Mastern Investment Management and SK Eternix sign MOU to assess fuel-cell-powered AI data center in South Korea
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Mastern Investment Management and SK Eternix have signed a memorandum of understanding to jointly evaluate a hyperscale AI data center in South Korea supplied by on-site fuel cells under a direct power purchase agreement. The parties remain at the business-model and technical and economic feasibility-assessment stage.
- The parties have signed an MOU, not announced a final investment decision or construction start.
- The proposed model would use on-site fuel cells to supply an AI data center directly through a PPA.
- Mastern would lead development, financing and tenanting; SK Eternix would develop and operate the fuel-cell power infrastructure.
- No project capacity, site, CAPEX, tenant commitments or commissioning timetable has been disclosed.
Mastern Investment Management and SK Eternix signed the MOU in Seoul on 7 October 2026 for a hyperscale AI data center concept linked to fuel-cell generation.
The proposed structure is off-grid: fuel cells located at the data-center site would supply electricity directly under a PPA. Mastern is expected to lead site development, permitting, determination of project scale and design, investment structuring, financing and tenant acquisition. SK Eternix is expected to build the fuel-cell power facilities, supply electricity, and contribute EPC, power-system design and operations and maintenance capabilities.
For data-center developers, the project is relevant as a potential approach to securing power outside the conventional grid-interconnection process. This could be particularly material where available grid capacity is limited or connection lead times are extended. However, the commercial significance cannot yet be quantified because the parties have not disclosed the site, data-center capacity, fuel-cell generation capacity, capital expenditure, tenant roster or delivery schedule.
The agreement does not constitute a final investment decision or confirmation of construction. Mastern and SK Eternix still plan to establish the business model and assess its technical and economic feasibility. Any broader application of the structure will depend on the outcome of that work.
The proposal tests on-site fuel-cell generation as an alternative to waiting for grid interconnection for a large AI data center. If technically and economically viable, the model could broaden power-supply options for hyperscale and AI developments in markets where grid capacity is constrained or access timelines are lengthy.
- — / 8 октября 2026 г. · АнглийскийПервоисточник →
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