Watch for New Era's ability to post the $116M letter of credit by early October 2026 and secure the additional $82.8M by the delivery date — failure would trigger default. Also monitor for tenant announcements on the powered land, which would validate the development thesis.
Price Chart
Executive Summary
New Era Energy & Digital's subsidiary signed a 20-year PPA with Vistra for 200-207 MW of power for Phase 1 of its Texas Critical Data Center project, plus a development framework granting Vistra a 5% non-voting equity stake, a ROFR on future expansion, and a right of first offer on other projects. The PPA requires New Era to post $116M in credit support within 15 business days and up to $82.8M more by the delivery date, with power expected in Q3 2027. This materially de-risks Phase 1 development but imposes significant near-term liquidity obligations on a company with no disclosed revenue from operations.
Key Financial Metrics
Key Facts
- 20-year PPA for 200-207 MW from Vistra's 1,180 MW Odessa natural gas plant, power expected Q3 2027.
- New Era must post $116,000,000 letter of credit within 15 business days and up to $82,800,000 additional security by delivery date.
- Vistra receives 5% non-voting equity in the project company and a ROFR on future onsite generation at the TCDC site starting April 2028.
- Conditions precedent include execution of Phase 1 Purchase and Sale Agreement for substation by December 31, 2027.
- Site is 493 acres with anticipated capacity scaling to 1.4 GW; Phase 1 power is now contracted, reducing development risk.
Financial Impact
Credit support obligations total up to $198.8M ($116M letter of credit + $82.8M additional security); no revenue or earnings figures disclosed.
Risk Factors
- New Era must raise or secure ~$199M in credit support within weeks, a material liquidity challenge for a pre-revenue developer.
- Conditions precedent must be met by December 31, 2027, including substation purchase — delays could push back power delivery.
- Vistra's ROFR and equity stake may limit New Era's flexibility in future phases and project-level economics.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-101642 |
| Document: ea030571601ex99-1.htm | 0001213900-26-101642 |
| Document: 0001213900-26-101642-index-headers.html | 0001213900-26-101642 |
| Document: 0001213900-26-101642-index.html | 0001213900-26-101642 |
| Document: 0001213900-26-101642.txt | 0001213900-26-101642 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13G/A | $2.78 | awaiting T+5 | — | $3.13 (+12.79%) |
Oct 9, 2026 17d ago | SC 13G/A | $4.34 $2.97 | ▼ −31.57% | ▼ −30.07% | $3.13 (−27.88%) |
Oct 8, 2026 19d ago | 8-K | $4.83 $3.33 | ▼ −31.06% | ▼ −30.78% | $3.13 (−35.20%) |
Sep 24, 2026 4w ago | 424B5 | $6.94 $6.37 | ▲ +8.21% | ▲ +7.80% | $3.13 (+54.90%) |
Sep 24, 2026 4w ago | 8-K | $6.94 $6.37 | ▲ +8.21% | ▲ +7.80% | $3.13 (+54.90%) |
Sep 21, 2026 5w ago | 8-K | $7.65 $6.96 | ▼ −9.02% | ▼ −8.00% | $3.13 (−59.09%) |
Sep 21, 2026 5w ago | Press Release | $7.65 $6.96 | ▼ −9.02% | ▼ −8.00% | $3.13 (−59.09%) |
Aug 17, 2026 10w ago | 8-K | $5.13 $5.07 | ▼ −1.17% | ▼ −0.97% | $3.13 (−38.99%) |
Aug 14, 2026 10w ago | Press Release | $5.46 $4.82 | ▼ −11.81% | ▼ −10.62% | $3.13 (−42.68%) |
Aug 11, 2026 10w ago | Press Release | $5.23 $5.13 | ▲ +1.91% | ▲ +1.51% | $3.13 (+40.15%) |
US Market Status
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