Volato Group, the former private aviation company rebranding as Soar AI, struck a stock purchase agreement with an institutional investor for an equity facility of up to $1B. That's a long way from fractional jet ownership.
The facility will support the growth of the artificial intelligence infrastructure and data center development company. Soar AI focuses on redeveloping industrial properties rather than ground-up construction. Its Ohio AI infrastructure campus has 154 megawatts available and a roadmap to 480 MW.
Soar AI can sell shares to institutional investors at its discretion and has no obligation to sell shares or use the equity facility. The facility gives the company an on-demand source of equity capital for its development pipeline.
A large AI customer last month agreed to purchase $1.2B of services from Soar AI. The company said it is in discussions with more prospective customers for its available and planned capacity. Soar AI CEO Chris Ensey said in a statement: “The opportunity in front of us is measured in hundreds of megawatts across multiple sites.”
Soar AI Chief Financial Officer Mark Heinen said in a statement: “The terms were structured to minimize market impact in the event we draw on the facility.”
The question is whether the pipeline fills before the market shifts.