Atlas Energy stock surges on AI data center power deals

Investing.com -- Atlas Energy Solutions Inc (NYSE: AESI) shares jumped 13% in premarket trading Friday after the company signed power equipment deals with a leading frontier AI lab for data center projects.

Atlas Energy Solutions announced that two wholly owned subsidiaries executed separate cost reimbursement agreements with the AI lab alongside equipment purchase agreements to secure long-lead-time supporting equipment and incremental power generation equipment for specific data center projects.

The second cost reimbursement agreement supports an incremental 283 megawatts of purchase commitments for Caterpillar power generation equipment to facilitate the initial power ramp of a separate data center project. These generating capacity purchases are in addition to Atlas's obligations under the GFA with Caterpillar.

Atlas also executed a purchase agreement for 328 megawatts of generating capacity, consistent with its obligations under the GFA for 2027 deliveries.

"As the need for power infrastructure continues to grow rapidly, de-risking the supply chain and the project timelines is of paramount importance to Atlas as we work with our customers to achieve their goals of ramping compute capacity," said John Turner, President and CEO. "This customer's willingness to enter into cost reimbursement agreements is a clear sign of commitment to these projects as we work together toward the execution of long-term power purchase agreements."

Original Article

You May Also Be Interested In

• Nutanix gains as Guggenheim starts coverage at Buy amid VMware share gains
• Morgan Stanley upgrades Lockheed Martin, says F-35 deal removes key risk
• Barclays initiates Life Time at overweight on affluent member insulation; stock up