⚠ Location is approximate — 2020 Axemann Rd, Bellefonte PA 16823. Verify with Centre County records before any action.
Lease Summary
▼
Operator Entity
Mawson Bellefonte LLC
BGDE Structure
BGDE Public (publicly traded vehicle)
Facility Address
2020 Axemann Road, Bellefonte, PA 16823
Facility Size
9,918 sq ft mining / data center facility
Lease Extension Executed
November 6, 2025
Lease Expiry
December 31, 2030 (5-year extension)
Current Capacity
8 MW (tracker: 9 MW — confirm current figure)
Expansion Potential
8 MW → 24 MW (pending landlord approval & PPA expansion)
Renewal Basis
Renewal submitted per original lease terms; agreement signed Nov 6, 2025. Lease renewal enables PPA extension and supports expansion to 24 MW. Meeting with Scioto (power provider) scheduled. Meeting with ATI (asset preservation) scheduled.
Strategic Context
Two major customers seeking up to 100 MW each at Midland PA with strong overflow potential to Bellefonte. Geneva GPU pilot underway for AI/HPC use. Sales team pursuing long-term contracts to improve utilization at this site.
Financial Analysis (Internal Memo, Nov 2025)
▼
| Factor | Value |
|---|---|
| Annual Lease + Operational Cost | $1.5M / year |
| Revenue Potential (new contracts) | $3.5M / year |
| Net Annual Benefit | $2.0M / year |
| ROI Over 5 Years | 83% |
| Payback Period | 6.0 years |
| Cost Avoided (vs. new facility) | ~$12M capex |
| Time to Operational (renewal vs. new build) | Immediate vs. 12–24 months |
Source: Internal memo to Ryan, Steve, Katie from Kaliste Saloom and Bill Regan, dated November 11, 2025.
Power Access
▼
Utility / Provider
West Penn Power Company (PJM, APS_RESID_AGG zone) — retail power supplied by Dynegy Energy Services (East), LLC / Illinois Power Marketing d/b/a Homefield Energy under Master Electric Service Agreement with Navitus, LLC (dated 12/12/2025); Broker: Scioto Energy
Nearest Substation
Site is a tenant suite (Suite 280, ~9,918 sqft) within Titan Energy Park, 2000/2022 Axemann Road, Bellefonte, PA 16823 — an existing powered industrial campus; specific on-site substation/transformer not yet identified in data room
Distance to Substation
On-campus — Titan Energy Park provides metered power to tenant suites
Available / Interconnect Capacity
Contracted retail power volumes per Exhibit A (Quotes Q-00078437 / Q-00950628): ~25,884,300 kWh (Jan 2026–Jan 2027 term) and ~77,578,400 kWh (Jan 2027–Jan 2030 term)
Interconnection Voltage
TBD — not specified in retail electric supply documents reviewed; PJM RTO, West Penn Power distribution
Interconnect Queue Status
Active/operational — existing tenant operation under Lease (commenced 5/24/2023, extended via Amendment dated 11/6/2025 through 12/31/2030) between Navitus LLC (Landlord) and Mawson Bellefonte LLC (Tenant)
Lease / Power Cost Structure
Lease Amendment (Navitus LLC ↔ Mawson Bellefonte LLC) sets minimum rent + metered power pass-through for 2026–2030: $12,380.16/mo + Rate + $2.60/MWh (2026), escalating annually to $14,483.04/mo + Rate + $3.04/MWh (2030). Initial security deposit of $309,000 required under the Master Electric Service Agreement (cash or irrevocable LOC).
Notes
Power is procured by Navitus, LLC (Landlord/intermediary) via Dynegy/Homefield Energy retail supply contract and passed through to Mawson Bellefonte LLC (Tenant/operator) under the Titan Energy Park lease. Any BDE acquisition would need to confirm (1) assignability of the Navitus retail electric supply contract, (2) status/transferability of the Mawson Bellefonte sublease at Titan Energy Park, and (3) whether Mawson's MOU (dated 12/19/2025, executed but not yet text-extracted — image-based PDF) affects site control or power rights. A Carbon-Free Power Certificate for Bellefonte was also provided but not yet text-extracted (image-based PDF).
