HONG KONG, August 11, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Company”) today announced a significant move into the energy sector with the acquisition of a 50 MW operational mining facility in Georgia, USA. The purchase, valued at US$19.5 million in cash, marks a key evolution in Cango’s strategy towards a diversified approach encompassing both
This transaction signifies Cango’s initial step in expanding its portfolio of company-owned and managed mining resources. By strategically acquiring energy operations with lower power costs, Cango intends to boost operational performance, maintain strict cost control, and ensure robust financial stability for the long run. The goal is to lay a firm foundation for a sophisticated, future-oriented energy plan.
The facility previously housed Cango’s mining equipment under a third-party arrangement. Following the acquisition, Cango will allocate 30 MW of the facility’s capacity to its internal mining operations and use the remaining 20 MW to provide hosting services for external clients. The facility is fully equipped with essential mining infrastructure, living quarters, and support systems, ensuring a smooth transition for Cango. This acquisition enables Cango to cultivate in-house operational know-how necessary for effectively managing its own mining sites, thus reinforcing the company’s technical and administrative base. Concurrently, Cango is strategically positioning itself to potentially supply energy to high-performance computing (HPC) applications in the future. This expansion would allow the company to leverage its operational and technical experience developed internally, maximizing the long-term potential of its resources beyond solely
According to Mr. Peng Yu, CEO of Cango, “This acquisition represents a crucial milestone, signaling the start of our vertical integration strategy as we move toward a more diverse and resilient array of
About Cango Inc.
Cango Inc. (NYSE: CANG) focuses primarily on the
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Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: [email protected]
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