TeraWulf Inc., a Nasdaq-listed owner and operator of digital infrastructure based in Easton, Maryland, acquired the Morgantown Generating Station in Charles County, Maryland, as part of a February 2, 2026, announcement expanding its energy-advantaged portfolio. The purchase of the grid-connected power generation facility, with current operational capacity of approximately 210 MW and potential expansion to up to 1 GW, marks TeraWulf’s entry into the PJM Interconnection market and supports its strategy of reinvesting in existing energy assets to enhance grid reliability and meet long-term load growth in Southern Maryland.
The Morgantown site, spanning about 250 buildable acres, includes substantial electrical infrastructure and associated real property. TeraWulf’s initial development plan targets construction of approximately 500 MW in the first phase. The company stated that future onsite load will pair with incremental generation capacity and battery storage, positioning the site as a net-positive energy supplier for Maryland by delivering surplus electricity to the grid alongside compute operations.
The acquisition aligns with TeraWulf’s focus on repurposing legacy industrial and energy assets. Morgantown’s existing power generation provides immediate electricity to the regional grid, while its scale and infrastructure offer a pathway for modernization. Development will proceed incrementally in coordination with state and local stakeholders, emphasizing infrastructure upgrades, environmental mitigation and remediation, and preservation of the site’s role as a reliable energy resource. The industrial footprint is expected to shorten redevelopment timelines and facilitate new employment, local investment, and integration of modern generation, energy storage, and related uses.
Proximity to the Washington, D.C. metropolitan area and other Mid-Atlantic markets enhances the site’s value for compute-intensive applications requiring scale, reliability, and access to major population and enterprise centers. This location provides a differentiated option compared with more saturated technology corridors.
The Morgantown closing remains subject to third-party consents and customary regulatory approvals, including from the Federal Energy Regulatory Commission. The transaction forms part of a broader portfolio expansion that includes a separate acquisition in Hawesville, Kentucky. Combined, the two sites add about 1.5 GW of capacity, increasing TeraWulf’s total infrastructure to approximately 2.8 GW across five locations, with 642.5 MW of contracted capacity and 2.2 GW of owned pipeline capacity. The company targets 250 to 500 MW of new contracted capacity annually, based on customer demand, power availability, and regional grid conditions.
Paul Prager, TeraWulf Chairman and Chief Executive Officer, stated, “These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth.” He added, “Hawesville provides immediate access to scalable power, while Morgantown allows us to expand existing generation to meet growing load demand in a way that is net-positive for the grid. Across both sites, we have the unique ability to serve end users while also delivering critically needed surplus electricity.”
TeraWulf develops and operates sustainable, industrial-scale data center infrastructure for high-performance computing hosting and bitcoin mining, with a commitment to scalable capacity for AI and HPC customers. The Morgantown acquisition reinforces regional diversity to address grid congestion, permitting timelines, weather, and policy variations.