New Era Energy & Digital (NASDAQ:NUAI) said on Tuesday it had agreed to buy out its partner’s stake in a planned hyperscale data center development in West Texas, consolidating full ownership as the project moves toward its next phase.
The Nasdaq-listed company said it will acquire Sharon AI’s 50% interest in Texas Critical Data Centers LLC (TCDC) for $70 million, giving New Era 100% ownership of the project.
TCDC is a proposed 1+ gigawatt data center campus in Ector County near Odessa, Texas.
The consideration includes $10 million in cash, a deferred equity issuance valued at $10 million payable by end of March 2026, and a $50 million senior secured promissory note maturing in June 2026. Of the note, $40 million is non-convertible, with the remainder carrying limited conversion rights, the company said in a filing.
New Era said the cash portion is expected to be financed through loans or other non-equity funding and described the overall structure as minimally dilutive.
In a separate move, New Era said it has closed the acquisition of an additional 203 acres of land adjacent to the TCDC site, expanding the total development footprint to 438 acres. The company said the expanded site is intended to support a large-scale, multi-phase artificial intelligence and high-performance computing campus.
CEO E Will Gray II said the buyout was designed to preserve shareholder value while improving execution.
“This buyout was structured to minimize dilution while maximizing our operational flexibility,” Gray said. “Full ownership allows us to better align capital with development, accelerate the project’s execution and create stronger long-term value for NUAI shareholders.”
Gray added that the company appreciated its partnership with Sharon AI, which he said had been “instrumental in advancing the TCDC project to this stage,” and said a simplified ownership structure was the right next step as the campus moves from planning into execution.
Over the past year, New Era said the development has progressed across land aggregation, engineering, power interconnection studies and commercial engagement, with those workstreams advancing in parallel.
Shares of New Era added 3% in Tuesday morning trading.