Canaan wins bid for Nordic district heating equipment contract

Canaan Inc. (NASDAQ: CAN) announced it was selected to provide hash-to-heat equipment for a district heating network in the Nordic region, according to a company press release.

The crypto mining equipment manufacturer will supply its Avalon A1566HA series hydro-cooled units with a combined capacity of approximately 8 MW to a Nordic heating provider. The units are designed to produce hot water at temperatures of approximately 80 degrees Celsius for integration into existing district heating systems.

The project represents a second phase deployment. Approximately 2 MW of heating capacity, comprising 228 A1566HA units, is currently operating in the region. The customer placed a follow-on order in March 2026 for an additional 6 MW of capacity, comprising 692 A1566HA units.

The 8 MW project is expected to provide heating to approximately 2,800 homes. The hydro-cooled miners operate with dynamic overclocking and underclocking capabilities, allowing adjustment to varying demand profiles.

"This selection reflects both the strength of our technology and the depth of our engineering knowledge," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Heat reuse is no longer an ancillary byproduct of compute. It is central to building a more efficient, sustainable energy future."

Canaan, established in 2013, designs ASIC high-performance computing chips and produces mining equipment. The company completed its initial public offering on the Nasdaq Global Market in 2019.

The information is based on a company press release statement.

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