{"id":12794,"date":"2021-12-01T22:47:43","date_gmt":"2021-12-01T22:47:43","guid":{"rendered":"http:\/\/ci0293ab6490002594"},"modified":"2021-12-01T22:47:43","modified_gmt":"2021-12-01T22:47:43","slug":"bitcoin-miner-riot-blockchain-buys-ess-metron","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/bitcoin-miner-riot-blockchain-buys-ess-metron","title":{"rendered":"Bitcoin Miner Riot Blockchain Buys Electrical Supplier ESS Metron For $50 Million"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Riot Blockchain has bought the electrical equipment provider ESS Metron.<\/li>\n<li>The deal is valued at $50 million, paid in 715,413 Riot common stock shares and $25 million in cash.<\/li>\n<li>Denver-based ESS Metron is a crucial supplier to Riot\u2019s Whinstone, Texas, facility.<\/li>\n<\/ul>\n<p>Bitcoin miner <a href=\"https:\/\/bitcoinmagazine.com\/tags\/riot-platforms\">Riot Blockchain<\/a> has acquired electrical equipment solutions provider ESS Metron, according to a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1167419\/000155335021001128\/riot_ex99z1.htm\" target=\"_blank\" rel=\"noopener\">press release<\/a> published Wednesday. The transaction is valued at about $50 million, and the payment will be made in 715,413 shares of Riot common stock and $25 million in cash.<\/p>\n<p>\u201cThe successful acquisition of ESS Metron marks yet another milestone in establishing Riot as a leader in Bitcoin mining,\u201d Riot CEO Jason Les said in the release. \u201cRiot\u2019s strategic position across the electrical supply chain is significantly enhanced as the company will benefit from ESS Metron\u2019s existing relationships with leading electrical suppliers globally.\u201d<\/p>\n<p>Denver-based ESS Metron is a key supplier to Riot\u2019s Whinstone, Texas, facility, being \u201chighly complementary\u201d to Riot and its ongoing expansion towards 700 megawatts (MW). The electrical equipment maker has 60 years of experience and provides \u201chighly engineered, custom product offerings mission-critical\u201d to deploy bitcoin mining operations at scale.<\/p>\n<p>\u201cWe are excited to continue the growth of ESS Metron\u2019s business by joining Riot Blockchain,\u201d said Stephen Howell, newly promoted CEO of ESS Metron. \u201cWe look forward to continuing to provide best-in-class service to our growing customer base and actively collaborating with Riot in its ongoing expansion efforts.\u201d<\/p>\n<p>The closer integration of the supplier into Riot\u2019s operations will allow the bitcoin miner to ensure the timely installation of new rigs. However, the electric equipment provider is expected to keep operating as an independent subsidiary of Riot and retain its entire employee team.<\/p>\n<p>XMS Capital Partners LLC served as Riot\u2019s financial advisor, and Sidley Austin LLP served as its legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The electrical equipment provider is key to Riot\u2019s bitcoin mining operations and will enable timely installation of miners after the transaction.<\/p>\n","protected":false},"author":2572,"featured_media":4151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[564,2714,914],"class_list":{"0":"post-12794","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bitcoin-miner","9":"tag-ess-metron","10":"tag-riot-platforms"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/img_4431.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=12794"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12794\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/4151"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=12794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=12794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=12794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}