New Era Helium (NEHC) and Sharon AI said Thursday that their joint venture, Texas Critical Data Centers, signed a letter of intent to acquire 200 acres in Ector County, Texas, to develop a 250-megawatt net-zero energy artificial intelligence and high-performance computing data center.

The joint venture signed the letter of intent with economic development corporation GROW Odessa for the site, which is expected to leverage carbon capture, utilization, and storage via enhanced oil recovery to support net-zero energy operations.

The acquisition is subject to due diligence and definitive agreements, expected within 90 days. Texas Critical Data Centers is moving forward with development plans, including a natural gas-fired power plant and fiber connectivity, and aims to finalize a natural gas supply contract with New Era Helium in Q2.

The initial phase is slated for late 2026, according to the company.

Shares of New Era Helium were up over 4% in recent trading.

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