What is Keel (prev. Bitfarms)?

Keel Infrastructure (NASDAQ/TSX: KEEL) develops and owns data centers and power assets for HPC and AI workloads across North America. Headquartered in New York City.

Key metrics:

• 5 campuses across the US and Canada (Pennsylvania, Washington, Quebec)

• 341 MW energized capacity, 430 MW secured capacity

• Total pipeline up to 2.2 GW

• Flagship campus Panther Creek (PA): 350 MW, 336 acres, expandable to 500 MW

Business model highlights:

• Owns power assets and land outright rather than leasing

• Sites located in supply-constrained markets near major metro areas

• Cool climate locations enable free-cooling and lower operating costs

• Customers are hyperscalers and enterprise clients running GPU workloads (Vera Rubin GPU+ ready)