Spartanburg, South Carolina, August 27, 2025
News Summary
Greenidge Generation Holdings Inc. has ended its Purchase and Sale Agreement with Data Journey LLC for a 152-acre property in Spartanburg, South Carolina. Data Journey notified Greenidge of the termination, exercising its right under the agreement established in late 2024. The deal was valued at $12.1 million, and in light of the termination, Greenidge will retain a $400,000 non-refundable deposit. Despite this setback, Greenidge intends to continue marketing the property while facing ongoing financial challenges.
Spartanburg, South Carolina
Greenidge Generation Holdings Inc., a vertically integrated cryptocurrency datacenter and power generation company, has announced the termination of its Purchase and Sale Agreement with Data Journey LLC for a parcel of land in Spartanburg, South Carolina. Data Journey officially notified Greenidge in writing on August 24, 2025, exercising its right to terminate the agreement first established on November 27, 2024, for the sale of two parcels totaling approximately 152 acres.
The initial agreement was valued at $12.1 million in cash, alongside an 8% profit participation interest in the project. The agreement included two side letters issued on March 3 and July 10, 2025, which provided options for Data Journey, including a closing deadline set for August 25, 2025. Following the termination of the contract, Greenidge will retain non-refundable deposits from Data Journey amounting to $400,000.
Future Prospects for Greenidge
Despite the termination, Greenidge Generation plans to continue marketing the Spartanburg property to other prospective buyers. The company reserves the right to independently terminate the agreement at its discretion after the stipulated closing deadline. Greenidge’s CEO has committed to investing in the property’s long-term power rights, aiming to enhance overall shareholder value.
Background on Data Journey
Data Journey LLC is a woman and minority-owned data center provider that intends to develop the Spartanburg land into a cutting-edge data center powered by 60MW, with potential scalability up to 100MW. The acquisition of this 152-acre property is a critical leap for Data Journey, representing its foray into the South Carolina market, which is expected to support their broader strategy of building six new sites by 2025. The property is intended to be developed with a focus on sustainability.
Greenidge’s Property History
Greenidge Generation first acquired the Spartanburg property in 2021 for $15 million. In a subsequent transaction in 2023, the company sold 23 subdivided acres along with its 44MW cryptocurrency mining facilities to NYDIG for $28 million. Greenidge has also been navigating financial challenges, including limited access to financing and reduced operating margins, evidenced by a decline in realized hashrate capacity from 1.06 EH/s in Q3 2023 to 0.78 EH/s in Q3 2024. Financially, as of September 30, 2024, the company reported having more debt than assets on its balance sheet.
As Data Journey moves forward with its plans for the Spartanburg site, Greenidge will continue to look for opportunities to collaborate on potential data center developments to bolster its growth strategy amidst ongoing challenges.
FAQ
What was the reason for the termination of the purchase agreement between Greenidge and Data Journey?
Data Journey LLC exercised its right to terminate the Purchase and Sale Agreement for the Spartanburg property.
What will Greenidge do with the Spartanburg property following the termination?
Greenidge will retain non-refundable deposits and continue to market the property to other prospective buyers.
What are Data Journey’s plans for the Spartanburg site?
Data Journey plans to develop the site into a data center with 60MW of power, scalable to 100MW, focusing on sustainability.
What financial challenges has Greenidge faced in recent years?
Greenidge has encountered difficulties such as limited access to financing and a decline in operating margins, with reported debt exceeding assets.
Key Features Overview
| Feature | Details |
|---|---|
| Property Size | 152 acres |
| Initial Purchase Price | $15 million |
| Termination Notification Date | August 24, 2025 |
| Retained Deposits by Greenidge | $400,000 |
| Greenidge’s Future Strategy | Continue marketing the Spartanburg property and collaborate on new developments |
| Data Journey’s Power Capacity | 60MW, scalable to 100MW |
| Expected Closing Date for New Development | First quarter of 2025 |
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Greenville Business Magazine: Greenidge Generation Announces Termination
- Data Center Dynamics: Data Journey Acquires South Carolina Site
- GlobeNewswire: Data Journey Announces Purchase of Spartanburg Property
- Wikipedia: South Carolina
- Google Search: Greenidge Generation
Author: STAFF HERE GREENVILLE
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