Key Takeaways:
Keel Infrastructure won approvals to repurpose 96 MW of Bitcoin mining capacity for AI and high-performance computing in Sherbrooke, Québec.
Keel Infrastructure Corp. secured municipal approvals to consolidate three Bitcoin mining sites into a single 96 MW AI and high-performance computing campus in Sherbrooke, Québec, the company said July 15.
"The City's approval of these agreements reflects the strength of the project and our commitment to the Sherbrooke community," Philippe Fortier, executive vice president of corporate development at Keel, said.
The agreement with Hydro-Sherbrooke lets Keel transfer existing power capacity from three current mining locations into one campus without requesting additional electricity. The company also received approval to recategorize the 96 MW from Bitcoin mining to HPC and AI workloads. The energy transfer now requires review by Québec's Ministry of Economy, Innovation and Energy. Keel also entered a purchase agreement for land roughly 100 miles east of Montréal, with closing expected in the first quarter of 2027.
The pivot mirrors a broader industry shift as public miners repurpose energized sites for compute workloads. CleanSpark signed a $6.6 billion data center lease this year, and Keel itself exited Bitcoin mining entirely to focus on AI infrastructure. VanEck has warned that miners chasing AI face a $50 billion funding gap, with capital flowing to operators that control power and built-out sites. Keel's pipeline totals 2.2 GW across Pennsylvania, Washington, and Québec.
The Sherbrooke project traces back to Keel's construction of mining farms in the city, which drew on the province's low-cost hydro power. By consolidating rather than building new demand, the company keeps the project aligned with Québec's energy priorities, which have grown cautious about allocating additional power to large industrial users.
Keel trades on Nasdaq and the TSX under the ticker KEEL. The company is headquartered in New York City and describes itself as a digital infrastructure and energy company serving high-performance computing workloads.
The land purchase remains subject to site inspections, feasibility analysis, and municipal approvals. Keel said it expects to close the transaction in the first quarter of 2027.
This article is for informational purposes only and does not constitute investment advice.
