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.