New Era Helium (NEHC) said Wednesday it signed a binding letter of intent with Sharon AI to develop and operate a 250-megawatt, net-zero energy data center in the Permian Basin.

The project marks a significant increase from the initially disclosed 90-megawatt facility, the company said., New Era Helium said.

The companies expect to formalize the joint venture agreement on or before Dec. 23.

Shares of New Era Helium were down 23.6% in recent trading.

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