Portfolio Company Update - Vesari Inc
Summary by AI BETAClose X
6 November 2026
Tekcapital plc
(“Tekcapital” or the “Company”)
Portfolio Company Update
Vesari Inc. Appoints Former BLM Idaho Acting State Director Peter J. Ditton
as Senior Advisor for Public Lands and Federal Permitting
Tekcapital plc (AIM: TEK), the UK intellectual property investment group focused on creating valuable products that can improve people’s lives, is pleased to provide an update for Vesari Inc. (“Vesari”) which is developing technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus.
The Company is pleased to announce that Vesari has appointed Peter J. Ditton, former Acting Idaho State Director of the U.S. Bureau of Land Management, as Senior Advisor for Public Lands and Federal Permitting. Mr. Ditton brings nearly four decades of experience in federal energy, mineral and transmission permitting to Vesari as it advances site selection for its geothermal-powered AI compute campuses.
Mr. Ditton is a petroleum and geological engineer who spent nearly four decades with the U.S. Bureau of Land Management (“BLM”), the federal agency that administers geothermal leasing and permitting on federal lands. Most recently, he served as Acting Idaho State Director of the BLM from May 2024 to January 2025. From 2006 to 2023 he was Associate State Director for BLM Idaho, directing statewide operations with a budget of more than US$100 million and a workforce of approximately 800 permanent and 400 seasonal employees, across programmes including mineral development, rights-of-way, environmental review and tribal consultation. He provided executive oversight of the Four Rivers Field Office Resource Management Plan, completed in 2023, which addressed geothermal leasing on southwest Idaho public lands, and worked on major Idaho energy and infrastructure reviews including the Gateway West transmission line, the Lava Ridge wind project and several phosphate mine projects. He also established embedded legal support to strengthen National Environmental Policy Act (“NEPA”) work across Idaho’s mining, renewable energy, transmission and resource management programmes.
Earlier in his career, Mr. Ditton served as Acting California State Director during a period of substantial solar and wind development interest, and held energy and minerals leadership roles in Alaska, where he reviewed the first commercial applications for permits to drill in the National Petroleum Reserve in Alaska. He also served as Acting Director of the BLM National Training Center, as Acting Director of the Office of Fire and Aviation at the National Interagency Fire Center, and as Program Coordinator for Time Sensitive Planning in the BLM Washington Office, where he coordinated more than 22 high-priority resource management plans and amendments. He represented BLM Alaska on the Federal Subsistence Board and served on the BLM’s national Field Committee. Mr. Ditton holds a B.S. in Geological Engineering from Montana College of Mineral Science and Technology (now Montana Technological University).
In his advisory role, Mr. Ditton is expected to advise Vesari on federal land access, geothermal leasing, NEPA review, rights-of-way, and stakeholder and tribal engagement as Vesari advances site selection and development of its geothermal-powered AI compute campuses.
Clifford M. Gross, Ph.D., Executive Chairman of Tekcapital, commented:
“Securing and permitting federal land is one of the critical paths for geothermal development in the Western United States, and few people understand that process from the inside as well as Peter does. He has spent his career moving complex energy, mineral and transmission projects through federal review, working alongside tribes, state and local officials, other federal agencies and landowners. That experience speaks directly to the land, leasing and permitting foundation of Vesari’s platform, and we are delighted to welcome him. Our portfolio company Vesari Inc. has developed new technology to co-locate enhanced geothermal systems (EGS) power plants with hyperscalers to enable highly efficient, clean, behind-the-meter data centres. Next-gen geothermal is estimated to be able to meet between 55–64% of projected U.S. hyperscale data center demand growth by the early 2030s[1].”
Peter J. Ditton added:
“Geothermal resources on Western U.S. public lands can provide clean, firm power around the clock, and AI computing is the kind of large, steady demand that can justify developing them at scale. Getting these projects built responsibly depends on careful planning, early engagement with tribes, communities and agencies, and environmental reviews that hold up. I look forward to helping Vesari navigate that process.”
Industry Perspectives on AI and Power
Leading figures in technology have highlighted both the scale of electricity demand from AI computing and the role that firm, clean power generation such as geothermal could play in meeting it.
