New Era Energy & Digital Inc has secured a deal to buy Sharon AI Inc’s 50 percent stake in their equally owned Texas Critical Data Centers (TCDC) project, an under-development power and artificial intelligence data center project in Ector County.
“This buyout was structured to minimize dilution while maximizing our operational flexibility”, New Era chief executive E. Will Gray II said in an online statement. “Full ownership allows us to align capital with development, accelerating the project’s execution and creating stronger long-term value for NUAI [New Era] shareholders”.
“As the campus now moves from planning into execution, we believe a simplified ownership structure is the right next step”, Gray added.
Sharon AI said separately its exit “is expected to facilitate further investment in Sharon AI’s core Neocloud operations, bringing high-performance compute to market, at scale, for its research and enterprise customers”.
New Era is to pay Sharon AI $70 million, including a $10 million upfront cash payment that New Era plans to fund through loans or other non-equity financing agreements. The payment also includes “a one-time deferred equity issuance with a fixed value of $10 million, payable on March 31, 2026, representing a time-defined equity obligation with dilution limited by the fixed value and deferred settlement”, New Era said.
The remainder consists of “a $50 million senior secured promissory note maturing June 30, 2026, of which $40 million of the principal amount constitutes non-convertible debt”, it said. “This instrument provides for a limited equity conversion right, rendering the financing minimally dilutive at the corporate level”.
The statement also said New Era had completed the acquisition of an additional 203 acres next to the TCDC site. “The purchase expands the total development footprint to 438 acres, strengthening TCDC’s ability to support a large-scale, multi-phase 1+ gigawatt AI and HPC campus”, New Era said.
“Over the past twelve months, the project has advanced materially across land aggregation, engineering, power interconnection studies and commercial engagement, with these workstreams progressing in parallel”.
New Era expects to make a final investment decision by the first quarter of 2026 and start phase 1 operation 2027, according to a project update by the company published December 11.
To contact the author, email jov.onsat@rigzone.com
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