DRESDEN–Greenidge Generation Holdings Inc. (NASDAQ: GREE), a vertically integrated cryptocurrency datacenter and power generation company, responded to the dismissal of a lawsuit filed by Earthjustice on behalf of Seneca Lake Guardian, the Committee to Preserve the Finger Lakes and the Sierra Club regarding Greenidge’s water discharge permit.
Judge Elizabeth Wolford of the U.S. District Court, Western District of New York, dismissed the case for “failure to state a claim.” In her ruling, Judge Wolford detailed how state requirements govern the sufficiency of Greenidge’s renewal application and how the New York State Department of Environmental Conservation had found Greenidge’s application to renew its water discharge permit timely and sufficient. The full ruling can be found at https://tinyurl.com/dxcm6ybk.
The case marks the fourth time opponents have sued Greenidge in state or federal court since 2016, and opponents have lost all six rulings in the cases and related appeals.
“They’ve lost every lawsuit and appeal they’ve filed over seven years — 0-6,” said Greenidge Generation President Dale Irwin. “Just this year, we completed a $6 million advanced fish screen system, meeting all state and federal requirements, to protect aquatic life in Seneca Lake. We are all locals here, and most of us, like me, grew up with this lake as central to our lives, and we care deeply about the health of Seneca Lake. After 80 years of this facility taking in water from different owners, we were thrilled to be the company to add this protection and deliver on a promise we made when we first decided to invest in Yates County.”
The history of legal actions filed against Greenidge, including appeal actions:
• Opponents sued to challenge NYSDEC’s issuance of a new, Title V Air Permit to Greenidge in 2016.
• Appealed the denial of that challenge to the New York State Supreme Court Appellate Division, Fourth Department.
• Filed a motion to reargue the case and conduct an appeal in front of the New York State Court of Appeals.
• Sued to challenge NYSDEC’s issuance of the State Pollutant Discharge Elimination System Permit (SPDES) renewal issued to Greenidge for water discharges in 2016.
• Filed a notice seeking to appeal the denial of their challenge to Greenidge’s SPDES water permit to the Appellate Division, Fourth Department.
• Sued to challenge the Town of Torrey Planning Board approval for construction work at Greenidge’s New York facility.
• Filed a notice seeking to appeal the denial of their challenge to the town’s approval of construction work at the facility to the Appellate Division, Fourth Department.
• Sued, in 2023, to challenge Greenidge’s right to utilize its active State Pollutant Discharge Elimination System Permit to discharge water.
These actions resulted in a loss, having the motion denied or dropped according to Greenidge.
However, the DEC has stated previously the facility does not demonstrate the required compliance with the state Climate Leadership and Community Protection Act. Permits regarding air quality, water discharge and water withdrawal have all expired and are in a review process that allows Greenidge to keep operating while appeals are underway by the company.
In a report to investors, Monday, Aug. 14, the Greenidge stated, “Greenidge’s revenue for the second quarter was $14.7 million, down 36 percent compared to the prior year. Cryptocurrency datacenter hosting revenue was $9.7 million as compared to none in the prior year. Cryptocurrency datacenter self-mining revenue was $4.0 million, down 80 percent versus the prior year as Greenidge transitioned its capacity towards datacenter hosting during the first half of 2023 and the average price of bitcoin declined significantly. Power and capacity revenue was $1.1 million, down 63 percent compared to the prior year... As of March 31, 2023, Greenidge had cash of $15.4 million and debt balance of $95.5 million, which was reduced from $157.5 million as of Dec. 31, 2022.”
The stock price of the company closed at $4.43, Monday, Aug. 28.
Judge Elizabeth Wolford of the U.S. District Court, Western District of New York, dismissed the case for “failure to state a claim.” In her ruling, Judge Wolford detailed how state requirements govern the sufficiency of Greenidge’s renewal application and how the New York State Department of Environmental Conservation had found Greenidge’s application to renew its water discharge permit timely and sufficient. The full ruling can be found at https://tinyurl.com/dxcm6ybk.
The case marks the fourth time opponents have sued Greenidge in state or federal court since 2016, and opponents have lost all six rulings in the cases and related appeals.
“They’ve lost every lawsuit and appeal they’ve filed over seven years — 0-6,” said Greenidge Generation President Dale Irwin. “Just this year, we completed a $6 million advanced fish screen system, meeting all state and federal requirements, to protect aquatic life in Seneca Lake. We are all locals here, and most of us, like me, grew up with this lake as central to our lives, and we care deeply about the health of Seneca Lake. After 80 years of this facility taking in water from different owners, we were thrilled to be the company to add this protection and deliver on a promise we made when we first decided to invest in Yates County.”
The history of legal actions filed against Greenidge, including appeal actions:
• Opponents sued to challenge NYSDEC’s issuance of a new, Title V Air Permit to Greenidge in 2016.
• Appealed the denial of that challenge to the New York State Supreme Court Appellate Division, Fourth Department.
• Filed a motion to reargue the case and conduct an appeal in front of the New York State Court of Appeals.
• Sued to challenge NYSDEC’s issuance of the State Pollutant Discharge Elimination System Permit (SPDES) renewal issued to Greenidge for water discharges in 2016.
• Filed a notice seeking to appeal the denial of their challenge to Greenidge’s SPDES water permit to the Appellate Division, Fourth Department.
• Sued to challenge the Town of Torrey Planning Board approval for construction work at Greenidge’s New York facility.
• Filed a notice seeking to appeal the denial of their challenge to the town’s approval of construction work at the facility to the Appellate Division, Fourth Department.
• Sued, in 2023, to challenge Greenidge’s right to utilize its active State Pollutant Discharge Elimination System Permit to discharge water.
These actions resulted in a loss, having the motion denied or dropped according to Greenidge.
However, the DEC has stated previously the facility does not demonstrate the required compliance with the state Climate Leadership and Community Protection Act. Permits regarding air quality, water discharge and water withdrawal have all expired and are in a review process that allows Greenidge to keep operating while appeals are underway by the company.
In a report to investors, Monday, Aug. 14, the Greenidge stated, “Greenidge’s revenue for the second quarter was $14.7 million, down 36 percent compared to the prior year. Cryptocurrency datacenter hosting revenue was $9.7 million as compared to none in the prior year. Cryptocurrency datacenter self-mining revenue was $4.0 million, down 80 percent versus the prior year as Greenidge transitioned its capacity towards datacenter hosting during the first half of 2023 and the average price of bitcoin declined significantly. Power and capacity revenue was $1.1 million, down 63 percent compared to the prior year... As of March 31, 2023, Greenidge had cash of $15.4 million and debt balance of $95.5 million, which was reduced from $157.5 million as of Dec. 31, 2022.”
The stock price of the company closed at $4.43, Monday, Aug. 28.
