TL;DR
- TeraWulf acquired two brownfield sites in Kentucky and Maryland that add roughly 1.5 GW, lifting total capacity to 2.8 GW and sending its shares up as much as 15%.
- The Hawesville site in Kentucky includes more than 250 acres, immediate access to high-voltage transmission lines, and an active substation, with about 480 MW available.
- In Maryland, the Morgantown Generating Station contributes roughly 210 MW of operating capacity, expandable to up to 1 GW.
TeraWulf announced the acquisition of two brownfield infrastructure sites in Hawesville, Kentucky, and Charles County, Maryland. The facilities will add approximately 1.5 GW of capacity to its energy and digital infrastructure portfolio. Following the announcement, the company’s shares (NASDAQ: WULF) posted an intraday gain of up to 15% and reached a high of $15.58.
The newly acquired assets expand TeraWulf’s total capacity to approximately 2.8 GW across five facilities. The portfolio combines existing energy infrastructure, expansion capacity, and locations with direct access to regional transmission networks.
In Kentucky, TeraWulf acquired a former industrial site in Hawesville. The property includes more than 250 usable acres for compute capacity and provides immediate access to power infrastructure. The site features multiple high-voltage transmission lines, an energized on-site substation, and a direct connection to the regional grid. Current power availability stands at roughly 480 MW, with the ability to scale over time. Development will proceed in phases, allowing capacity to grow in line with contracted demand. The location places the site within a 300-mile radius of several major Midwest metropolitan areas.
TeraWulf to Continue Phased Expansion Based on Demand
In Maryland, the company acquired the Morgantown Generating Station, a grid-connected power generation facility. The asset provides approximately 210 MW of operating capacity and allows for future expansion of up to 1 GW. The site includes around 250 usable acres and large-scale existing electrical infrastructure. The initial plan contemplates a first phase of roughly 500 MW, alongside the gradual addition of incremental generation and battery storage systems. The acquisition establishes TeraWulf’s presence in the PJM market. The transaction remains subject to regulatory approvals, including clearance from the FERC.
With these additions, TeraWulf’s portfolio totals approximately 642.5 MW of contracted capacity and around 2.2 GW of owned pipeline capacity. The company targets annual additions of between 250 and 500 MW of new contracted capacity, aligned with power availability and regional conditions.
In October, TeraWulf disclosed plans to raise $900 million through privately placed convertible notes. That financing structure aligns with its expansion strategy focused on energy infrastructure and data centers designed for compute-intensive workloads
