Confidentiality
This Presentation is provided in confidence and for informational purposes only. It is not intended to be used as legal, tax, investment, accounting, or other advice, and it should not be relied upon for such purposes. It is also not an offer to sell or a solicitation of an offer to buy limited partner or other interests in any fund or security.
Any offers or solicitations related to a fund will only be made in accordance with the fund's confidential private placement memorandum and agreement of limited partnership, as well as subscription documents, which will be provided to qualified investors on a confidential basis in compliance with regulatory requirements. This Presentation is not part of these documents.
The information contained in this Presentation is confidential, and some information has not been publicly released. It is generally prohibited by federal securities laws to buy or sell securities of a company if one has knowledge of material information about the company that has not been publicly disclosed. By accessing this Presentation, recipients acknowledge this and agree not to trade or recommend trading in the securities of any company described herein on the basis of the information provided.
Neither Gasbox, LLC nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Nothing contained in this Presentation should be relied upon as a promise or representation as to future performance of a fund or any other entity. Past performance of entities managed by Gasbox, or its affiliates is not necessarily indicative of future results.
Certain economic, market, and performance information contained herein has been obtained from parties unaffiliated with Gasbox. Although such sources are believed to be reliable, none of Gasbox, its affiliates, or their respective partners, members, employees, representatives, or agents assumes any responsibility for the accuracy or completeness of such information.
This Presentation may contain forward-looking statements based upon certain assumptions, including projections or other estimates of operational results, returns, or performance of particular investments. Other events that were not taken into account may occur and may significantly affect the actual returns or performance of the fund and/or any of the companies or assets in which the fund has invested. Actual results may differ materially from those presented herein.
Sponsor + Focus on ERCOT Power
Fund Snapshot
American Power Fund I
Gasbox is pleased to present the opportunity for Limited Partner investments in American Power Fund I, an institutional-grade vehicle acquiring and operating mid-cap ERCOT power sites for Bitcoin mining cash flow during a 3 to 5 year hold and exit at the institutional aggregation comparable. The fund targets 60 MW of interconnect across 4 sites, with the first acquisition (Project Peacock, Reeves County, Texas) under contract.
Executive Summary
| Target Fund Size | $50,000,000 |
| Hard Cap | $60,000,000 |
| Total MW (Interconnect) | 60 MW |
| Deployed Mining Load | 56 MW |
| Per-Site Acquisition | $7,500,000 |
| Per-Site ASIC Capex | $21,500,000 |
| Equipment Debt @ 70% LTV | $15,050,000 per site |
| Fund-Level Equity Need | ~$55,800,000 |
| Stabilized Year | Year 3 |
| Stabilized Annual Fund EBITDA (base) | ~$35,000,000 |
| Hold Period | 3 to 5 years |
| Estimated Net IRR | 18% to 25% |
| Estimated Net MOIC | 2.5x to 4.0x |
Gasbox acquires under-bid mid-cap ERCOT power sites (3 to 15 MW), operates them as self-mining infrastructure during a 3 to 5 year hold, and exits to a strategic buyer at the institutional aggregation comparable. The fund's economics rest on four return layers: power cost arbitrage, curtailment optimization, AI/GPU optionality, and basis-to-comp capital appreciation.
The fund pipeline is anchored by direct broker and developer relationships across ERCOT West, Coastal, and Houston load zones. Sites are evaluated against a strict $400K to $600K per MW acquisition band. Project Peacock (15 MW, Reeves County, Texas) is the first acquisition and is under contract at $500K per MW.
Project Peacock is a fully energized 15 MW ERCOT West site with 400 Mbps fiber on site and modular air-cooled container infrastructure. Realized power cost is $48 per MWh at the 95% case with 4CP avoidance maintained. The site sits within standard AEP Texas distribution and is structured under TNMP tariff with 4CP-bound transmission cost recovery.
Each site is capitalized with 100% fund equity for land and substation, plus 60 to 75% LTV equipment debt against ASIC collateral. Active term sheets are open with Galaxy Digital Mining Finance, Foundry Digital, and Antalpha Bitmain Finance at indicative pricing of SOFR + 600 to 800 bps. Equipment debt amortizes on a 30 to 36 month schedule, fully retired before the fund's target exit.
Gasbox acts as General Partner with no less than a 5% GP commitment. LPs subscribe as Class A unit holders earning an 8% preferred return, with 20% carry above pref to the GP. Management fee is 2% of committed capital, waived on uncalled commitments. Hold period is 3 to 5 years with optional 1-year extensions.
