Infrastructure-grade returns with venture upside — resting on data-center cooling and water alone.
| Stabilized revenue / yr | ~$8.3M |
| Stabilized EBITDA (~68% margin) | ~$5.6M |
| Node CAPEX | ~$33M |
| Unlevered project IRR | ~11%–19% |
| Levered equity IRR (60% green debt) | ~17%–33% |
The base case deliberately excludes speculative lithium and biological-desalination throughput. Returns rest on the cooling-service fee and water. Each ~$33M node is funded largely by green debt once the pilot and offtake contracts de-risk the cash flow — not from the pre-seed.
Delaware PBC filed, mission-locked charter.
Integrated system + thermal-buffer control method.
White paper + first-principles 1 MW pilot sizing.
Sacramento Valley: real DC operators, PG&E feedstock, Sutter basin.
The data room — corrected model, white paper, technical de-risking plan, and LOI templates — is ready for review.
investments@mshpbc.com