Tekcapital plc, a UK investment company, has formed a fifth U.S incorporated technology portfolio company, Vesari Inc., to commercialise intellectual property related to geothermal-powered AI hyperscale data centers. Vesari will focus on developing AI computing infrastructure co-located with geothermal power generation and designed to operate independently from traditional electricity grids. The company also plans to use low-Earth-orbit satellite connectivity instead of conventional fibre networks.
Under the arrangement, Tekcapital’s subsidiary, Tekcapital Europe Ltd, will hold a 51 percent stake in Vesari, while Tekcapital executive chairman Clifford Gross will retain 49 percent. Gross developed the underlying intellectual property outside his role at Tekcapital and will transfer eleven patent applications to Vesari at no cost once filings are completed with the United States Patent and Trademark Office as detailed in a press release.
Louis Castro, Director, Tekcapital plc, said, “By co-locating AI compute directly with geothermal power generation, behind the meter, and connecting it via LEO satellites, we believe, that if successful, Vesari can enable more efficient, 24/7 carbon-free compute capacity. This resource will largely be insulated from grid constraints, power price volatility and should not impact the cost of electricity to individuals, communities and municipalities.”
He added: “The Board is grateful to Dr. Gross for contributing the underlying intellectual property and funding the formation costs of Vesari at no cost to Tekcapital or its shareholders. Providing a 51 percent equity interest for Tekcapital on this basis is highly capital-efficient, and we believe Vesari has the potential to become a meaningful value driver for our shareholders over the coming years.”
The company’s strategy is based on the view that power availability, rather than semiconductor supply, is becoming the main constraint on AI infrastructure growth. Tekcapital cited rising electricity demand from data centers, long grid interconnection delays and forecasts of sharply higher global power consumption tied to AI workloads.
The structure gives it a “capital-light” entry into the sector, with most future funding for Vesari expected to come from external sources rather than Tekcapital itself.
Vesari’s proposed model would combine geothermal energy generation, cooling systems and AI compute operations in a single integrated system. The company claims this could provide continuous carbon-free power for AI data centers while reducing exposure to electricity price volatility and avoiding additional pressure on public power grids. The transaction was reviewed by an independent committee of Tekcapital’s non-executive directors while Gross recused himself from board discussions and voting related to the deal.