Algorhythm Highlights Potential $70 Million Project Cash Value as Azure Energy Advances Renewable Power Development
Globe Newswire•13/10/2026•09:15 ET
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Key Highlights
- ➤North Carolina project targets 50MW operational capacity within approximately 24 months
- ➤Second phase would expand facility to 100MW after an additional 12 months
- ➤Azure forecasts approximately $3 million in 2027 fee income from existing contracts
- ➤Project sale could value facility up to $70 million after final permitting
- ➤Azure expects approximately $7 million equity proceeds plus transaction fees if sold
Expert Statements
Andrew Thompson, CEO of Algorhythm Holdings
“Our North Carolina project is one of three active, highly attractive projects our team is helping advance today”
Andrew Thompson, CEO of Algorhythm Holdings
“It is in the most advance stage of all of the projects, and we view its near-term value as central to enhancing our balance sheet, clearing legacy financings, and positioning the Azure to accelerate growth in 2027.”
Andrew Thompson, CEO of Algorhythm Holdings
“We are quickly progressing towards fully monetizing the value we stand to generate from this project in the coming months.”
Company Identifies Potential $7 Million Equity Proceeds from Strategic Sale of North Carolina 100 MW Project
Fort Lauderdale, FL, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – a diversified holding company and owner of Azure Energy, a renewable power plant developer (“Azure”), and SemiCab Holdings, an AI-enabled logistics provider, today provided details of one of its significant sources of revenue and value creation, a 100MW biomass renewable power plant project in North Carolina.
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