Vulcan Infrastructure and Power (VIP) Investor presentation summary

Business overview and strategy

• Focuses on acquiring, developing, and operating powered assets for AI/HPC data centers and supporting the power grid.

• Raised $39.4 million from institutional investors to unlock asset value and reposition the platform.

• Operates a 104 MW power plant in NY, with 64 MW immediately available for AI/HPC conversion and a total owned pipeline of 654 MW.

• Plans to monetize and expand sites in Mississippi and North Dakota, with significant future capacity under evaluation.

• Strategic investors bring over $30 billion in AUM and deep expertise in power, real estate, and digital infrastructure.

Financial highlights and capital structure

• $39.4 million capital raise intended to redeem $33.1 million in Senior Notes due October 2026, eliminating near-term unsecured debt maturities.

• Pro forma net debt reduced to ~$1.3 million, with equity market capitalization increasing to ~$65.5 million.

• Trading at $94k/MW, significantly below public comparables ($417k–$3.7M/MW), indicating a potential valuation re-rate.

• Net LTV drops from ~47% to ~2% post-transaction, with minimal cash debt service and no short-term maturities.

• PIPE transaction and strategic investment improve balance sheet flexibility and position for growth.

Growth opportunities and operational execution

• Immediate access to 104 MW of energized powered land, with expansion to 144 MW by Q3 2027.

• 450 MW of additional capacity at owned sites in various stages of load studies.

• Pipeline includes 12 sites under evaluation across the US and Canada, totaling ~2.5 GW of target capacity.

• Differentiated platform strategy: source, acquire, develop, and monetize powered land and data center assets.

• Proven track record in coal-to-gas conversions, power procurement, and data center development.