NeoVolta Signs $200M Battery LOI as TeraWulf Buys Kentucky Power

The AI power crunch is producing two kinds of energy stories right now. Companies building the physical supply of batteries and power infrastructure to fill the gap, and companies racing to lock in the energy-advantaged sites before they are gone. Both happened this week.

NeoVolta signs its first utility-scale LOI — $200 million, 1.1 GWh, three states.

On May 28, NeoVolta (Nasdaq: NEOV) announced a Letter of Intent with Infinite Grid Capital for approximately $200 million in utility-scale battery energy storage system (BESS) supply. The LOI identifies three projects: an approximately 400 MWh deployment in West Texas, approximately 400 MWh in Puerto Rico, and approximately 300 MWh across multiple PJM (the grid operator covering 13 states in the mid-Atlantic and Midwest) territory projects. Total: 1.1 GWh.

This is the first commercial LOI tied directly to the Pendergrass, Georgia manufacturing facility, which remains on track for Q3 2026 production ramp. Infinite Grid Capital is not a new relationship — it led NeoVolta’s $13 million private placement in December 2025. The LOI formalizes the commercial framework those two companies have been building toward since that investment.

A few things worth knowing. The LOI is non-binding — no purchase obligations exist until definitive agreements are signed. And NeoVolta announced a concurrent public offering of common stock around the same time, suggesting the company is raising capital alongside the commercial announcement. Both disclosures are on the company’s press releases page and SEC EDGAR. Readers should review both before drawing conclusions.

CEO Arjdes Johnson called the LOI “a powerful validation of the platform we have been building” and said it creates “direct line-of-sight between our manufacturing ramp and a 1.1 GWh pipeline of identified utility-scale projects.” For a company of NeoVolta’s size, that sentence is doing a lot of work. The Georgia factory has not shipped a single commercial unit yet. Q3 is when that starts.

TeraWulf acquires a gigawatt of Kentucky power capacity and the stock jumps 11%.

May 26. TeraWulf (Nasdaq: WULF) acquired the Muskie Data Campus from Industrial Equity Partners — a 285-acre site within the 1,000-acre EastPark Industrial Park in Eastern Kentucky. The site is designed to support more than 1 gigawatt of data center capacity. Kentucky Power, an AEP company, is already constructing a 345 kV substation connected to the existing 765 kV transmission network. Transmission infrastructure and energy service agreements were executed at closing.

The delivery timeline is long. First 500 MW ramps in the second half of 2028. The remaining 500 MW targets the second half of 2030. No purchase price was disclosed. But the market liked the announcement — shares jumped between 11% and 13% on the day. KBW maintained its Outperform rating and $33 price target.

TeraWulf started as a Bitcoin miner and still mines Bitcoin. The strategic direction has shifted decisively toward AI and high-performance computing infrastructure. This is the second major Kentucky acquisition after February’s Hawesville site, now branded the Justified Data Campus, which targets approximately 480 MW. Combined, TeraWulf now controls a Kentucky portfolio that could eventually exceed 1.5 GW.

CEO Paul Prager said the defining constraint in this market “is no longer computing hardware — it is power, transmission infrastructure, and execution certainty.” The Muskie acquisition is a direct expression of that thesis. TeraWulf’s market cap sits at approximately $5 to $6 billion. Filings on SEC EDGAR.

What to Watch

NeoVolta Q3 factory ramp: first commercial output from the Georgia facility is the milestone that turns the LOI into a production story. Any update on equipment installation or first unit delivery moves this forward.

NeoVolta definitive agreements: the LOI is non-binding. Watch for any announcement of executed supply contracts under the Infinite Grid Capital framework.

TeraWulf Muskie construction timeline: permitting activities are underway. Watch for any site work commencement announcement or HPC customer lease signing at the Kentucky portfolio.

TeraWulf Q2 earnings: the next scheduled results call will update on the combined Kentucky strategy and any HPC contract visibility for 2027.

Sources

Editorial Disclosure

This roundup is based entirely on publicly available information including press releases, regulatory filings, and company announcements. Securities discussed include NeoVolta Inc. (Nasdaq: NEOV) and TeraWulf Inc. (Nasdaq: WULF). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication. All information is sourced from company IR pages, SEC EDGAR, and named wire services. NeoVolta’s LOI with Infinite Grid Capital announced May 28, 2026, is non-binding — no purchase, sale, or supply obligations exist until definitive written agreements are executed. NeoVolta also announced a proposed public offering of common stock in close proximity to the LOI announcement; readers should review all related filings on SEC EDGAR and the company’s press releases page before drawing conclusions. TeraWulf’s Muskie Data Campus acquisition was announced May 26, 2026; no purchase price was disclosed and the transaction was structured as a membership interest purchase agreement. TeraWulf’s market capitalization of approximately $5 to $6 billion is above the typical size threshold for this roundup and is noted accordingly. TeraWulf still operates a Bitcoin mining segment alongside its HPC infrastructure strategy. Production timelines, campus development plans, and power delivery schedules are forward-looking and subject to change. These are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.

NeoVolta Signs $200M Battery LOI as TeraWulf Buys Kentucky Power

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