Future FinTech stock gains premarket on power supply deal for cryptocurrency mining farm

Future FinTech (NASDAQ:FTFT) stock gained 5.5% premarket Tuesday after the firm's unit FTFT SuperComputing inked a power sales and purchase deal with Champion Energy Services. Champion Energy will provide 15.58 MW of electricity for the development of FTFT's planned cryptocurrency farm in Northwest Ohio. The deal has a provision for a hybrid pricing plan, which includes a fixed and index combination and is customer-specific to changes in FTFT SuperComputing's energy needs. Sale and delivery of electricity is expected to begin on Jul. 1 and the deal has a term of six years. FTFT in Dec. said it will build a cryptocurrency mining farm in the U.S.