New Era Energy & Digital, the Nasdaq-listed developer behind the Texas Critical Data Centers (TCDC) campus in the Permian Basin, is raising about $64 million in new equity. In a press release filed with the Securities and Exchange Commission as Exhibit 99.1 on Oct. 29, 2026, the company's chief executive said the capital will allow it to "advance leasing negotiations for 757 MW across Phases 1 and 2 at Texas Critical Data Centers."
The raise is a private investment in public equity (PIPE): 23,272,727 shares sold at $2.75 each, for gross proceeds of about $64 million, according to the release. The company expected the deal to close on Oct. 30, 2026, subject to customary closing conditions. Northland Capital Markets is the sole placement agent.
The release says net proceeds will go toward repaying recent borrowings under the company's Macquarie facility, working capital and other general corporate purposes. It does not announce a signed tenant. Leasing for the campus's first two phases is described as still under negotiation.
The Site and Its Scale
The company's release describes TCDC as a 493-acre site in the Permian Basin and says its capacity is expected to scale to 1.4 GW over time. Baxtel, a data center industry publication, places the project in Ector County, Texas, next to a Vistra gas plant in Odessa.
The press release gives three capacity figures, and they cover different things:
- Up to 207 MW: firm contracted power secured for Phase 1 under a 20-year power purchase agreement, according to the company.
- 757 MW: the capacity across Phases 1 and 2 for which the company says it is working to advance leasing negotiations.
- 1.4 GW: the capacity the company expects the site to scale to over time.
Only the first figure is tied to a signed power contract in the sources. The release does not say how power would be supplied for the rest of the 757 MW, or for the full 1.4 GW, beyond Phase 1.
The Vistra Power Deal
The power for Phase 1 comes from an agreement announced in September. A company press release dated Sept. 22, 2026, published by Latitude Media, said TCDC PowerCo LLC, a New Era subsidiary, signed a 20-year PPA with Luminant ET Services Company LLC, a Vistra affiliate. Luminant agreed to supply a minimum of 200 MW and up to 207 MW for Phase 1, with an initial 20-year term and automatic one-year renewal periods. The power will come from Vistra's 1,180 MW natural gas-fired generating facility in Odessa, which the release says is immediately adjacent to the TCDC site.
Baxtel described the plant as Vistra's 1.1 GW gas facility in Odessa and reported that deliveries are expected to start in the third quarter of 2027. The company's Sept. 22 and Oct. 29 releases both give the same Q3 2027 timing. (Baxtel's headline called it a 250 MW deal, but its article body and the company's releases put the contracted amount at up to 207 MW.)
The deal also gives Vistra a stake in the project. According to the company's release, after power delivery begins Vistra will receive a 5% non-voting interest in the portion of the data center project to which it provides power under the PPA. The agreement also gives Vistra a right of first refusal on future development opportunities at TCDC and a right of first offer on certain opportunities serving other New Era projects. Vistra's Claudia Morrow, senior vice president of corporate development and strategy, said in the release that Vistra is "pleased to work with New Era on a long-term power arrangement for the TCDC project."
The sources do not say whether the plant's output will be delivered over the ERCOT grid or only to the campus.
How the Financing Fits Together
The new equity is one part of the company's funding. The other is its credit relationship with Macquarie. The Oct. 29 release says some PIPE proceeds will repay recent Macquarie borrowings. It also refers to an existing "up to $200 million post-lease financing option" under the Macquarie facility.
The release labels that $200 million option as post-lease financing, which indicates it is tied to a lease being signed; the release does not spell out the conditions. Nelson said that after closing the company expects a "strong net cash position, alongside" that option, and described the raise as meeting near-term financing needs while leasing negotiations continue. The release does not give construction cost estimates, a schedule for the data center buildings, or job figures.
CEO Charlie Nelson said the capital lets the company advance leasing negotiations for the 757 MW across Phases 1 and 2. He also said the company's near-term priority is to turn its advantages into long-term leases.
What Is Not Yet Settled
For local officials, utilities and people in Ector County watching the project, the sources leave several questions open:
- Tenant: No lessee has been announced, and the company describes leasing for Phases 1 and 2 as under negotiation.
- Power beyond Phase 1: The signed PPA covers up to 207 MW. The sources do not say how the remaining capacity in the 757 MW leasing target, or the 1.4 GW ceiling, would be powered.
- Water, permitting and construction: The company says it has "key permits in hand" and "construction permits," but the sources do not identify those permits or the agencies that issued them. They also give no water-use figures and no construction start date. The release describes a water-efficient design in general terms only.
What Happens Next
According to the company's Oct. 29 release, the PIPE was expected to close on Oct. 30, 2026. The company has said its near-term priority is converting leasing negotiations into long-term leases for capacity in Phases 1 and 2; no lease date has been announced. On the power side, the company's releases and Baxtel give the third quarter of 2027 as the expected timing for power delivery under the Luminant PPA, and Vistra's 5% non-voting stake is to be granted following commencement of power delivery.
