Greenidge Generation Holdings is rebranding as Vulcan Infrastructure and Power and has secured approximately $39.4 million in strategic financing to accelerate its transformation into a power and digital infrastructure platform focused on supporting artificial intelligence and high-performance computing (HPC) data centers.
The capital raise, backed by affiliates of Machine Investment Group and Atlas Holdings, along with Conversant Capital and certain company insiders, marks a significant strategic shift away from the company’s legacy bitcoin mining operations toward acquiring, developing and operating energized sites that can supply power to AI infrastructure while continuing to support local electric grids.
As part of the transition, the company has changed its corporate name to Vulcan Infrastructure and Power Inc. and expects to change its Nasdaq ticker symbol from GREE to VIP when trading opens on July 24, 2026.
The financing includes approximately $29.4 million through the issuance of Class A common stock priced at $1.71 per share and a $10 million secured convertible note investment from Machine Investment Group. The convertible notes carry a 10% coupon and are convertible at $2.13 per share, a 25% premium to the equity offering price, and are accompanied by a three-year warrant to purchase an additional $3 million of common stock.
Vulcan plans to use the proceeds primarily to redeem approximately $33 million of outstanding senior notes due in October 2026, improving its balance sheet while positioning the company to pursue additional infrastructure investments tied to the expanding AI economy.
The strategic repositioning reflects growing demand for power-intensive AI infrastructure, where access to reliable electricity has become one of the industry’s most significant constraints. Vulcan currently controls 104 megawatts of energized capacity and has a 654-megawatt development pipeline across owned sites, with plans to commercialize more than 100 megawatts of AI- and HPC-ready capacity in the near term. Unlike many data center developers, the company also owns power generation assets, enabling it to supply electricity to both hyperscale computing facilities and local utility grids.
Management believes the platform’s valuation compares favorably with peers focused on powered infrastructure and sees opportunities to expand through acquisitions spanning energized land, legacy data centers and other power infrastructure assets.
The investment also brings together experienced infrastructure investors with complementary expertise. Atlas Holdings contributes decades of experience managing industrial businesses and approximately 5 gigawatts of merchant power generation, while Machine Investment Group has invested roughly $2.5 billion in complex real estate transactions and is developing approximately 700 megawatts of hyperscale-ready data center capacity, with a pipeline exceeding one gigawatt. Conversant Capital adds public market and digital infrastructure investment expertise.
Machine Investment Group Partner Michael Librett said the company was seeking a public platform capable of scaling power infrastructure assets and believes Vulcan’s existing generation assets and operating capabilities provide a strong foundation for building a differentiated platform serving AI and HPC customers. Atlas Holdings Co-Founder and Managing Partner Tim Fazio said increasing demand for energized power assets is creating a new generation of infrastructure investment opportunities and that the firm intends to support Vulcan’s long-term development strategy. Chief Executive Officer Jordan Kovler said the transaction strengthens the balance sheet while positioning the company to capitalize on accelerating demand for AI data center infrastructure.
The transaction remains subject to customary closing conditions, including shareholder approval through a written consent process and compliance with applicable Nasdaq requirements. Upon completion, Vulcan Infrastructure and Power expects to emerge as a publicly traded platform focused on the intersection of power generation and AI infrastructure, leveraging its energized assets to participate in one of the fastest-growing segments of the digital infrastructure market.