Keel Infrastructure's Power Play: Betting on AI-Driven Data Centre Demand

Keel Infrastructure's transformation from a cryptocurrency miner to an energy infrastructure developer is underway. The company, formerly known as Bitfarms, officially rebranded on April 1, 2026, with a new mission: developing and owning digital and energy infrastructure for compute-intensive workloads across North America.

Keel owns a pipeline of 2.2 gigawatts of grid-connected power capacity across sites in Pennsylvania, Washington State, and Québec. The locations were chosen strategically, with Pennsylvania offering deep industrial grid infrastructure, Washington providing abundant hydropower, and Québec sitting on some of the cheapest and cleanest electricity in North America.

The company's business model is to build 'powered shells', ready-to-lease sites with secured electricity connections, and then market them to hyperscalers and neocloud operators. This approach gives Keel a negotiating upper hand due to power scarcity, allowing it to sign leases from a position of strength.

The company has outlined targets for 2026, including closing three major leases by the end of the year at the Panther Creek, Sharon, and Moses Lake campuses. However, critical milestones such as notices to proceed, signed contracts, and groundbreakings remain outstanding.