Vulcan Infrastructure and Power Inc.

Vulcan Infrastructure and Power has published an investor presentation outlining a proposed $39.4 million PIPE and 654 MW of potential capacity at owned sites. The company expects more than 100 MW to become available for AI/HPC opportunities over the next year. Vulcan intends to use the PIPE proceeds to redeem $33.1 million of 8.50% senior notes due October 2026, which would reduce total debt from $36.9 million to $3.7 million and lower net loan-to-value from about 47% to about 2%. Machine Investment Group, Atlas Holdings, Conversant Capital and other investors are participating in the proposed financing, with Machine also receiving a $10 million, 10.00% secured convertible note due 2029 with payment-in-kind interest and a $2.1375 conversion price when the PIPE closes. Vulcan identified its operating 104 MW power plant in Dresden, New York, as its main near-term development opportunity, including 64 MW of existing behind-the-meter data-center capacity that could transition from bitcoin mining to AI/HPC, along with 60 MW of approved interconnection capacity. The Dresden plant generated $22 million in power and capacity revenue during 2025, up $11.4 million from 2024, and revenue from those sources totaled $20 million in the first half of 2026, an increase of $8.2 million from the same period last year. Vulcan also plans to commercialize 40 MW at a 34-acre site in Columbus, Mississippi, by the third quarter of 2027, while another 450 MW at owned sites is in various stages of load studies and approximately 2.5 GW across 12 sites is under evaluation. The PIPE has not closed and remains subject to customary closing conditions, and the planned note redemption depends on receiving the PIPE's net proceeds.