EdgeMode agrees €300m non-binding sale of Spain data centre project
EdgeMode (OTC: EDGM) has entered into a non-binding offer (NBO) with Spark AI Foundry Holdings LLC for the full acquisition of its 300 MW hyperscale AI data centre project in Malpica, in the Municipality of Mora, Toledo, Spain. The agreed indicative price is €1,000,000 per MW of IT capacity certified as ready-to-build (RTB) at closing, implying a headline transaction value of up to €300 million, subject to valuation, due diligence, and third-party appraisal.
The deal structure is development-only in scope. Spark AI Foundry would acquire 100% of the special purpose vehicle DC Estate Malpica, S.L., but only once the project has secured its environmental authorisation and building permit. Both milestones are described as interdependent: the building permit cannot be issued until the environmental authorisation clears. EdgeMode submitted the environmental application in December 2025, and the company expects coordinated approval to deliver RTB status by end-2026 or Q1 2027. If that long-stop date is missed, Spark AI Foundry may terminate, recover any deposit in full, and have any standby letter of credit released.
Charlie Faulkner, chief executive of EdgeMode, said the NBO "demonstrates the unprecedented demand for quickly accessible DC power" and described the project as taking "an innovative, off-grid approach to power generation" designed to bypass grid-capacity constraints at traditional hyperscale hubs. The company did not disclose the off-grid generation technology or its contracted energy source.
Deal mechanics
The NBO was formally signed on 24 June 2026 by Faulkner and Robert Stolpestad, chief operating officer of Spark AI Foundry Holdings LLC. A share purchase agreement will follow post-due-diligence; no binding contract exists at present. EdgeMode noted in its forward-looking-statements boilerplate that construction delays, regulatory changes, and power-availability risk could all affect the timeline and outcome.
Spark AI Foundry Holdings LLC is not a publicly listed entity and provided no independent statement beyond the signing ceremony. Its financial backing, existing data centre portfolio, and relationship to any parent holding group were not disclosed in the release.
Market context
The Iberian Peninsula has become one of Europe's most active markets for new hyperscale capacity, driven by relatively lower land costs, improving fibre connectivity, and, in some locations, access to renewable energy. Spain's grid operator Red Eléctrica has nonetheless faced growing pressure from data centre connection requests, making off-grid or behind-the-meter generation strategies increasingly attractive to developers seeking to compress permitting timelines.
At €1m per MW for RTB-status land and permits, the implied valuation sits at the upper end of European greenfield development transactions, where deals have historically ranged from roughly €600,000 to €1.2m per MW depending on power-access certainty and permit maturity. Buyers typically reprice downward if permitting risk remains elevated at close.
The broader European data centre development pipeline is under scrutiny from planning authorities and environmental bodies. Spain's environmental review process can extend well beyond initial estimates, and the Malpica project's December 2025 submission means any delay would push the RTB date beyond the Q1 2027 target, potentially triggering the termination clause.
EdgeMode is an OTC-listed micro-cap developer with no disclosed operational revenue from this project. Investors and counterparties will look to the environmental authorisation decision, expected in the second half of 2026, as the clearest near-term signal of whether this transaction will proceed to a binding agreement.