The opportunity
What the capital does.
A modular build means capital deploys in tranches sized to proven energy, rather than committing to a single large facility before the first megawatt is confirmed.
Use of proceeds
| Application | What it buys |
|---|---|
| Ughelli site, construction and modules | Phase-one 5.5 MW build |
| Generation interface and grid works | Connection to group generation |
| Compute hardware | Miners first, GPU capacity in phase two |
| Development capital | Permits, FEED, legal, land |
| Working capital | Twelve months of operations |
Amounts are published when the model is signed off.
The comparison that matters
All-in delivered power cost.
Evidence tier: Modelled
$0.042/kWh
Exusia Digital at Ughelli, on associated gas: fuel, O&M and generation capex recovery included.
As at August 2026. Financial model v3| Source | Range | US$ per kWh | Evidence tier |
|---|---|---|---|
| Exusia Digital, Ughelli | 0.042 | Evidence tier: Modelled | |
| Nigerian grid, industrial | 0.09 to 0.13 | Evidence tier: Illustrative | |
| Diesel generation, Lagos | 0.28 to 0.35 | Evidence tier: Illustrative | |
| US merchant power, ERCOT | 0.03 to 0.05 | Evidence tier: Illustrative |
US dollars per kWh. Comparators are illustrative ranges. We publish the comparison least flattering to us (ERCOT) because an investor will find it anyway.
Capital efficiency
Modular containerised build, per MW
$3.3M to 4.4M
Evidence tier: Modelled
As at August 2026. Financial model v3
Excludes generation, which is held at group level.