AGM Group Holdings (AGMH) said late Thursday its AGM Canada unit signed a deal with Nowlit Solutions to form a joint venture in a bid to help the company's expansion in the artificial intelligence and cryptocurrency markets in North America.
The AGM Energy joint venture intends to invest in and operate clean energy including oil fields, natural gas fields, and hydropower plants in Canada.
AGM Group intends to invest at least $30 million by the end of this year and at least $100 million by the end of 2025 to support AGM Energy's growth, AGM Chief Executive Bo Zhu said.
AGM Energy expects to generate at least $50 million in revenue from its energy business and at least $100 million in revenue from IDC data centers and cryptocurrency mining farms by the end of next year, Zhu said.
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