New Era Energy & Digital (NASDAQ:NUAI) said it has secured construction permits for its Texas Critical Data Centers project, a milestone the company said reduces development risk at the site. The company, which develops digital infrastructure and integrated power assets, received Development Structure and Drive Approach Permits from Ector County and submitted the Phase 1 plat to Ector County and the City of Odessa. The company also received approval of a Notice of Intent from the Texas Commission on Environmental Quality (TCEQ) to commence grading and intends to begin site grading in the coming weeks.
"Having construction permits in hand is the milestone we've been working toward, and we believe it meaningfully reduces the development risk at the site," said Charlie Nelson, CEO of New Era. "The standard air permit filed by our Phase 2 power partner will support more capacity than we had previously contemplated, and would take TCDC Phases 1 and 2 to approximately 757MW combined on the same timeline. We are also in advanced negotiations for a power purchase agreement for Phase 1 in New Era's name.
Holding that power ourselves is what would turn TCDC from a site with a power plan into powered land." The company closed its 54-acre corridor acquisition, bringing the campus to 493 acres with all planned development land now secured, and removed 22 abandoned pipelines across 12 rights-of-way. A final surface waiver remains pending from one leasehold operator. Thunderhead Energy Solutions, New Era's Phase 2 power partner, submitted a standard air permit application to TCEQ supporting approximately 550MW of Phase 2 capacity, up from 450MW, citing improved generation equipment and emissions controls.
Combined, Phases 1 and 2 would total approximately 757MW. New Era said its power solutions align with Governor Abbott's data center directive and cited ongoing talks with Stream Data Centers. The company also filed its quarterly report for the period ended June 30, 2026.
Second-quarter results largely reflect New Era's legacy helium and natural gas assets, which management continues to evaluate for potential monetization or exit. New Era reported $84.8 million of cash, cash equivalents and restricted cash as of June 30, 2026, and $270 million undrawn under its up to $290 million facility with Macquarie. The company said expected Phase 1 equity needs are more than covered by existing cash and the Macquarie facility.
Shares of New Era gained 6.2% on Monday.
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