Key Flags & Risks
▼
Lease Renewed Through December 31, 2030
5-year lease extension executed November 6, 2025. Immediate operational continuity secured. PPA extension enabled by renewal.Expansion from 8 MW to 24 MW — Pending Landlord & Scioto PPA
Expansion to 24 MW is feasible within the existing infrastructure but requires landlord approval and a PPA extension / expansion with Scioto. Both meetings are scheduled — track outcomes and document commitments before investing in expansion capex.Underutilized — Sales Pipeline Critical for ROI
Facility is currently underutilized. The $2M/year net benefit and 83% ROI are contingent on signing long-term contracts. Active sales pipeline targeting Midland overflow (2 customers seeking 100 MW each) and AI/HPC (Geneva GPU pilot). Track contract closure timelines against lease cost burn.Expansion Approval Risk — Landlord May Not Approve 8→24 MW
Ongoing negotiations with landlord for expansion. If expansion is denied, the 24 MW growth scenario is off the table. Maintain open dialogue and consider whether a fallback plan (new facility, co-location elsewhere) should be developed in parallel.
Recommended Next Actions
▼
1
Complete Scioto meeting — confirm PPA extension and 24 MW expansion terms
PPA renewal is the enabling condition for the 8 MW → 24 MW expansion. Secure written commitment from Scioto on pricing, capacity, and timeline before committing expansion capex.
2
Complete ATI meeting — confirm landlord approval for 8→24 MW expansion
Landlord approval is a prerequisite. Document the outcome and get written approval (lease amendment) before proceeding with infrastructure investment.
3
Close long-term contracts with Midland overflow customers (2 customers, 100 MW each)
Overflow from Midland is the primary revenue driver for Bellefonte. Ensure the sales team has hard commitments, not just intent, from both customers.
4
Advance Geneva GPU pilot — AI/HPC revenue diversification
The Geneva GPU pilot at Bellefonte represents AI/HPC revenue diversification. Confirm timeline, pilot size (MW), and conversion path to a long-term customer contract.
5
Calendar 2030 lease expiry — set renewal notice reminder
Lease runs through December 31, 2030. Identify the required notice period and set a reminder to engage the landlord no later than 12 months prior (Dec 31, 2029) for the next renewal or exit planning.
Parties & Contacts
Mawson Bellefonte LLC
Operator
RoleSite operator — BGDE Public vehicle
Facility2020 Axemann Rd, Bellefonte, PA 16823
LeaseActive through Dec 31, 2030 (renewed Nov 6, 2025)
NotesRelated entity: Mawson Ohio LLC (BDE-012 Corning OH ground lease assignee)
ACTIVE OPERATOR
Kaliste Saloom & Bill Regan
Internal Analysts
RoleAuthored Nov 11, 2025 strategic rationale memo for lease renewal
Memo ToRyan, Steve, Katie (internal leadership)
DateNovember 11, 2025
INTERNAL TEAM
Scioto (Power Provider)
PPA Partner
RolePower Purchase Agreement provider for Bellefonte site
StatusMeeting scheduled (as of Nov 2025) to discuss PPA extension and 24 MW expansion
NotesPPA renewal/expansion is critical enabling condition for 8→24 MW growth. Confirm meeting has occurred and document outcome.
PPA PROVIDER
ATI (Landlord / Asset)
Expansion Approval
RoleLandlord or asset owner — meeting scheduled for expansion approval discussion
StatusMeeting scheduled (as of Nov 2025); expansion approval pending
NotesWritten approval required before any 24 MW expansion capex. ATI Allegheny Technologies is a major employer in Centre County PA.
LANDLORD / ASSET