Approximately 25MW of Existing/Near-Term Grid Capacity Identified, Subject to Utility Confirmation; Potential Expansion Pathway May Target Up to Approximately 99MW NASDAQ: SGLY
NEW YORK, NY, Aug. 20, 2026 (GLOBE NEWSWIRE) -- SGLY (the “Company”), a Nasdaq-listed digital infrastructure and high-performance computing company, today announced that it has entered into a non-binding strategic development framework agreement (the "Framework Agreement") with Florence Development LLC relating to an approximately 900-acre industrial site in Florence, South Carolina. The Framework Agreement establishes a framework for the parties to evaluate and, if mutually acceptable, potentially pursue the development of a large-scale U.S. platform for AI computing, hyperscale data center and high-performance computing infrastructure. Except for certain binding provisions relating to exclusivity, confidentiality, publicity, representations, expenses, term, remedies and governing law, the Framework Agreement is non-binding and does not obligate either party to consummate any transaction. Any definitive transaction would be subject to the completion of satisfactory due diligence, utility confirmation, financing availability, governmental and corporate approvals, and the negotiation and execution of definitive agreements. There can be no assurance that a definitive agreement will be reached or that the contemplated project will be completed on the terms, timetable or scale currently contemplated, or at all.
A Rare Combination of Scale and Power Potential
The approximately 900-acre site may provide substantial room for phased infrastructure development if the project proceeds. Based solely on preliminary information provided by the counterparty and subject to further verification and utility confirmation, approximately 25MW of existing or near-term grid capacity has been identified in connection with the site. The parties also intend to explore a utility expansion pathway that could potentially increase total grid capacity to as much as approximately 99MW within an anticipated 24-month period; however, no such expansion is guaranteed under the Framework Agreement, and any expansion would be subject to utility studies, interconnection approvals, construction, regulatory approvals and other conditions, any of which could result in delays, increased costs or inability to achieve the targeted capacity.
The current concept contemplates using only a portion of the property for an initial phase, preserving the majority of the acreage for potential future expansion. If the project were to be successfully developed, the broader campus could potentially support additional AI computing clusters, data center capacity, energy storage and related infrastructure over multiple phases. However, there can be no assurance that development beyond an initial phase, if any, will occur.
Building a Scalable U.S. AI Infrastructure Platform
Power availability and development-ready land have become increasingly important considerations for new AI and high-performance computing infrastructure. SGLY believes the combination of site scale and potential power expansion, if confirmed, could provide a potential foundation for pursuing demand from AI model training, cloud computing, enterprise HPC and computing-capacity services. There can be no assurance, however, that such demand will materialize or that the Company will be able to capture any such demand.
If the contemplated development milestones are achieved and definitive agreements are executed, the South Carolina campus could become a component of SGLY’s U.S. digital infrastructure strategy and potentially provide the Company with a platform for adding computing capacity as customer demand and capital availability evolve. No assurance can be given that any or all of such milestones will be achieved.
SGLY’s Broader Growth Strategy
The South Carolina project, if consummated, would form part of SGLY’s broader effort to expand its business platform beyond its existing operations and pursue new growth opportunities in digital infrastructure. While the Company continues to operate its existing business, SGLY is actively evaluating opportunities in data center development, AI computing infrastructure and high-performance computing. The Company believes that combining its public-company platform with large-scale infrastructure development opportunities may provide a foundation for long-term business expansion and diversification, although there can be no assurance that any such opportunities will be consummated or that expected benefits will be realized.
Framework is Intended to Create a Path Toward Definitive Agreements
Under the Framework Agreement, the parties expect to advance site planning, technical design, governmental permitting, utility and grid interconnection work, project structuring and potential ecosystem development, subject to the terms and conditions of any definitive agreements. The Company intends to evaluate the project through the next stages of diligence and development in a disciplined manner while assessing financing structures and commercial opportunities. The non-binding portions of the Framework Agreement do not create any obligation on either party to consummate any transaction.
The Framework Agreement establishes a basis for continued evaluation and negotiation. Certain provisions of the Framework Agreement, including those relating to exclusive negotiation, confidentiality, publicity, representations, expenses, term and termination, remedies, governing law and miscellaneous matters, are binding on the parties. All other provisions, including those relating to the contemplated scope and phasing of the project, are non-binding. Definitive commercial terms, capital commitments, ownership or lease arrangements, construction schedules and other material terms remain subject to due diligence, corporate and third-party approvals, financing availability and the negotiation and execution of definitive agreements. There can be no assurance that the project will be completed on the currently contemplated terms, timetable or scale, or at all.
About SGLY
SGLY is a Nasdaq-listed company pursuing a diversified growth strategy across its existing operations and emerging digital infrastructure opportunities. The Company is actively evaluating and developing opportunities in data centers, AI computing infrastructure and high-performance computing, with a focus on building scalable U.S.-based infrastructure platforms capable of supporting long-term demand for computing capacity.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the potential development, scope, scale, phasing and strategic role of the contemplated South Carolina campus; anticipated power capacity, availability and expansion; development milestones and timing; future AI, data center and high-performance computing capacity and demand; financing availability and capital commitments; customer demand and revenue opportunities; and the Company’s broader growth strategy and business diversification.
These forward-looking statements are based on the Company’s current expectations, estimates and assumptions and are subject to significant risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied, including but not limited to: the ability of the parties to negotiate and execute definitive agreements on acceptable terms or at all; the preliminary and unverified nature of information concerning the site, including power availability; the ability to obtain utility confirmation of existing power capacity and any expansion; completion of satisfactory legal, technical, environmental, title, utility and financial due diligence; zoning, permitting and land-use approvals; utility interconnection and grid upgrade timelines and costs; the availability and cost of financing; construction costs, labor availability and supply chain conditions; demand for AI computing and data center capacity; competitive conditions; regulatory changes; general economic and market conditions; the Company's ability to manage and integrate new business lines; and other risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
The forward-looking statements in this press release speak only as of the date hereof. Except as required by applicable law, the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on forward-looking statements.
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