Exusia Digital
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Delta State, associated gas

Ughelli Modular Site

Evidence tier: In development

Phase-one modular compute sited on associated gas that is currently flared. The nearest project to construction and the first that will produce revenue.

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Illustrative image

Key facts

Every figure, with its tier.

Capacity5.5MWEvidence tier: In developmentAs at August 2026. Financial model v3
All-in power cost$0.042/kWhEvidence tier: ModelledAs at August 2026. Financial model v3
Capex band$18M to 24MEvidence tier: ModelledAs at August 2026. Financial model v3
Energisation targetQ3 2028Evidence tier: ModelledAs at August 2026. Financial model v3
Primary workloadDigital-asset mining, transitioning to AI/HPCEvidence tier: In development
Energy sourceAssociated gas, currently flaredEvidence tier: In development

Milestones

4 of 9
  1. Site identified, doneQ1 2026
  2. Energy source agreed, doneQ2 2026
  3. Land secured, doneQ3 2026
  4. FEED commenced, doneQ1 2027
  5. Permits granted, nextQ3 2027
  6. Final investment decision, to comeQ4 2027
  7. Construction start, to comeQ1 2028
  8. Energisation, to comeQ3 2028
  9. Commercial operation, to comeQ4 2028

Done dates are recorded. Future dates are targets, not commitments.

The energy

Associated gas produced alongside oil in the Ughelli area is currently flared for want of a commercial route to market. Modular compute placed at the wellhead converts that gas into power and that power into revenue, without requiring a pipeline, a grid connection or an offtaker willing to sign a twenty-year PPA.

Why here

Nigeria flares a material volume of associated gas annually. Regulatory pressure to end routine flaring makes a buyer for that gas commercially and politically valuable to the producer, which is the basis on which we expect to contract supply.

Economics

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
All-in delivered power cost, US dollars per kWh
SourceRangeUS$ per kWhEvidence 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.

See the assumptions

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Power costTo confirm
Capex band$9M to 12M
Energisation2029

1 of 9 done, next: energy source agreed

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HPC Research Cluster

Evidence tier: Modelled
CapacityTo confirm
Power costTo confirm
Capex bandTo confirm
Energisation2029

0 of 9 done, next: site identified