Duos Technologies has closed an asset management agreement with Fortress Investment Group to deploy and operate 30 mobile gas-powered turbines.
The turbines have a combined capacity of 850MW and will be managed in partnership with Fortress affiliates. They will be used as an immediately deployable fast-track solution to meet urgent power needs in the data center market and other sectors, including assets managed by Duos subsidiary Duos Edge AI.
Another subsidiary, Duos Energy, will oversee the management and deployment of the mobile gas-powered turbine fleet.
In addition, Duos Technologies has obtained a five percent equity stake in the parent company of Fortress. The contract's value is estimated at $42 million.
"Our customers are looking for flexible and dependable energy options as they build out critical infrastructure," said Chuck Ferry, Duos CEO.
The deal was initially signed in November and was finalized on December 31, 2024. Fortress Investment Group acquired the portfolio of assets from APR Energy.
In December, Duos, through its subsidiaries Duos Edge AI and Duos Energy, announced plans to develop four 50MW data centers at the Pampa Energy Center (PEC) in Texas.
Duos will power the sites with 500MW of power from the mobile gas turbines, supplemented by up to 200MW of wind turbine generation. The first 50MW data center is expected to be deployed by the end of 2025.
The deal solidifies Duos's diversification. Last year, the company launched its Edge data center unit. So far, Duos Edge AI has deployed four data centers across Texas. In addition, Duos launched its energy spin-off in August in response to the increasing demand for power within the data center space.
The deployment of behind-the-meter natural gas to support data centers and cryptocurrency mining operations saw significant traction in 2024.
In November, AXP Energy inked a binding Joint Development Agreement (JDA) with Blackhart to sell natural gas to power modular crypto mine data centers in Colorado.
In October, MARA launched a 25MW micro data center operation across oil wellheads in Texas and North Dakota, powered exclusively by excess natural gas.
