New Era Energy & Digital, Inc.

New Era Energy & Digital, Inc. (Nasdaq: NUAI) is a Nevada corporation that, until mid-2025, operated as a small helium, natural gas, oil and NGL explorer with producing and non-producing acreage concentrated in Chaves County, New Mexico (its prior SPAC/Roth CH lineage). In August 2025 management pivoted the company toward developing power-dense infrastructure for AI and high-performance computing, rebranding to New Era Energy & Digital while continuing to evaluate its legacy oil-and-gas assets for monetization or exit.

The company's flagship asset is Texas Critical Data Centers LLC (TCDC), a master-planned campus on roughly 438 owned acres outside Odessa in Ector County, in the Permian Basin. Originally a 50/50 joint venture with Sharon AI, New Era struck a binding agreement to acquire the remaining interest (for roughly $70-72M) and now reports 100% ownership. The site is engineered as a multi-phase, liquid-cooled campus designed to scale past 1 GW, pairing on-site natural-gas generation (with carbon capture) and grid power — a behind-the-meter plus grid 'hybrid' design intended to bypass ERCOT interconnection queues. Phase 1 is sized at ~200 MW with construction targeted to begin in 2026.

Beyond TCDC, New Era has taken a land option on ~3,500 acres in Lea County, New Mexico for an aspirational 7+ GW campus combining 2+ GW of gas generation and a planned 5+ GW nuclear build (a Last Energy SMR partnership). EveryMegawatt counts only the ~1 GW TCDC campus as an announced/owned position; the New Mexico hub remains early-stage feasibility and is excluded. The business is pre-operating: substantially all reported revenue still comes from the legacy oil-and-gas operations, and the data-center campuses are in engineering and pre-construction.

Bull case: New Era's edge is the behind-the-meter angle. It owns its Permian land outright and is engineering ~450 MW of on-site natural-gas generation co-located with the data hall — siting power at the gas, not the grid. In ERCOT, where large-load interconnection studies can take years, owned dispatchable generation is the scarce input; controlling cheap, often-stranded Permian gas lets New Era promise speed-to-power that grid-dependent developers cannot. Taking TCDC to 100% ownership, signing Stream Data Centers as operating partner and Primary Digital Infrastructure as co-developer, and locking a Macquarie credit facility (up to ~$290M plus equity) gives a credible path from powered land to a hyperscale shell. If even Phase 1 lands an investment-grade tenant on a long take-or-pay lease, the re-rate from today's ~$600M cap could be large.

Bear case: this is a story stock with almost no income statement. Q1 2026 revenue was $0.8M of legacy oil-and-gas, against an $9.0M quarterly net loss; the auditors and management flag going-concern risk. There is no announced anchor tenant — partnerships with Stream and Primary Digital are development arrangements, not signed leases — and a single 1 GW campus needs billions in capex versus ~$80M of pro-forma cash and a credit facility that must be drawn and serviced. The financing model is continuous dilution (a $115M equity offering, Macquarie equity at $5.00, share count already ~101M). The 7 GW New Mexico hub and SMR nuclear are aspirational optionality, not value today.

Net: New Era is best understood as a behind-the-meter powered-land developer — far on the power side of the spectrum — whose entire thesis rests on converting owned Permian acreage and on-site gas into a contracted hyperscale lease. Until a creditworthy tenant signs, it is a pre-revenue land-and-power call option financed by the equity and credit markets, with execution, capital-access and dilution risk dominating.

New Era sits far on the power side: it owns the land and is developing ~450 MW of behind-the-meter on-site gas generation, then intends to lease powered shells to operators (Stream Data Centers runs the campus; Primary Digital co-develops). It does not build or run compute itself and is still pre-construction, so it ranks lower than build-and-lease landlords like APLD (20); above 0 only because it is actively engineering campus infrastructure, not flipping raw acreage.