Smartkem, a company developing a new class of organic semiconductor technology, announced that it has signed a non-binding Letter of Intent (“LOI”) with Jericho Energy Ventures, an energy innovation company, for a proposed all-stock business combination (the “Proposed Transaction”). If completed, the Proposed Transaction would establish a U.S.-owned and controlled AI infrastructure company, integrating low-cost domestic energy with advanced semiconductor packaging and materials to support the surging demand for AI compute capacity.
AI Infrastructure at the Core
JEV is positioned at the intersection of energy and AI, leveraging its high-capacity energy framework, renewable innovation, and clean hydrogen technologies to provide resilient, low-cost power for AI data centers. The contemplated transaction would integrate Smartkem‘s patented organic semiconductor platform into Jericho’s infrastructure to accelerate:
- Energy-efficient AI data centers engineered for next-generation workloads
- Advanced AI chip packaging that reduces power consumption and heat
- Low-power optical data transmission to enable faster interconnects
- Conformable sensors for environmental monitoring and operational resilience
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Leadership Commentary
“This proposed transaction positions Smartkem’s technology at the center of the largest technology build-out of our era,” said Ian Jenks, Chairman and CEO of Smartkem. “We believe this combination provides the pathway for our patented materials to reach their full commercial potential inside next-generation AI infrastructure.”
“AI compute growth is driving unprecedented demand for U.S. power and infrastructure,” said Brian Williamson, CEO of Jericho Energy Ventures. “By combining JEV’s scalable energy platform with Smartkem’s semiconductor breakthroughs, we can deliver a new generation of faster, cleaner, and more resilient AI data centers.”
“Together, JEV and Smartkem are developing a unified U.S. platform for AI data centers that pairs energy resilience with advanced semiconductors, a vertically integrated strategy aimed at driving sustainable growth and creating value for shareholders,” said Anthony Amato, Strategic Advisor to Smartkem.
SOURCE: PRNewswire