Jet.AI Forms Joint Venture with Consensus Core to Build Hyperscale AI Data Centers
Jet.AI Inc., a company transitioning to a pure-play AI data-center enterprise, has announced the signing of a Letter of Intent (LOI) to form a joint venture with Consensus Core Technologies Inc.
This partnership will focus on creating two hyperscale data-center campuses: one in Midwestern Canada (the Midwestern Project) and the other in Maritime Canada (the Maritime Project). These campuses are projected to provide around 1.5 gigawatts (GW) of power capacity to meet the increasing demand for AI computing infrastructure.
Investment Details and Project Expansion
Jet.AI plans to invest $2 million in the initial closing of the joint venture, which is targeted for Q2 2025. This investment will secure 20% general partner interest in each project and an initial 8% equity stake in the joint venture's holding company.
A follow-on tranche of $2 million will be tied to a specific milestone, with an option for Jet.AI to raise its total commitment up to $20 million, increasing its ownership in the joint venture to 19.9%. The parties have agreed to a 60-day exclusivity period, extendable by 30 days, to finalize the definitive agreements.
The Midwestern Project already hosts a 2-megawatt operational data center and is expected to expand to 100 MW in the next 12 months, potentially generating $100 million in incremental Net Operating Income (NOI) once tenanted and stabilized.
Strategic Locations and Energy Infrastructure
The Midwestern Project benefits from a 115 kV transmission line directly to the site, offering ample power capacity for immediate and future expansion. The property is strategically located next to a large-scale natural gas pipeline, enabling on-site power generation, making it highly suitable for hyperscaler deployments.
The Maritime Project, positioned near extensive transmission lines, currently has 40 MW of available substation capacity, with plans to increase it to 100 MW. The property also has access to multiple hydroelectric power sources, and future green energy production expansion is possible with 10,000 acres of developable land, making it a sustainable solution for energy needs.
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Future Growth Potential and Green Energy Focus
Wayne Lloyd, CEO of Consensus Core, said, “Grid power, along with natural gas electricity generation, expansion of green energy, and battery storage create a combined energy solution that addresses the power bottlenecks we see in many locations. Our team has specifically sought out sites that meet these criteria, recognizing that such assets are becoming harder to secure in today's market.”
Both projects are positioned to take advantage of natural gas electricity generation, green energy expansion, and battery storage solutions to create a comprehensive energy mix. This approach addresses the power bottlenecks seen in many regions, and Consensus Core has specifically sought out sites that meet these criteria, as securing such assets becomes increasingly difficult in today’s market.
