the tech industry’s demand for continuous, clean energy.
OUR TAKE
Talen Energy is selling its 75% share in Nautilus, a pioneering cryptocurrency mining operation powered by its Pennsylvania nuclear plant. This setup offers round-the-clock, carbon-free energy, which is just what the tech world is looking for in a power source for data centres and AI development. Selling this stake shows a big change in the energy sector, with nuclear power becoming more and more important to tech industries. It also shows a wider move towards more sustainable energy solutions, which could be a trend for how high-demand industries use energy in the future.
–Heidi Luo, BTW reporter
What happened
Talen Energy is looking to sell its 75% stake in the Nautilus cryptocurrency mining operation, which is uniquely powered by the company’s Susquehanna nuclear power plant in Pennsylvania, according to Reuters.
This facility, one of the first to use nuclear power for digital coin mining, provides a continuous, carbon-free source of energy that is critical for operations that require uninterrupted power.
Following the sale of an adjacent data centre to Amazon Web Services for $650 million, Talen’s move aims to further capitalise on the Nautilus facility’s 200MW capacity, which is equivalent to powering around 160,000 homes.
This transaction positions Amazon Web Services as a major player in harnessing nuclear power for large-scale cloud computing and AI technologies. It also make AWS the landlord for cryptominers with a nine-year lease and power purchase agreement.
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Why it’s important
Talen Energy is a Pennsylvania-based power generation company that operates one of the largest independent power fleets in the U.S. The company’s portfolio includes a mix of natural gas, coal, nuclear, oil and renewable resources. Talen Energy is known for its focus on clean, reliable and cost-effective energy solutions that support both residential and commercial customers across several states.
The sale of the Nautilus stake is significant given the growing demand for clean, uninterrupted power sources in the technology sector. Companies are seeking to meet climate change commitments while ensuring that their energy-intensive operations, such as cloud computing and AI, have a minimal impact on the environment.
The deal also gives AWS potentially faster access to 200 megawatts of power. Demand for power from tech companies has soared, pushing up prices and boosting the share prices of power companies such as Talen, which is up 90% this year.
Since the best renewable energy sources only produce electricity when the wind blows and the sun shines, nuclear power has become attractive for its ability to provide continuous power without direct carbon emissions.
