GridAI Acquires Pronghorn to Power AI Data Centers

GridAI is committing to vertical integration in energy by acquiring Pronghorn Resources, a gas producer in Wyoming, through a stock exchange. The company aims for 300 MW of power dedicated to AI data centers by 2027, with no named clients and plants yet to be financed, as Wyoming attracts large projects while other regions are closing off.

In the United States, Wyoming attracts Google while local votes hinder data centers

Google is planning a $17 billion data center in Wyoming that will primarily operate on gas. At the same time, American voters have rejected data center projects in 40 out of 41 local measures this month. Last week, Crusoe abandoned its Wyoming site in favor of Google, after apparently failing to gather enough clients. Wyoming remains an investment hub for AI as other regions retreat. In this context, GridAI has not yet named any clients for the electricity it plans to provide.

A fully stock-based acquisition, with a closing date aimed for November 22

GridAI's acquisition of Pronghorn is structured in stock rather than cash. Pronghorn's owners are set to receive approximately 1.25 million shares of GridAI, in addition to preferred shares. The finalization of the deal is expected on November 22. GridAI is listed on Nasdaq and was valued at around $31 million in October, according to StockAnalysis.

Gas priority, 300 MW targeted by 2027, and an estimated potential of 600 MW

GridAI plans to build gas plants to directly supply electricity to AI data centers, with a target of 300 MW by 2027. The company asserts that this dedicated supply should avoid years of waiting for grid connection. It claims that Pronghorn's current gas production could support nearly 600 MW, although it notes that the plants still need to be built and financed. Pronghorn extracts nearly 100 million cubic feet per day from about 3,200 wells located in the Powder River Basin, owns over 450 miles of pipelines, and holds rights to nearly 1 million acres. GridAI has also secured rights in the state for a small nuclear reactor project, while emphasizing that gas remains its priority.