Investment firm Overwatch Capital and Japanese energy company Idemitsu have partnered to develop 1GW worth of data centers in the US.
An announcement made last week revealed that the pair would work together to develop facilities based in Texas, Ohio, Illinois, Utah, Colorado, Arizona, Georgia, Nevada, South Carolina, and Pennsylvania. All will draw their energy from natural gas provided by Idemitsu.
Idemitsu will also invest an unknown amount into Overwatch Capital, which will deploy its Sustainable Infrastructure for Data and Energy platform as part of the partnership. This means that the data centers will have access to on-site natural gas generation.
The facilities are meant to meet demand from “hyperscalers, GPU-cloud providers, and institutional investors."
Overwatch has stated that it anticipates starting two projects next year, located in Dallas-Forth Worth, Texas, and Columbus, Ohio. Their capacities were not disclosed, and timelines were not provided for the other sites.
Texas-based Overwatch Capital is an investment platform focused on the development and operation of ‘sustainable’ digital infrastructure. Founded in 2022, the company aims to integrate clean energy solutions, including battery energy storage and carbon capture, into data center operations.
Idemitsu is best known for its oil and lubrication businesses. It is trying to break into the data center world, as evidenced by this partnership and the launch of a data center cooling and insulation offering in April.
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