Duos Technologies Group subsidiary Duos Energy has signed a two-year Asset Management Agreement (AMA) with Fortress Investment Group to deploy and operate a fleet of mobile gas turbines and a balance of plant inventory with a combined capacity of 850MW.
Under the terms of the AMA, Duos will oversee the management and deployment of the assets. The company is in active discussions with developers of immediate demand power projects, including US-based data center developers. The contract's value is estimated at $42 million.
Fortress Investment Group acquired the portfolio of assets from APR Energy, and the transaction is expected to close upon the completion of customary closing conditions and regulatory approval.
“With rising demand across the globe for power generation, we see significant opportunity to deploy these high-capacity mobile turbines both in the US and internationally – and they’re available immediately,” said Chuck Ferry, CEO of Duos Technologies.
Duos Energy was formed in August in response to the increasing demand for power from data center companies. Its deployment of mobile gas turbines aims to provide behind-the-meter power solutions with a short deployment timeframe.
“With grid constraints in some markets and rising demand for power, we believe these assets offer an ideal solution for immediately available behind-the-meter power generation,” said Robert Warden, managing director at Fortress.
The move into energy is one of a number of pivots Duos is making. Founded in 2001 and based in Jacksonville, Florida, Duos offers vision-based technology solutions to automate inspections of trains, trucks, and automobiles while in motion.
The company launched an Edge data center unit earlier this year. After deploying its first module in Texas, the company recently announced the early deployment of three more edge data centers across Texas.
The deployment of behind-the-meter natural gas to support data centers and cryptocurrency mining operations is gaining steam. This week, AXP Energy signed a binding Joint Development Agreement (JDA) with Blackhart to sell natural gas to power modular crypto mine data centers in Colorado.
Earlier this month, Hyperscale Data launched a pilot project to explore the feasibility of Bitcoin mining powered by natural gas turbines operated by an undisclosed project partner.
In October, MARA launched a 25MW micro data center operation across oil wellheads in Texas and North Dakota, powered exclusively by excess natural gas.
