VisionWave inks $40M share-based JV for Tier IV Israel data center
VWAV•VisionWave signed a term sheet with Lucky Whale to form a joint venture for a Tier IV data center campus near Beth Shemesh, Israel, granting VisionWave an effective 51% interest via $40 million of common shares. The transaction remains subject to due diligence, definitive agreements and regulatory approvals, and will be dilutive to existing shareholders.
1. Term Sheet Agreement and JV Details
VisionWave signed a non-binding term sheet with Lucky Whale Production Limited to create a jointly-held company for developing, owning and operating a Tier IV data center campus in the Beth Shemesh area of Israel. Completion of the transaction is conditioned on due diligence, negotiation of definitive agreements and approval by VisionWave’s board, stockholders, the SEC and Nasdaq.
2. Share-based Consideration and Stake Structure
Under the proposed deal, VisionWave would hold a 68% stake in the joint company, which in turn would own 75% of the project vehicle, yielding a 51% effective interest in the asset. Consideration consists of VisionWave common shares valued at approximately $40 million based on VWAP near closing, with issuance subject to stockholder and regulatory approvals and resulting in dilution to existing shareholders.
3. Project Specifications and Financing Conditions
The Phase-1 build is planned to cover 15,000 square meters with 10 data halls and a 10.5 MW IT load on a dual 2N redundant topology targeting Tier IV certification. VisionWave will arrange the full capital for construction and commissioning through capital-markets activity and institutional project financing, but availability of acceptable funding is not guaranteed.
