The biggest investor in electricity generator Atlantic Power Corp. called on the company to explore using surplus output for cryptocurrency mining.
In a telephone meeting with Atlantic Power’s management, Mangrove Partners discussed alternative uses for the company’s generation assets that have expired or expiring power purchase agreements. It’s interested in helping to provide the capital for such projects as well as other blockchain applications, the hedge fund said in a filing on Friday.
Atlantic Power would become the latest company to jump on the blockchain bandwagon. Just this month, a little-known New Jersey firm that, as recently as 2011, specialized in renewable energy projects enjoyed a stock rally after saying it’ll get involved in the “Crypto hot commodity market.” A utility in Uruguay is marketing itself to Bitcoin miners. Long Island Iced Tea Corp. saw a spectacular surge in its shares after rebranding itself as Long Blockchain Corp.