Bitcoin miner-turned-AI factory TeraWulf (NASDAQ: WULF) is acquiring two brownfield industrial sites in Hawesville, Kentucky, and Charles County, Maryland, which could expand its gross load capacity by approximately 1.5 GW.
TeraWulf announced the deal after market close on Monday. TeraWulf’s stock price surged in the morning following the announcement, rising 10% in Tuesday morning trading hours.
The transaction doubles the firm’s total power portfolio to 2.8 GW across five locations, of which 642.5 MW are currently contracted and 2.2 GW are in TeraWulf’s development pipeline.
By securing former industrial sites, TeraWulf gains immediate access to existing high-voltage transmission lines and substations. This approach typically shortens the time-to-market compared to greenfield development projects.
The Hawesville site TeraWulf acquired offers 480 MW of immediate power capacity. It features a direct connection to the regional transmission network and sits within 300 miles of several Midwest cities.
In Maryland, the company is acquiring the Morgantown Generating Station, which currently operates with 210 MW of capacity. The site can scale to up to 1 GW and is located near the Washington, D.C. area. TeraWulf plans to construct approximately 500 MW in an initial phase at this location. The acquisition is expected to close following regulatory approval and consent from a third party.
Development plans for Morgantown include pairing onsite load with incremental generation and battery storage.
Terawulf CEO Paul Prager noted that “regional diversity has become increasingly important as grid congestion, permitting timelines, and weather and policy considerations vary by market.” This geographic spread mitigates risks associated with local grid conditions or regional policy changes asWinter Storm Fern forced miners to shut down in late 2025 and early 2026.
