Energy Plug Announces Memorandum of Understanding with Power Touch Corp. to Provide Battery Energy Storage for Internet and AI Data Centres

Energy Plug Announces Memorandum of Understanding with Power Touch Corp. to Provide Battery Energy Storage for Internet and AI Data Centres

Jul 18, 2024

Read Full Article

Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) ("Energy Plug" or the "Company"), an energy technology company dedicated to innovation and sustainability, today announces that it has entered into a Memorandum of Understanding ("MOU") with Power Touch Corp. ("Power Touch"), a Taiwan-based company with over 12 years of industry experience as a leading vendor of Asus' Artificial Intelligence and Internet Data Centre (IDC) hardware. This MOU establishes the parties' intentions to enter into a binding agreement that would provide Power Touch with power allocations for IDCs for AI, heavy compute and crypto mining.

Under the MOU, Energy Plug agrees to collaborate with Power Touch to allocate or sell power from its battery energy storage programs with the objective of partnership for the Canadian market for Power Touch's IDC programs. Per the MOU, Energy Plug will also focus on securing and deploying additional battery energy storage programs with the goal of providing further power allocation scenarios to Power Touch.

"The rapidly increasing use of AI and the resulting electricity demand from global data centres are radically transforming the global energy landscape," said Broderick Gunning, Energy Plug President & CEO. "It's expected that global data center power demand will more than double by 20301 and we look forward to working with Power Touch to supply safe and reliable energy distribution to power that evolution."

Driven by the growing demand for AI and machine learning technologies, data centres are expected to consume 13% of all global electricity annually by 20302. Energy Plug is currently in the process of building and deploying battery energy storage programs that will support residential, commercial and microgrid applications in the Canadian market. Through this MOU, Energy Plug intends to provide the excess power resulting from these battery energy storage programs to support the operations of Power Touch's network of AI and Internet Data Centres, enabling the continued growth of its AI operations.

"The financial implications of this collaboration are significant for Power Touch, Energy Plug and our Canadian customers, as any excess power saving revenue will be shared between the parties. Energy Plug's ability to satisfy our power needs with modularity and data centre compliance allow us to scale much more quickly, making them a natural partner for our business," said Power Touch Chairman, Terry Tsai. "As we continue to scale our AI efforts and grow our Asus GPU operations, we look forward to an ongoing collaboration with Energy Plug that will enable sustainable data centre infrastructure solutions backed by Energy Plug's battery energy storage technology."

The MOU between Energy Plug and Power Touch will initially focus on the Canadian landscape but the parties also agree to work together to secure mutually beneficial opportunities abroad with potential short-term opportunities in the USA, Latin America, India, and the Middle East.

Read Full Article

We help you make the most of your energy use

We help you make the most of your energy use

We help you make the most of your energy use

Address:

Suite 400, 1681 Chestnut Street, Vancouver, British Columbia

V6J 4M6

Contact:

(604) 283-1262

info@energyplugcorp.com