Trento, Italy-based Alps Blockchain, a company specialising in producing computing power for digital mining, announced on Monday, July 29, that it has secured €105M investment from Azimut.

This investment was made through Azimut Direct Investment Alps Blockchain II SCSp, a dedicated Luxembourg vehicle, which invested in a 5-year guaranteed bond with the option of early redemption by Alps Blockchain.

The company plans to use the funds to support its growth and international expansion. It will focus on strengthening its existing operations and consider entering new markets to further enhance its global position.

The funding comes as the Alps Blockchain’s positive trend is also reflected in its financial results.

The company’s revenues increased from €697,000 in 2020 to €17.3M in 2022.

In 2023, the company’s revenues reached €43.6M, an increase of around 140 per cent compared to the previous year. A positive EBITDA confirms the company’s solid development capacity.

Francesca Failoni, CFO of Alps Blockchain, adds, “The increase in resources will allow us to contribute even more substantially to the blockchain ecosystem, fostering the development of solid and sustainable projects over time. Thanks to this financial transaction, we will not only be able to increase and make our existing sites more efficient but also invest in the construction of new facilities, aiming to quadruple the production capacity of computing power in the service of this technology by the first quarter of 2025.”

Alps Blockchain: Computing power for digital mining

Founded in 2018, and led by Francesco Buffa, Alps Blockchain is a tech company, specialising in the production of computing power for digital mining.

In the last three years, the company claims to have quintupled the number of mining machines installed in its planned sites globally from 2,500 to over 15,000.

This has enabled the company to reach a total energy capacity of 50 MW and more than 2 EH/s (exahash per second) of computing power produced by June 2024.

Through the design and operation of state-of-the-art mining farms, it aims to combine the potential of blockchain and mining with the needs of the energy sector, creating shared value and fostering mutual evolution.

From Italy, the company has already established operations in countries such as Paraguay and Ecuador, where the completed mining farms use hydroelectric power.

Alps Blockchain actively supports the energy sector not only by focusing on hydropower but also by exploring new sources and projects to promote the energy transition.

Currently, the company has extended its reach from Europe to South America and the Middle East, focusing on projects that generate scalable growth and new opportunities through computational power generation.

Francesco Buffa, CEO of Alps Blockchain, states, ‘At Alps Blockchain we are committed to shaping projects that foster the synergy between new technologies and the world of energy, generating a positive impact in both sectors. This new investment is an extraordinary confirmation of our confidence in our work and an essential support for the near future. On the sixth anniversary of the company’s establishment, which was July 20th, we are enthusiastically inaugurating a new chapter in its history dedicated to the pursuit of ambitious growth targets.

The investor

Azimut is an independent group in asset management, wealth management, investment banking, and fintech.

The Group includes several companies active in the promotion, management, and distribution of financial and insurance products, mainly based in Italy, Australia, Brazil, Chile, China (Hong Kong and Shanghai), Egypt, United Arab Emirates, Ireland, Luxembourg, Mexico, Monaco, Portugal, Singapore, Switzerland, Taiwan, Turkey and the USA.

Giorgio Medda, CEO and Global Head of Asset Management & Fintech of the Azimut Group, comments, “We are thrilled to strengthen our relationship with Alps Blockchain, whose objective is to make mining more sustainable, and to offer our customers the opportunity to participate in the growth of an all-Italian excellence that is rapidly establishing itself around the world. This new transaction is part of Azimut’s broader commitment to promoting a global and sustainable energy transition through innovative investment solutions in private markets. A commitment that from 2022 to date counts investments of over €350 million. Our vision is that asset management can increasingly play a crucial role in combining efficient capital allocation with building a more sustainable future.”