Senmiao Technology Limited (NASDAQ: AIHS) announced it has signed a non-binding letter of intent to invest $5.0 million into Energence Utah LLC, a project company developing a planned digital infrastructure campus in Duchesne County, Utah.

The proposed staged investment would fund development work on the Energence Utah campus, a planned 5,046-acre site located between Salt Lake City and Denver. The campus master plan includes a 475-acre data center area designed to support up to 1 GW of data center capacity, a 200-acre energy center, and approximately 1,440 acres designated for solar generation.

Elio Energy Group, through its subsidiary Elio Energy Development LLC, has been engaged as the project's development services provider. Elio reports an active development pipeline of approximately 3.5 GW, consisting of roughly 1.5 GW of energy generation and 2.0 GW of planned storage capacity targeted for delivery through 2029.

Under the current phasing schedule, the project targets 100 MW of firm capacity by Year 2, 700 MW by Year 4, and up to 1.2 GW by Year 6, with total connected capacity reaching approximately 1.9 GW. All targets remain subject to engineering, interconnection, permits, financing, equipment procurement, commercial agreements, and construction.

The site holds active conditional-use permits for the data campus, gas generation, energy storage, and solar photovoltaic generation. An initial commitment for 100,000 MMBTU per day of natural gas supply has been received, sufficient for the initial two-year target phase.

Senmiao, which has historically operated automobile transaction and related services businesses, said the proposed investment represents a step in its transition toward digital infrastructure. The company said the transaction is separate from its previously announced Nebula Matrix AI LLC joint venture with Constant Energy Construction Corp.

The letter of intent is non-binding and the transaction remains subject to due diligence, negotiation of definitive agreements, required approvals, and other closing conditions. Senmiao stated there is no assurance the transaction will be completed on the proposed terms or at all.