Keel Infrastructure (KEEL) Jefferies Virtual Power x Data Center Conference summary

Strategic repositioning and business focus

• Transitioned from Bitcoin mining to 100% North American HPC and AI infrastructure, ceasing all new Bitcoin mining investments and rebranding as Keel Infrastructure, with U.S. re-domiciliation effective immediately.

• Focused on enabling hyperscalers and neo cloud customers to scale efficiently, not competing in compute or cloud services but providing critical infrastructure.

Portfolio and site development

• Holds 2.2 GW of energized, secured, and expansion capacity across Pennsylvania, Quebec, and Washington, with the largest pipeline in each of these high-demand, northern markets.

• Pennsylvania sites include Sharon (110 MW), Panther Creek (350–500 MW), and Scrubgrass (up to 1.3 GW with grid and on-site nat gas generation), with Panther Creek and Scrubgrass attracting significant hyperscaler interest.

• Quebec operations focus on consolidating three Bitcoin mining sites into a new HPC/AI campus, leveraging high barriers to entry and strong local demand.

Competitive differentiation and market positioning

• Differentiates through strategic locations near major metropolitan areas in cooler climates, resulting in higher efficiency, lower OpEx/CapEx, and greater revenue potential per MW.

• Avoids southern U.S. markets, positioning as a regional leader in Pennsylvania, Quebec, and Washington, where barriers to entry are high and demand is robust.