Bill Gates, co-founder of Microsoft and founder of Breakthrough Energy, wrote: “I used to think that geothermal would never be more than 5 percent of the global energy mix. But now I believe it could eventually supply up to 20 percent of the world’s electricity. Geothermal power will have a big role to play in our clean energy future”.[2]
Jensen Huang, founder and Chief Executive Officer of NVIDIA, wrote that “Energy is the first principle of AI infrastructure and the binding constraint on how much intelligence the system can produce”, and that “intelligence generated in real time requires power generated in real time.”[3]
Mr. Gates and Mr. Huang are not affiliated with Tekcapital nor Vesari, and their statements are cited for industry context only; they should not be read as an endorsement of either company.
Vesari Advisors and Science Advisory Board
Mr. Ditton’s appointment complements Vesari’s Science Advisory Board (“SAB”), which brings together distinguished scientists with deep expertise across the three technical pillars of its platform: geothermal energy; hyperscale power utilization and heat management; and low-Earth-orbit satellite laser data transmission. Members of the SAB include geothermal scientists Dr. Joseph N. Moore and Dr. Robert K. Podgorney, satellite communications expert Dr. Barry G. Evans and satellite communications researcher Professor Beatriz Soret, whose appointments were announced between July and September 2026. While the SAB focuses on the science and engineering underpinning Vesari’s platform, Mr. Ditton will advise on the land access, leasing and permitting pathway required to bring its sites into development. Together, Vesari’s advisors are expected to provide insight and inform best practices for the siting, permitting and development of its newly designed, proprietary, co-located, geothermal-powered data centres.
About Tekcapital plc
Tekcapital creates value from investing in new, university and corporate developed discoveries that can enhance people’s lives. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM symbol: TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.
On 6 August 2026 Tekcapital reported its 2026 H1 results. For the six months ended 30 June 2026 net assets rose to US$201.7 million, up from US$55.1 million at 31 December 2025, lifting net asset value per share to US$0.78 from US$0.27. The Company's investment portfolio was valued at US$191.4 million at the period end, compared with US$46.9 million at 31 December 2025, and generated US$145.5 million in portfolio returns and revenue for the first half of 2026, against US$6.1 million in the first half of 2025. Profit after tax was US$144.8 million, versus US$5.4 million in the prior half-year period, while operating expenses fell 7.3% to US$0.69 million, reflecting continued cost discipline.
About Vesari Inc.
Vesari Inc. is developing the technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI campus for 24/7 carbon-free compute. Its patent-pending, protected architecture is designed to improve the efficiency and economics of AI infrastructure, independent of the public grid. For more information, please visit www.vesari.ai.
Tekcapital controls approximately 51% of the common stock of Vesari Inc.
For further information, please contact:
|
Tekcapital Plc |
Via Flagstaff |
|
Clifford M. Gross, Ph.D. |
|
|
SP Angel Corporate Finance LLP |
+44 (0) 20 3470 0470 |
|
(Nominated Adviser and Broker) |
|
|
Matthew Johnson / Charlie Bouverat (Corporate Finance) |
|
|
Flagstaff Strategic and Investor Communications |
+44 (0) 20 7129 1474 |
|
Tim Thompson / Andrea Seymour / Fergus Mellon |
|
Forward-Looking Statements and Risk Factors
This announcement contains forward-looking statements regarding the Company’s and Vesari’s objectives, strategy and plans. Such statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, and actual results may differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. The appointment of advisors to Vesari, including Mr. Ditton, does not guarantee any particular technical, commercial, regulatory or financial outcome, including the outcome of any land access, leasing or permitting process, and Vesari’s development programme remains at an early stage and is subject to significant risks and uncertainties. The Company does not undertake to update any forward-looking statements, except as required by law.
[1] https://rhg.com/wp-content/uploads/2025/03/The-Potential-for-Geothermal-Energy-to-Meet-Growing-Data-Center-Electricity-Demand.pdf
[2] B. Gates, “Utah’s hottest new power source is 15,000 feet below the ground,” Gates Notes, 4 September 2025: https://www.gatesnotes.com/work/accelerate-energy-innovation/reader/utahs-hottest-new-power-source-is-below-the-ground
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