New Era Energy & Digital (NASDAQ:NUAI) has entered into a binding agreement to acquire the remaining 50% ownership interest in Texas Critical Data Centers LLC (TCDC) from Sharon AI, the company announced Tuesday.
The transaction, valued at $70 million, will give the Permian Basin-based developer full control of its flagship 1+ gigawatt hyperscale data center project located in Ector County, Texas.
The $70 million consideration is structured as a mix of cash, equity, and a senior secured convertible promissory note.
By moving to a single ownership structure, New Era aims to accelerate the development of the site, which is positioned to become one of the largest AI and High-Performance Computing (HPC) campuses in the United States.
The deal is accompanied by a significant strategic pivot.
Management confirmed that the company is moving away from a "neocloud" service model in favor of a "pick-and-shovel" approach.
This strategy focuses on providing the underlying digital infrastructure—land, power, and connectivity—to third-party tenants, a model that typically offers more stable, long-term infrastructure value compared to the more volatile cloud-services market.
In a move to bolster the project's scale, New Era also closed on the acquisition of 203 additional contiguous acres adjacent to the TCDC site.
The expansion brings the total footprint to 438 acres, providing the necessary land for a multi-phase build-out.
Over the last year, the project has progressed through critical milestones including land aggregation, engineering, and power interconnection studies.
The TCDC development is strategically located outside Odessa, tapping into the Permian Basin’s unique energy ecosystem.