LONDON: Tekcapital Plc (AIM: TEK), a U.K. intellectual property investment group, announced Tuesday the formation of Vesari Inc., a U.S.-incorporated company established to develop and commercialize generative artificial intelligence intellectual property for geothermal-powered hyperscale data centers.
The new portfolio company, based at Vesari.ai, aims to solve what Tekcapital describes as the principal constraint on AI infrastructure growth: access to reliable, scalable power rather than semiconductor availability, a statement said.
Vesari plans to co-locate hyperscale AI computing directly with geothermal power generation in a fully integrated, behind-the-meter configuration designed to operate independently of traditional electrical grids. The architecture would use low-Earth-orbit satellite connectivity instead of conventional terrestrial fiber networks.
If successfully developed, the model is expected to deliver 24/7 carbon-free baseload computing, eliminate transmission constraints, reduce exposure to power price volatility and avoid adding burden to public electricity grids.
The announcement comes as data center electricity consumption in the United States has risen to approximately 4% to 5% of total national electricity usage and is projected to reach 9% to 17% by 2030, according to figures cited by the company. U.S. data center power consumption has tripled since 2014, and global data center power consumption is projected to reach 800 terawatt-hours by 2028.
Goldman Sachs Research projects global data center power demand to increase by approximately 165% by 2030 relative to 2023 levels.
Vesari expects to hold a portfolio of 11 patent applications once submitted to the U.S. Patent and Trademark Office. The applications will be assigned at no cost from Tekcapital Executive Chairman Clifford Gross to Vesari. Patent specifications were omitted from the announcement to avoid premature disclosure ahead of formal filings.
Tekcapital’s wholly owned subsidiary, Tekcapital Europe Ltd, received a 51% equity interest in Vesari for no cash consideration. Gross holds the remaining 49%. Both shareholdings are in common stock and rank equally, with no anti-dilution provisions in favor of either party.
Vesari was incorporated at Gross’s personal expense, and the underlying intellectual property, developed by Gross outside normal working hours, will be assigned to Vesari at no cost to Tekcapital, Tekcapital Europe Ltd or Vesari.
The transaction was reviewed and approved by an independent committee comprising all of Tekcapital’s non-executive directors. Gross recused himself from the board’s consideration and vote. The non-executive directors unanimously approved the resolutions April 16 following advice from the company’s nominated adviser and external legal counsel.
“Vesari has been created to address what we believe is becoming the defining constraint on the AI economy, not semiconductors, but power,” said Louis Castro, director of Tekcapital. “By co-locating AI compute directly with geothermal power generation, behind the meter, and connecting it via LEO satellites, we believe, if successful, Vesari can enable more efficient, 24/7 carbon-free compute capacity.”
The independent directors, having consulted with the company’s nominated adviser SP Angel Corporate Finance LLP, said that while the incorporation of Vesari is not classified as a related-party transaction under AIM Rule 13, they have reviewed the terms and consider them fair and reasonable for shareholders.
Future material transactions between Vesari and Tekcapital Europe Ltd or Tekcapital, or between Vesari and any director of Tekcapital Europe Ltd or Tekcapital, will be subject to review and approval by the independent committee.
Tekcapital, quoted on the AIM market of the London Stock Exchange, creates value from investing in new university and corporate discoveries.
