Bit Digital‘s (NASDAQ: BTBT) high performance computing subsidiary WhiteFiber closed the acquisition of a 96 acre, approximately 1 million square foot industrial property in Madison, North Carolina.
The company said on Monday that it would retrofit the facility into an artificial intelligence data center campus.
The facility has immediate access to power. Additionally, the company signed a capacity agreement with Duke Energy (NYSE: DUK) for 99 MW. Of that, 24 MW should be delivered by September 1, 2025. The company expects to complete the first phase of HPC data center development and go live by year-end 2025.
According to a preliminary feasibility study, Duke Energy can support capacity up to 200 MW. However, this depends on future Electricity Service Agreements and other conditions.
Strategically located in North Carolina’s Piedmont Triad, the facility sits within 100 miles of Charlotte, Raleigh, Winston-Salem, and Greensboro. It is also just 13 miles from the Virginia border. This region already hosts several hyperscalers.
The company is also actively negotiating with multiple HPC data center tenants. It has already signed a non-binding LOI with one client.
Furthermore, the facility’s location near major metro areas supports AI inference workloads.
“North Carolina’s leadership in high performance computing started decades ago with our research universities, the Research Triangle, and our focus on the future,” said Governor Josh Stein of North Carolina.
“WhiteFiber’s decision to join our state’s IT community will help bring the next generation of computing excellence to North Carolina.”
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Collaboration played a key role in moving the project
Based on initial capital investment projections, the State of North Carolina has confirmed the project as a qualifying data center. As a result, it will receive certain sales and use tax exemptions.
The company has also worked closely with local and state officials, economic development agencies, and utility partners. Their collaboration has played a key role in moving the project forward.
“Securing this site is a meaningful step in scaling our AI infrastructure platform,” said Sam Tabar, CEO of Bit Digital.
“The location, size, and power profile make it a rare asset, which we believe will be foundational to meet accelerating demand from AI customers and pursue long-term value creation for shareholders.”
Madison Mayor William Phillips expressed further enthusiasm about WhiteFiber’s investment, calling the transformation of the former Unifi facility into a cutting-edge AI data center a major boost for the local economy.
The company is using cash on hand to fund the USD$45 million purchase. It previously tapped its at-the-market equity program to build up cash reserves ahead of the closing. Furthermore, the company now plans to begin a commercial mortgage financing process for the site.
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