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Tekcapital takes stake in geothermal AI firm
Tekcapital plc has announced the formation of its fifth portfolio company, Vesari Inc., which will focus on commercialising intellectual property for geothermal-powered AI data centres. Vesari aims to address the growing demand for AI compute by co-locating it with geothermal power generation, operating independently of traditional grid infrastructure and using LEO satellite connectivity. The company will hold eleven patent applications developed by Executive Chairman Clifford Gross, who will retain a 49% stake in Vesari while Tekcapital's subsidiary holds 51%. This capital-light entry is expected to provide a compressed commercialisation timeframe and potentially significant value for shareholders, with future funding largely independent of Tekcapital. Disclaimer*
About this update from Tekcapital Plc
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) and certain other enacting measures ("UK MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain and disclosed in accordance with the Company's obligations under Article 17 of UK MAR. 22 May 2026 Tekcapital plc ("Tekcapital" or the "Company") Tekcapital Secures Stake in a New Portfolio Company to Commercialise IP for Geothermal-Powered AI Data Centres Tekcapital Plc (AIM: TEK), the UK intellectual property investment group focused on creating valuable products that can improve people's lives, is pleased to announce the formation of its fifth portfolio company Vesari Inc ("Vesari"). Vesari, is a new U.S. incorporated company (Vesari.ai) established by Executive Chairman Clifford Gross to acquire, develop and commercialise generative artificial intelligence ("AI") intellectual property in the field of geothermal-powered hyperscale data centres. Strategic Rationale Vesari's investment thesis is that access to reliable, scalable power rather than semiconductor availability is the principal constraint on AI infrastructure growth. Demand for AI compute continues to expand at a pace that is outstripping available power infrastructure and increasing the cost of electricity to consumers worldwide: - Data centre electricity consumption in the United States has risen to approximately 4-5% of total national electricity usage and is projected to reach 9-17% by 2030.[1] - U.S. data centre power consumption has tripled since 2014[2], and Global data centre power consumption is projected to reach 800 TWh by 2028.[3] - Grid interconnection queues in major markets frequently exceed five years, with transmission upgrades adding significant cost and delay. - Goldman Sachs Research projects global data centre power demand to increase by approximately 165% by 2030 relative to 2023 levels.[4] Vesari is being established to address this bo...