Jet.AI Forms Joint Venture for 1.5 GW Hyperscale Data-Center Campuses.

Jet.AI Inc. has signed a Letter of Intent with Consensus Core Technologies to form a joint venture to develop two hyperscale data-center campuses in Canada. The campuses are expected to deliver approximately 1.5 gigawatts of power capacity, translating to around $1.5 billion in stabilized annual NOI. The JV plans to increase capacity to 100 MW within the next 12 months.

Jet.AI Inc. has signed a Letter of Intent with Consensus Core Technologies to form a joint venture (JV) aimed at developing two hyperscale data-center campuses in Canada. The JV is expected to deliver approximately 1.5 gigawatts of power capacity, translating to around $1.5 billion in stabilized annual Net Operating Income (NOI). The JV plans to increase capacity to 100 MW within the next 12 months.

The joint venture is a strategic move by both companies to capitalize on the growing demand for AI data centers in Canada. The initiative is part of a broader trend in the industry, driven by the increasing need for substantial computational resources to power generative AI models. As per a report from The Globe and Mail, Alberta is at the forefront of this trend, with the province aiming to attract significant investments in data centers [1].

The two campuses will be built in locations that offer access to abundant and reliable electricity, a critical factor for data center operations. Alberta's natural gas reserves, which account for nearly two-thirds of Canada's supply, make it an attractive option for data center operators seeking to avoid straining the grid [1]. Additionally, the province's deregulated electricity market allows for more flexibility in securing power supplies.

The JV's initial focus is on securing the necessary land and regulatory approvals to commence construction. Once operational, the data centers will be equipped to handle the computational demands of AI, providing a significant boost to Canada's AI capabilities. The JV's goal is to establish a robust infrastructure that can support the growth of AI technologies, both in Canada and globally.

The partnership between Jet.AI Inc. and Consensus Core Technologies is a testament to the growing interest in AI data centers in Canada. As per The Globe and Mail, there are currently 21 requests for electricity from proposed data centers to the Alberta Electric System Operator (AESO), with some facilities aiming to come online in the next two years [1]. This indicates a strong demand for data center infrastructure, particularly in Alberta.

In conclusion, the formation of this JV is a significant development in the Canadian data center landscape. It reflects the increasing importance of AI and the need for substantial computational resources to support its growth. The JV's plans to deliver 1.5 gigawatts of power capacity and increase this to 100 MW within the next 12 months highlight its ambitious goals and the potential it holds for the industry.

References:
[1] https://www.theglobeandmail.com/business/article-alberta-has-a-big-vision-to-build-massive-ai-data-centres-but-do-they/