ERCOT remains the lowest-cost industrial power market in the United States, with mid-cap sites (3 to 15 MW) structurally underbid by public miners (who target 100+ MW campuses) and AI/HPC buyers (who target 50+ MW campuses with deep fiber and water). The discount this creates at acquisition is the fund's primary alpha. ERCOT West specifically benefits from the combination of cheap power and the West Texas datacenter buildout currently absorbing 5 GW of new load.
Anchor Deal: Project Peacock
Project Peacock
Project Peacock is a 15 MW fully energized ERCOT West site in Reeves County, Texas. The site is delivered turnkey with modular air-cooled containers, on-site 400 Mbps fiber, and TNMP tariff power priced at $43-45 per MWh. Acquired at $500K per MW, the site is the first of four planned interconnects for American Power Fund I.
Power Cost Detail
| Charge | UOM | Rate |
|---|---|---|
| Customer Charge | $/month | $26.89 |
| Meter Charge | $/month | $221.59 |
| Distribution System Charge | $/kW-month (Billing kW) | $4.5340 |
| Distribution Cost Recovery Factor | $/kW-month | $0.6215 |
| Transmission Cost Recovery Factor | $/kW-month (4CP kW) | $4.5238 |
| Energy Efficiency Cost Recovery | $/kWh | $0.0002 |
| Retail Service Charge | $/kWh | $0.0063 |
| Ancillary Services | $/kWh | $0.0011 |
| Congestion Revenue Rights | $/kWh | ($0.0075) |
| ERCOT Contingency Reserve | $/kWh | $0.0001 |
| ERCOT Firm Fuel Supply | $/kWh | $0.0004 |
| ERCOT Nodal Ancillary | $/kWh | ($0.0002) |
| Renewable Portfolio Standards | $/kWh | $0.000018 |
| Real Time Imbalance | $/kWh | $0.000004 |
| Reliability Unit Commitment | $/kWh | $0.0001 |
| ERCOT Securitization | $/kWh | $0.0007 |
| Other | $/kWh | $0.0002 |
| Market Energy Price (2025 @ 95% optimized) | $/kWh | $0.0359 |
| All-In Delivered Cost | $/kWh | $0.0484 |
| Uptime | LZ West $/MWh |
|---|---|
| 90.0% | $33.22 |
| 95.0% | $35.90 |
| 99.9% | $42.17 |
The fund's underwriting case targets 95% to 96% load factor with 4CP avoidance maintained, delivering ~$48/MWh blended including all demand charges and 4CP exposure.
Project Estimated Budget
| Item | % | Amount |
|---|---|---|
| Site Acquisition | 25.7% | $7,500,000 |
| ASIC Hardware | 73.7% | $21,540,000 |
| Working Capital | 0.6% | $170,000 |
| Development Cost Before Carry | 100.0% | $29,210,000 |
| Item | % | Amount |
|---|---|---|
| Equipment Debt (70% LTV) | 51.5% | $15,050,000 |
| Fund Equity | 48.5% | $14,160,000 |
| Total Sources | 100.0% | $29,210,000 |
| Total Site Acquisition | $30,000,000 |
| Total ASIC Capex | $86,160,000 |
| Total Equipment Debt | $60,200,000 |
| Total Fund Equity Deployed | $55,960,000 |
| Plus Working Capital + Reserves | ~$4,000,000 |
| Total Fund Equity Required | ~$59,960,000 (within hard cap) |
All budgeted figures are estimates and subject to change. Equipment debt term sheets are non-binding and pricing is indicative.
Investment Projections (Fund-Level Pro Forma)
| Line Item | Year 1 Jul-2026 | Year 2 Jul-2027 | Year 3 Jul-2028 | Year 4 Jul-2029 | Year 5 Jul-2030 |
|---|---|---|---|---|---|
| Unlevered Cash Flow | |||||
| MW Deployed | 14 | 42 | 56 | 56 | 56 |
| Annual Mining Revenue | $5.0M | $44.7M | $59.6M | $59.6M | $59.6M |
| Power Cost ($48/MWh, 95% LF) | ($2.8M) | ($16.8M) | ($22.4M) | ($22.4M) | ($22.4M) |
| Site Opex ($5/MWh) | ($0.3M) | ($1.8M) | ($2.4M) | ($2.4M) | ($2.4M) |
| Net Site EBITDA | $1.9M | $26.1M | $34.8M | $34.8M | $34.8M |
| Fund Mgmt Fee (2%) | ($1.0M) | ($1.0M) | ($1.0M) | ($1.0M) | ($1.0M) |
| Net Fund EBITDA | $0.9M | $25.1M | $33.8M | $33.8M | $33.8M |
| Levered Cash Flow | |||||
| Equipment Debt Service | ($5.7M) | ($23.0M) | ($24.0M) | ($12.0M) | $0 |
| Cash Flow After Financing | ($4.8M) | $2.1M | $9.8M | $21.8M | $33.8M |
| Cumulative Pref Distribution (8% on $50M) | ($4.0M) | ($4.0M) | ($4.0M) | ($4.0M) | ($4.0M) |
| Cash Available for Carry | ($8.8M) | ($1.9M) | $5.8M | $17.8M | $29.8M |
| Reversion (Year 5) | |||||
| Exit at $2.5M/MW x 60 MW (Gross) | $150.0M | ||||
| Less Selling Costs (2%) | ($3.0M) | ||||
| Less Remaining Equipment Debt | $0 | ||||
| Net Exit Proceeds to Equity | $147.0M | ||||
Base case assumes $38/PH/day hashprice held flat, 95% load factor, 4CP avoidance maintained at all sites, and exit at $2.5M/MW comp. Sensitivity analysis shown on next section.
