Iris Energy Limited announced its wholly owned subsidiary has executed a binding connection agreement with AEP Texas Inc. for a new 600MW specialized data center site in the renewables heavy Panhandle region of Texas, USA. The agreement with AEP Texas is to connect into a 345kV transmission line running directly through the >300 acre freehold site (100% owned). Key utilities are located in close proximity to the site boundary, including high speed fiber.

The new 600MW site is transformational and expected to increase the Company's power capacity from 165MW (4.6 EH/s) to 765MW (~22 EH/s1), supporting: 15.2 EH/s (~530MW) of miners previously secured; and ~7 EH/s1 (~235MW) of potential additional capacity. 22 EH/s1 would represent >10%2 of the total global network hashrate if operating now. The Company now has a clear execution plan for its 15.2 EH/s of secured miners at 100% owned and operated data center facilities.

Importantly, the Company's entry into the renewables heavy Panhandle region of Texas is consistent with its stated strategy of targeting markets with abundant and/or under-utilized renewable energy and provides potential opportunities to support the local energy market through the provision of flexible load, demand response and other ancillary services. Iris Energy is currently working with global partners on the design, procurement and construction of the Texas facility, with the electrical connection expected to be completed during First Quarter 2023. Additional miners may be procured in due course to utilize the potential 235MW of surplus capacity at this site.

The project is expected to employ up to 50 personnel when fully operational and approximately 100 personnel during construction. The local Texas county is expected to benefit from the flow on effects of both operations and construction, including Iris Energy's policy of purchasing locally where it makes sense to do so.