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New Era Helium and Sharon AI Expand and Accelerate Plans for a Net-Zero Energy Data Center in the Permian Basin
Wednesday, 11th December at 8:58 am
New Era Helium, Inc. (NASDAQ: NEHC) ("NEH," "New Era Helium" or the "Company"), an exploration and production (E&P) company sourcing helium produced in association with natural gas reserves within the Permian Basin, is pleased to announce significant progress on its 50/50 joint venture ("JV") with Sharon AI, Inc. ("Sharon AI"), a High-Performance Computing business specializing in Artificial Intelligence, Cloud GPU Compute Infrastructure, and Cloud Storage.
The two companies have executed a binding letter of intent (LOI) to develop and operate a 250MW net-zero energy data center in the Permian Basin, a significant increase from the originally announced 90MW facility [read here]. This expansion reflects heightened demand for power from potential off-takers and highlights the strategic importance of the planned data center in Texas. The project aligns with both companies' commitment to leverage clean energy solutions and innovative technologies to address the growing needs of the high-growth data industry.
Key updates include:
• Binding LOI Signed: Sharon AI and New Era Helium have formalized their commitment by signing a binding Letter of Intent (LOI) from a previously announced non-binding LOI.
• Increased Capacity: The proposed data center's capacity has been significantly expanded to 250MW from 90MW following due diligence and discussions with prospective clients seeking access to additional electricity.
• Location Finalized: After extensive evaluations, the joint venture has narrowed the site selection to a prime location within the prolific Permian Basin in West Texas.
• Definitive Agreement Timeline: The companies anticipate formalizing the joint venture agreement on or before December 23, 2024.
• Gas Supply Agreement: As part of the joint venture agreement, New Era Helium will enter into a gas supply agreement at a mutually agreed fixed cost for five years plus three options of five years each.
Wednesday, 11th December at 8:58 am
New Era Helium, Inc. (NASDAQ: NEHC) ("NEH," "New Era Helium" or the "Company"), an exploration and production (E&P) company sourcing helium produced in association with natural gas reserves within the Permian Basin, is pleased to announce significant progress on its 50/50 joint venture ("JV") with Sharon AI, Inc. ("Sharon AI"), a High-Performance Computing business specializing in Artificial Intelligence, Cloud GPU Compute Infrastructure, and Cloud Storage.
The two companies have executed a binding letter of intent (LOI) to develop and operate a 250MW net-zero energy data center in the Permian Basin, a significant increase from the originally announced 90MW facility [read here]. This expansion reflects heightened demand for power from potential off-takers and highlights the strategic importance of the planned data center in Texas. The project aligns with both companies' commitment to leverage clean energy solutions and innovative technologies to address the growing needs of the high-growth data industry.
Key updates include:
• Binding LOI Signed: Sharon AI and New Era Helium have formalized their commitment by signing a binding Letter of Intent (LOI) from a previously announced non-binding LOI.
• Increased Capacity: The proposed data center's capacity has been significantly expanded to 250MW from 90MW following due diligence and discussions with prospective clients seeking access to additional electricity.
• Location Finalized: After extensive evaluations, the joint venture has narrowed the site selection to a prime location within the prolific Permian Basin in West Texas.
• Definitive Agreement Timeline: The companies anticipate formalizing the joint venture agreement on or before December 23, 2024.
• Gas Supply Agreement: As part of the joint venture agreement, New Era Helium will enter into a gas supply agreement at a mutually agreed fixed cost for five years plus three options of five years each.
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