All figures are estimates based on Project Peacock economics extrapolated to four sites. Subject to change.
Investment Sensitivity Analysis
| Exit Price/MW \ Hashprice | $30/PH | $34/PH | $38/PH (base) | $42/PH | $46/PH |
|---|---|---|---|---|---|
| $1.5M/MW (downside) | 8.2% IRR - 1.8x | 11.5% - 2.1x | 14.3% - 2.4x | 16.8% - 2.7x | 19.1% - 3.0x |
| $2.0M/MW | 14.6% - 2.4x | 17.4% - 2.7x | 19.8% - 3.0x | 22.0% - 3.3x | 24.1% - 3.6x |
| $2.5M/MW (base case) | 19.2% - 2.8x | 21.5% - 3.1x | 22.4% - 3.1x | 25.5% - 3.7x | 27.4% - 4.0x |
| $3.0M/MW | 22.8% - 3.2x | 24.9% - 3.5x | 26.8% - 3.8x | 28.6% - 4.1x | 30.3% - 4.4x |
| $3.0M/MW + 60 MW package | 25.3% - 3.5x | 27.4% - 3.8x | 29.2% - 4.1x | 30.9% - 4.4x | 32.5% - 4.7x |
Sensitivity assumes 95% load factor, 4CP avoidance maintained, and equipment debt fully retired at Year 4. Hashprice held flat at the column value across the hold period.
Company Overview
Gasbox's focus is to acquire, build, and operate mid-cap power infrastructure that monetizes through Bitcoin mining and AI compute. We operate across ERCOT, the Midwest, and Brazil, and we work alongside infrastructure capital, equipment lenders, and strategic buyers across the lifecycle of each asset. The fund is the institutional expression of operating capabilities we've built over a decade.
Key Metrics
Recent Transactions / Operating Assets
American Power Fund I is run by operators, not financial engineers. Both principals have personally built MW-scale Bitcoin mining infrastructure, written the software that runs it, and managed LP capital and investor relations across prior Gasbox vehicles. Every part of the playbook this fund is executing, the principals have run before.
Co-Founder of Gasbox. Has built and operated MW-scale Bitcoin mining infrastructure for nearly a decade, both on-grid in Iowa and off-grid on stranded flare gas in the Permian, drawing on a background in natural gas power generation. Currently operates live hashrate across three active sites in Iowa, Brazil, and West Texas. Built the Gasbox market intelligence terminal, a Bloomberg-style platform for Bitcoin network and mining economics. Operator-grade fluency across the full mining stack: substation engineering, ASIC procurement, energy markets, and fleet dispatch. Leads investor relations and LP capital for Gasbox. Before Bitcoin, built consumer lending businesses. Served as CMO of Loanry.com. Founded Niche Loans, an online lending fund of consumer-based assets that included NoCreditCampers.com and PayMyWedding.com, and sold the company in 2018, taking proceeds into Bitcoin mining. Graduated from New Mexico State University, where he played college baseball.
Hardware engineer with deep specialization in AI compute infrastructure. His domain is GPU cluster topology, high-density power delivery, and the substation-to-rack engineering that hyperscalers actually pay for. Graduated from UC Berkeley with a double major in electrical engineering. Architected and maintains Gasbox's payment infrastructure software. The platform has shipped millions in distributions to LPs across prior Gasbox vehicles and converts ongoing mining revenue into USD bank deposits, stablecoins, or equity at each LP's election. Leads hardware procurement, datacenter electrical design, ASIC and GPU fleet management, and AI-readiness diligence on every site the fund acquires. Co-principal on the American Mining Fund. Active real estate operator running JM Estates. The cross-stack engineer fluent in both the power side and the compute side of the buildout, and the technical lead on the bridge between them.
GASBOX
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