Comstock announces Oklahoma data center joint venture with Jericho

Comstock Holding Companies, Inc. (Nasdaq:CHCI) and Jericho Energy Ventures Inc. (TSXV:JEV,OTC:JROOF)(OTCID:JROOF)(FRA:JLM) have entered into a definitive agreement to form Oklahoma AI Ventures LLC, a joint venture focused on the development of AI data center campuses in Oklahoma. The partnership combines Jericho’s energy infrastructure with Comstock’s real estate development expertise to create a scalable AI infrastructure platform.

Under the terms of the agreement, Comstock Ventures contributed $2.75 million at closing to fund land assemblage and development costs, with a commitment to contribute up to an additional $5.75 million over time. This brings Comstock’s total committed capital to the joint venture to approximately $10 million, including a $1.5 million strategic equity investment in Jericho. Jericho and its affiliate entity contributed land interests and rights valued at $5 million each, aligning the interests of both parties.

The joint venture will focus on Jericho’s existing energy assets in Oklahoma, including its flagship Black Bear AI Data Center Campus. Comstock will lead planning and development activities, while Jericho will provide critical infrastructure assets such as power, natural gas, water, and fiber connectivity. The joint venture remains subject to customary conditions precedent, and at closing, membership interests will be split 50% by Comstock and 50% by Rising Eagle, LLC, which is 50% owned by Jericho.

The transaction is subject to Multilateral Instrument 61-101, and Comstock Ventures is considered a related party due to the appointment of Comstock CEO Christopher Clemente to Jericho’s board. Both parties have taken steps to ensure compliance with regulatory requirements, including recusal from relevant board discussions.

Jericho Energy Ventures, based in Vancouver, British Columbia, has expanded its energy portfolio to include AI infrastructure development. The company has previously launched a modular data center business and has subsidiaries focused on hydrogen technologies and electrolyzer systems. Comstock, a real estate developer with a focus on mixed-use and transit-oriented properties, brings extensive experience in large-scale infrastructure projects.

The joint venture aims to address the growing demand for AI infrastructure by leveraging Oklahoma’s energy resources and strategic land positions. Both companies believe the partnership will create an integrated platform capable of supporting hyperscale data center development in the Mid-Continent region.