Digital Power Optimization Inc. (“DPO”), a leading energy services provider, has announced the closing of a $2.5 million Series A funding round led by bitcoin company NYDIG. Other investors participating in the round include Wakestream Ventures, NBDR Ventures, Luxor Technologies, and private individuals within the renewable energy, cryptocurrency, and bitcoin mining sectors.
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DPO and NYDIG’s new strategic partnership allows the companies to tailor their complementary products to clients in the utility and renewable power industries. These clients are becoming increasingly aware of the tremendous flexibility bitcoin mining offers to power producers and grid operators in enabling the development of additional renewable generation and maximizing the efficiency of existing assets. Proceeds from this raise will be used to continue growing DPO’s team of experts and bring Cryptocurrency Mining as a Service (CMaaS) to the global power and utility industries.
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“We are excited about this new round of funding led by NYDIG and the quality partnerships that come with it,” said Andrew Webber, CEO of Digital Power Optimization. “NYDIG has an exceptional track record and reputation, and has the experience to help DPO’s clients with challenges like secure custody, production hedging, transaction execution, regulatory guidance, insurance, and equipment financing in an institutional fashion. In the end, this partnership makes it easier for DPO to do its job of bringing the flexibility and advantages of bitcoin mining directly to the energy sector as a much-needed aid in the management of power grids and the clean energy transition.”
“We’re thrilled to lead this Series A funding round and partner with DPO in using bitcoin mining to help the power industry,” said Joshua Burandt, Head of Mining Services at NYDIG. “We’re confident in DPO’s vision and the team’s ability to execute on this unique approach. Together, DPO and NYDIG can provide a holistic solution to some of the power industry’s biggest problems by leveraging the Bitcoin Network.”
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