Principal Solar, Inc. a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in undervalued petroleum-producing properties, announced that it has reached an agreement with IntelliMedia/Apollo Green to convert its investment into a note with a return of capital and interest payable. The anticipated influx of capital resulting from this divestiture is expected to be utilized to further the Company’s mission of acquiring logistics assets and to advance its existing development agreement with heavy electric vehicle partner IPLTech Electric.
“After careful consideration, in keeping with our stated goal of leveraging environmentally responsible opportunities while maximizing stakeholder value, we have made the strategic decision to convert our investment in IntelliMedia. We believe that this move is in the best interests of all parties involved and stands to enhance Principal’s overall success potential.”
K. Bryce “Rick” Toussaint, CPA, MBA, Principal’s Chairman and CEO
In other news, Mr. Toussaint disclosed that Principal is evaluating the feasibility of partnering with cryptocurrency mining specialists in well-side mining projects that would be powered by exceptionally low-cost electricity generated onsite from the Company’s natural gas holdings.
“Traditional crypto mining companies pay for grid-delivered electricity to power their servers, the expense of which can comprise up to 75% of a mining company’s operating overhead,” said Mr. Toussaint. “By utilizing natural gas from the wells, we already own to generate the energy needed to power onsite mining operations, it may be possible to mine cryptocurrencies such as Bitcoin and Ethereum at a fraction of the typical cost.”
Additional details regarding the Company’s transaction IntelliMedia are expected to be announced when finalized.
About Principal Solar
Principal Solar is a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.
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