Canadian investment company Routemaster Capital Inc. has signed a letter of intent to invest about $1.4 million to acquire a 49% interest in Cary, N.C.-based blockchain and cryptocurrency company Pinedale Springs LLC.
Pinedale currently owns and operates a solar farm and cryptocurrency data center in Cary.
In acquiring the Pinedale stake, Routemaster Capital said it will have an investment in a company that has solar-cryptocurrency facilities, which are currently cash flow positive.
Pinedale's current management will continue to operate the facility, with Routemaster as an adviser. Pinedale's founders will remain actively involved in the business.
The transaction's completion is subject to satisfactory completion of due diligence by Routemaster, execution of a definitive agreement, and all required approvals and consents.