Good morning,

As always, we hope you are well.

We're particularly excited about this month's update and have been looking forward to sharing some news with you for quite some time now. As we announced publicly just last week, we're extremely pleased to have officially launched Greenlight Data Centers, a new platform focused exclusively on accelerating the development of AI-ready data center sites. Greenlight's rollout is supported by a new round of capital funded by a major renewable energy company.

As many of you know, we first began writing about AI computing and its potential power consumption in mid-2023, only months after ChatGPT was launched. Alex Stoewer, Greenlight's CEO and DPO's co-founder and COO, was early to recognize how impactful this new AI computing activity could be to many of the energy partners we had already been speaking with about bitcoin mining. And while bitcoin mining remains to this day an exceptionally valuable tool for energy arbitrage and creating upside from stranded or undervalued power, the AI computing narrative is simply a bigger and more critical near-term opportunity.

Greenlight's strategy is actually quite simple: find, secure, and develop locations with good fiber connectivity where utilities and/or cooperatives can supply power in relatively modest quantities (20-100 MW), ideally utilizing existing substations where slow and costly transmission system upgrades are much more limited in scope or not necessary at all. Contrary to what many might expect, these situations do exist, they are mostly just overlooked by the (very large) data center and computing companies you hear about in the news every day.

The thesis driving this strategy is also somewhat simple: despite all of the money and attention being thrown at the challenge, we believe it's going to take much longer than most expect to bring online the new generation, transmission, and gigawatt-plus data center projects that have the world abuzz. We fully expect many of these facilities will eventually be completed, it's just going to be a much slower and more contentious process than the data center industry would like. New natural gas plants, new nuclear plants, new transmission projects, new utility tariffs, new legislation, new rulemaking, etc., will almost certainly be met by new obstructionism, new lawsuits, new investor concerns, new environmental hurdles, new oversight, etc. Hopefully the absolute imperative to get this right will bring out the best and brightest among us, but the challenge is massive and the uncertainty immense. We genuinely believe part of the near-term solution is to create smaller, less disruptive developments faster and cheaper as means of mitigating the effects of likely delays in these megaprojects. Let's use those resources we already have more efficiently while we work on growing toward the future.

Among those of you that read the press release linked above, I'm sure many noted that Alex will be leading Greenlight as its CEO after relinquishing his day-to-day role at DPO, though he will remain on the DPO board as he has been since its founding. I am continuing to lead DPO in our efforts to develop and operate bitcoin mines on behalf of our various energy partners, and I will also help oversee Greenlight's efforts in the AI space as its board chairman. I've known Alex for 18 years and I honestly can't imagine another person better suited for this role. His intelligence, professionalism, thoughtfulness, financial expertise, and work ethic are second to none, and I have every confidence Greenlight will be successful in its mission under his leadership.

Again, we're incredibly excited about the launch of this platform and the significant third-party capital we've raised to facilitate Greenlight's growth and site development plans. We continue to believe modern, liquid-cooled, power-dense rack space for AI computing will be the rarest component of the value chain for some time to come, and that is where we're laser-focused and running hard.

If anyone reading this would like to talk about how Greenlight can create value for you and your organization by utilizing your site / power / substation / fiber network / infrastructure / capital, please don't hesitate to reach out. We're open for business and actively acquiring sites, and we want to do win-win deals with a mindset toward flexibility and rational sizing. Give us a call or reply to this email and we can continue the discussion.

Finally, be sure to bookmark the Greenlight website and follow along on its LinkedIn page. And a huge thanks to our various media partners for covering Greenlight: Fierce Network, Datacenter Dynamics, Institutional Investing in Infrastructure, and Hart Energy.

That's it for this month. We're optimistic you'll be seeing more positive news out of both DPO and Greenlight in the near future, but until then, we wish you all the best and thank you once again for continuing to follow our progress!

Regards,

Andrew Webber, Chairman