Hennessy Capital VII and ONE Nuclear Advance "Gas-to-Nuclear" Data Center Power Supply Plan

Hennessy Capital Investment Corp. VII and ONE Nuclear recently held a joint investor update to review the latest progress of their proposed business combination and disclosed ONE Nuclear's "gas-to-nuclear" strategy developed around the power supply needs of hyperscale data centers. According to relevant documents, the S-4 registration statement filed by both parties became effective on August 3, 2026, and Hennessy Capital VII has mailed the final proxy statement to shareholders of record as of July 31, 2026, for a vote on the business combination.

ONE Nuclear stated that its business path will begin with behind-the-meter natural gas power generation to provide faster-deployable on-site electricity for data centers, and will then gradually introduce small modular reactor nuclear power solutions, forming a project model that transitions from natural gas power generation to nuclear power supply.

In terms of project site selection, ONE Nuclear has currently identified two priority locations: the first is a 1 GW project in East Texas, United States, with a power purchase agreement expected to be signed within the next six months; the second is a letter of intent project covering approximately 6,000 acres of land in New Mexico, planned for phased construction with a final capacity target of 10 GW.

The company also disclosed illustrative unit economics for a 1 GW natural gas power plant. Based on a target PPA price of $95/MWh and an approximate 66% capacity factor, the project is expected to generate annual revenue of approximately $660 million, plant-level EBITDA of approximately $361 million, and unlevered free cash flow of approximately $306 million excluding debt.

Meanwhile, the management and governance arrangements for the proposed public company have also been finalized, including the appointment of a new Chief Financial Officer and the determination of board members.