Antelope Enterprise Announces Entry Into the Energy Supply Business to Meet High Expected Demand
NEW YORK, NY, Sept. 17, 2024 (GLOBE NEWSWIRE) -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), the majority owner of Hainan Kylin Cloud Services Technology Co., Ltd ("Kylin Cloud"), the operator of a livestreaming ecommerce business in China, announced that it expects to shortly enter into the energy field through the production of electricity using natural gas generators in Texas. AEHL has launched this business in the US to meet the rapidly growing needs of computing power industries.
"We believe that our strategic positioning in the energy supply sector is extremely timely to meet the high expected demand for energy due to the growth in cryptocurrency mining," Will Zhang, CEO of Antelope Enterprise, commented. "We believe that we can offer cost-effective solution that will provide sustainable value for crypto-mining companies in Midland, Texas."
The Company believes that the demand for electricity for new data centers to accommodate the growth in the use of generative artificial intelligence and crypto-currency mining is being driven to unprecedented heights due to the y. The price of Bitcoin has increased 113.98% in the past year and has repeatedly exceeded the $70,000 mark, while Ethereum has also increased by 41.07% during the year. This trend has fueled the enthusiasm of investors around the world.
According to the US Energy Information Administration (EIA), the electricity consumption of cryptocurrency mining accounts for 0.6% to 2.3% of the total electricity consumption in the US, which is equivalent to the electricity consumption of some medium-sized countries. In particular, the US' share of Bitcoin mining activity has soared from 3.4% in 2020 to 37.8% in 2022, making the US the world's major cryptocurrency mining center. We believe that this phenomenon not only puts great pressure on the power supply chain, but it also brings unprecedented growth opportunities to the power supply market. Given the strong market demand, the Company believes it has a runway for significant growth in the near future.
About Antelope Enterprise Holdings Limited
Antelope Enterprise Holdings Limited AEHL US LLC ("AEHL US"), the 51% owner of Hainan Kylin Cloud Services Technology Co., Ltd ("Kylin Cloud"), the operator of a growing livestreaming ecommerce business in China with access to 800,000+ hosts and influencers. Through its wholly owned U.S. subsidiary, AEHL US LLC, the Company expect to begin generating electricity for a crypto-mining company in Midland Texas in the fourth quarter of 2024.
For more information, please visit our website at https://aehltd.com/.
Safe Harbor Statement
Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in the PRC, the PRC technology sectors continuing to exhibit sound long-term fundamentals, and our ability to continue to grow our energy, livestreaming ecommerce, business management and information system consulting businesses. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.
Source: Antelope Enterprise Holdings, Ltd.
Contact Information:
Antelope Enterprise Holdings Limited
Edmund Hen, Chief Financial Officer
Email: [email protected]
Precept Investor Relations LLC
David Rudnick, Account Manager
Email: [email protected]
Phone: +1 646-694-8538
