Sanhui Electric's controlling subsidiary completes energy storage battery procurement contract; project successfully connected to grid

CleanSpark has signed a 20-year, $6.6 billion triple-net lease for its Sandersville, Georgia, site, a deal the company expects to generate $330 million in annual revenue. Chairman and CEO Matt Schultz said the site includes a fully energized 250-megawatt substation, that CleanSpark secured an additional 122 acres with community support, and that the tenant received short-term exclusivity for up to 885 additional megawatts in Texas, with the first data hall targeted for delivery in December 2027. The announcement came during an H.C. Wainwright panel where mining and AI infrastructure executives described a broad pivot from bitcoin operations toward AI colocation, cloud services and GPU-as-a-service. Core Scientific's Russell Cann said direct-liquid-cooled construction costs have climbed from roughly $4.5 million per megawatt for early projects to about $10 million to $10.5 million per megawatt for facilities turned on this year and $12 million to $13 million per megawatt for projects expected to start operating in 2027. Cann also said Core Scientific recently announced a roughly 500-megawatt agreement with AMD, with AMD holding rights to the next 2,000 megawatts across sites in Hunt County and Pecos, Texas, and Muskogee, Oklahoma, under a 15-year triple-net lease at $125 per megawatt or a modified gross structure at $145 per megawatt. Executives pushed back on AI bubble concerns, with Cann noting roughly 5 gigawatts of rack space is delivered annually against approximately 15 gigawatts of annual chip demand, while cautioning that many power requests may be duplicative or unsupported by actual transmission, substations or fuel supply.