AI data centre developer Vesari has appointed a capital markets adviser as it explores a stock market listing through a merger with a special purpose acquisition company, or SPAC.
Vesari has engaged ARC Group International to advise on a possible combination with a SPAC yet to be identified, alongside related fundraising. Such “de-SPAC” deals take a private company public without a conventional flotation.
Vesari remains at an early, pre-revenue stage, but has set out ambitious plans to develop a 100 MW geothermal-powered computing campus in the western United States.
An interesting development today is that it intends to bid for land rights from the US Bureau of Land Management in the final quarter of the year. This could potentially provide the property required to start building its first data centre facility.
But the financing remains the crucial element in their plans, and today’s announcement sets the scene for a future capital raising. Raising capital quickly is crucial to validating Vesari’s concept and justifying the valuation estimated by an external IP firm.
Ian Hanna, Partner of ARC Group International Limited said: “Vesari is led by an executive team with a demonstrated record of building and financing technology companies, and that leadership is matched by technical acumen and a compelling intellectual property portfolio consisting of twelve filed, non-provisional patent applications which enable a unique, efficient, four-layer campus architecture, and a science advisory board of genuinely first-rank geothermal and satellite communications scientists.”
“The timing of Vesari’s offering is also opportune: the constraint on artificial intelligence infrastructure today is firm, clean power delivered where the compute sits, and Vesari’s behind-the-meter geothermal approach speaks directly to that need. We are delighted to be working alongside the Vesari team, and our objective is straightforward, to help Vesari become a successful, well-financed public company with the balance sheet and capital markets standing required to execute its business plan.”