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New Era Energy plans to raise up to $350 million through a securities sale to fund its transition from natural gas to data center development in Texas. The proceeds will support general corporate purposes, including acquisitions and capital expenditures, as the company develops a 438-acre data center campus in Ector County, expected to deliver over one gigawatt of compute capacity by the end of 2027.

Following the announcement, shares of New Era Energy & Digital Inc. (NUAI) dropped over 15% in pre-market trading, despite a year-to-date increase of 175%.