GridAI Technologies announced Thursday that it has secured Pronghorn Resources, a Wyoming-based natural gas operator, through an all-stock transaction. The acquisition positions the company to construct gas-powered generation facilities serving AI data centres, with an initial target of 300 MW operational in 2027, though the firm has yet to announce any committed customers.
Pronghorn currently extracts approximately 100 million cubic feet of gas daily from roughly 3,200 wells distributed across the Powder River Basin. The company's infrastructure includes over 450 miles of pipeline networks and mineral rights spanning nearly 1 million acres.
GridAI's strategy centres on constructing gas-fired generation plants that supply power directly to data centre operators, eliminating lengthy delays associated with conventional grid connection procedures. According to the company's projections, Pronghorn's existing gas reserves could theoretically support approximately 600 MW of generation capacity, though this remains an estimate pending actual construction and financing of the facilities.
The transaction structure involves equity rather than cash payment. Pronghorn's shareholders will receive approximately 1.25 million GridAI shares alongside preferred stock, with closure anticipated by 22 November. GridAI, which maintains Nasdaq listing status, carried a market valuation near $31 million in October according to StockAnalysis.
Beyond the gas acquisition, GridAI has also obtained Wyoming development rights for a planned small modular reactor design, though the company emphasises that natural gas remains its primary focus currently. The company has disclosed no customer commitments to date. This announcement follows Crusoe Energy's decision last week to relinquish its Wyoming site to Google, reportedly due to insufficient customer demand.
Wyoming continues attracting AI infrastructure investment as resistance intensifies elsewhere. Google is developing a $17 billion data centre facility in the state designed to operate predominantly on gas power. Nationally, voters rejected data centre proposals in 40 of 41 local ballot measures this month, reflecting public concerns as AI-driven demand accelerates gas plant development.
Source: The Next Web
