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Italian startup Alps Blockchain raises €105 million from Azimut
Alps Blockchain, based in Trento, Italy, a company specializing in the production of computing power for digital mining, announced on Monday, July 29, that it has secured a €105 million investment from Azimut.
This investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle, which invested in a 5-year guaranteed bond with early redemption option by Alps Blockchain.
The company plans to use the funds to support its growth and international expansion. It will focus on strengthening its existing operations and consider entering new markets to further enhance its global position.
The funding comes as Alps Blockchain’s positive trend is also reflected in its financial results.
The company’s revenue increased from 697,000 euros in 2020 to 17.3 million euros in 2022.
In 2023, the company’s revenues reached 43.6 million euros, an increase of approximately 140 percent compared to the previous year. A positive EBITDA confirms the company’s solid development capacity.
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Francesca Failoni, CFO of Alps Blockchain, adds: “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, promoting the development of solid and sustainable projects over time. Thanks to this financial operation, we will not only be able to increase and make more efficient our existing sites, but also invest in the construction of new facilities, aiming to quadruple the 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, Blockchain of the Alps is a technology company specializing in the production of computing power for digital mining.
Over the past three years, the company says it has increased the number of mining machines installed at planned sites globally by fivefold, from 2,500 to more than 15,000.
This has enabled the company to reach a total energy capacity of 50 MW and a computing power output of over 2 EH/s (exahashes per second) by June 2024.
By designing and operating cutting-edge mining farms, it aims to combine the potential of blockchain and mining with the needs of the energy sector, creating shared value and fostering mutual evolution.
From Italy, the company has already started operations in countries such as Paraguay and Ecuador, where completed mines exploit hydroelectric power.
Alps Blockchain actively supports the energy sector not only by focusing on hydropower, but also by exploring new sources and projects to promote the energy transition.
Currently, the company has expanded its reach from Europe to South America and the Middle East, focusing on projects that generate scalable growth and new opportunities through the generation of computational power.
Francesco Buffa, CEO of Alps Blockchain, says: “At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of our confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s foundation, which was on July 20, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth objectives.
The investor
Azimut is an independent group active in asset management, investment banking and financial technology.
The Group includes several companies active in the promotion, management and distribution of financial and insurance products, mainly based in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, United Arab Emirates, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey and the USA.
Giorgio Medda, CEO and Global Head of Asset Management & Fintech of Azimut Group, comments: “We are excited to strengthen our relationship with Alps Blockchain, whose goal is to make mining more sustainable, and to offer our clients the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself worldwide. This new operation is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to today counts investments of over 350 million euros. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with the construction of a more sustainable future”.