Alps Blockchain, a Trento, Italy-based company that specializes in generating computing power for digital mining, announced on Monday, July 29, that it has secured a €105 million investment from Azimut.
The investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle, which invested in a five-year secured bond with an early redemption option by Alps Blockchain.
The company plans to use the funds to support its growth and international expansion, with a focus on strengthening its existing operations as well as exploring entry into new markets to further strengthen its global position.
The funding comes as Alps Blockchain’s positive trends are reflected in the company’s financial performance.
The company’s revenue increased from €697,000 in 2020 to €17.3 million in 2022.
In 2023, the company’s revenues are expected to reach 43.6 million euros, up approximately 140% year-on-year. The positive EBITDA confirms the company’s solid development capabilities.
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Francesca Feironi, CFO of Alps Blockchain, added: “Increased resources will allow us to contribute even more significantly to the blockchain ecosystem and facilitate the development of projects that are solid and sustainable for the long term. This financial transaction will not only allow us to increase and improve the efficiency of our existing sites, but also invest in the construction of new facilities, aiming to quadruple our production capacity of computing power serving this technology by the first quarter of 2025.”
Alps Blockchain: Computing power for digital mining
Founded in 2018 and led by Francesco Buffa, Alps Blockchain is a technology company specializing in the generation of computing power for digital mining.
The company claims that over the past three years it has increased the number of mining machines installed at planned sites around the world five-fold, from 2,500 to more than 15,000.
This will enable the company to achieve a total energy capacity of 50MW and computing power of more than 2EH/s (exahash per second) by June 2024.
Through the design and operation of cutting-edge mining farms, we aim to combine the potential of blockchain and mining with the needs of the energy sector, create shared value and promote mutual evolution.
From Italy, the company is already operating in countries such as Paraguay and Ecuador, where its completed mining farms are powered by hydroelectric power.
Beyond its focus on hydropower, Alps Blockchain is actively supporting the energy sector by exploring new resources and projects to advance the energy transition.
Today, the company has expanded its reach from Europe to South America and the Middle East, focusing on projects that drive scalable growth and new opportunities through computational power generation.
“At Alps Blockchain, we are committed to shaping projects that foster synergies between new technologies and the world of energy, generating positive impact for both sectors. This new investment is a great confirmation of confidence in our work and an essential support for the near future. On the 20th of July, the sixth anniversary of the company’s founding, we enthusiastically start a new chapter in our company’s history, dedicated to the pursuit of ambitious growth targets,” said Francesco Buffa, CEO of Alps Blockchain.
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Azimut is an independent group in the areas of asset management, wealth management, investment banking and fintech.
The Group includes several companies involved in the promotion, management and distribution of financial and insurance products, mainly based in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, the United Arab Emirates, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey and the United States.
Giorgio Meda, CEO and Global Head of Asset Management and Fintech at Azimut Group, commented: “We are pleased to strengthen our relationship with Alps Blockchain, whose goal is to make mining more sustainable and offer our clients the opportunity to participate in the growth of Italian excellence, which is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to catalyze a global and sustainable energy transition through innovative investment solutions in private markets. More than €350 million in investments are planned between 2022 and present. Our vision is for asset management to play an increasingly important role in combining efficient capital allocation with building a more sustainable future.”
