TeraWulf (WULF) Jumps 10.14% as Firm Hints Expansion

We recently published 10 Stocks Crushing Wall Street With Massive Gains. TeraWulf Inc. (NASDAQ:WULF) was one of the top performers on Tuesday.

TeraWulf grew its share prices by 10.14 percent on Tuesday to close at $14.80 apiece as investors took heart from its ongoing expansion program which could see the development of some 1,480 MW of new digital and power capacity.

In a statement, TeraWulf Inc. (NASDAQ:WULF) said that it acquired a former industrial site in Hawesville, Kentucky capable of housing 250 buildable acres for compute capacity, high-voltage transmission lines, an on-site energized substation, and a direct connection to the regional transmission network.

At present, the Hawesville site operates 480 MW of existing power, and has the potential to expand over time. Redevelopment of the area is expected to occur in phases.

In Maryland, TeraWulf Inc. (NASDAQ:WULF) successfully acquired a 250-acre parcel of land which currently houses the Morgantown Generating Station, a grid-connected power generation facility capable of powering approximately 210 MW of operational generation capacity.

The land currently houses substantial electrical infrastructure and associated real property, with the ability to house an expanded 1 GW power generation capacity.

TeraWulf Inc. (NASDAQ:WULF) said that it is initially planning to develop a 500MW power capacity.

“These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth,” said TeraWulf Inc. (NASDAQ:WULF) Chairman and CEO Paul Prager.

“Hawesville provides immediate access to scalable power, while Morgantown allows us to expand existing generation to meet growing load demand in a way that is net-positive for the grid. Across both sites, we have the unique ability to serve end users while also delivering critically needed surplus electricity,” he added.

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Disclosure: None. This article is originally published at Insider Monkey.