The Hungarian energy startup is expanding in the USA

By: Trademagazin Date: 2022. 12. 06. 08:50

Allied Energy Corporation, listed on the OTC securities market and engaged in the leasing and production of oil and gas fields located in one of the richest regions of the United States with hydrocarbon resources, has entered into a cooperation with the American subsidiary of Hungarian Enerhash in order to install technology that will be able to utilize natural gas and crude oil in the future. so-called flare gas remaining from extraction and not yet utilized.

Enerhash is partnering with Texas-based Allied Energy

Enerhash is an energy technology and digital infrastructure development company founded by Hungarian energy experts in 2019 in Budapest. The startup has already put into operation its own technology providing renewable energy optimization and network balancing services in countries on several continents, including New Zealand, Sweden and Hungary, and the company has now also entered the US market.

The Hungarian startup has entered into a cooperation agreement with the Texas-based Allied Energy Corporation, according to which they will work together in the future on technological solutions that will utilize energy sources generated during hydrocarbon extraction that have not yet been utilized or simply burned in the air with so-called flaring. The natural gas resources that have been wasted so far are used to power data centers with high computing capacity, which can be used, among other things, for cryptocurrency mining.