American Clean Resources Group announced that it has received a Letter of Intent from Elko Heat Company for up to $40 million in joint development capital. The capital is intended to support ACRG’s pursuit of a Bureau of Land Management Solar Energy Zone competitive lease and related solar development activities at the company’s Millers Property in Esmeralda County, Nevada.
The funding would support the Millers Solar Energy Zone acquisition under the active Plan of Development at the property. The commitment is connected to the Joint Exploration and Development Agreement dated June 9, 2026, between ACRG and TRG Holdings covering the Millers Property.
The parties may also use a project-level special purpose vehicle formed under the agreement to advance the opportunity. ACRG said the Millers JEDA establishes a framework for joint exploration, technical evaluation, regulatory pursuit, and commercial scoping at the property.
Elko Heat Company is a Nevada geothermal utility that has operated in Elko since 1982, when it was established through a U.S. Department of Energy grant. The company provides continuous geothermal district heating service in the Elko community and operates a geothermal well producing approximately 400 gallons per minute.
EHC’s participation is focused on energy infrastructure and generation rather than mineral activities. ACRG said mineral activities at the Millers Property are conducted by TRG Holdings or its designated affiliates.
For EHC, the Solar Energy Zone opportunity reflects a broader strategic interest in clean energy generation. ACRG said it intends to power its critical mineral processing hubs with clean and reliable energy, while EHC brings experience developing and operating energy generation assets.
The Millers Solar Energy Zone represents an opportunity to develop generation capacity co-located with ACRG’s operations. EHC also sees potential to support ACRG’s energy needs across additional processing sites over time.
EHC is participating in the financing in its corporate investing capacity. ACRG said the contemplated capital is expected to come through EHC’s financing counterparties and capital relationships, not from EHC’s regulated utility operations, rate base, or ratepayer funds.
According to the Letter of Intent, EHC is working with its own capital markets and financing counterparties to structure and capitalize the Solar Energy Zone acquisition and related development costs. EHC indicated that it has the financial capacity and market support to participate in and jointly develop the opportunity on or before October 31, 2026.
EHC intends to provide ACRG with a written status update by the end of August 2026 confirming progress on its capital structure and financing counterparty arrangements. ACRG noted that this update would be informational and would not itself constitute a binding financing commitment.
Funding remains subject to customary closing conditions, including financial, legal, environmental, and regulatory due diligence. The deal also requires final approval by EHC’s Investment Committee, no material adverse change, issuance of the BLM Solar Energy Zone competitive lease or comparable BLM authorization, and definitive documentation.
The Letter of Intent is not a binding commitment to lend or invest. ACRG also noted that the Millers JEDA does not itself create an operating joint venture, and any such relationship would require a definitive agreement following completion of the contemplated joint work.
American Clean Resources Group is focused on building domestic processing infrastructure for precious metals and critical minerals recovered from above-ground feedstocks. The company uses closed-loop onsite processes and is pursuing a NYSE uplisting.
KEY QUOTES:
“The Millers Property continues to attract the scale of capital and partnership structure its potential warrants. Our hubs run on clean, reliable power, and partnering with a geothermal utility that has operated continuously for more than forty years brings exactly the kind of energy expertise and operating credibility this work demands. Pairing the Millers JEDA framework with joint development capital of this size positions us to advance the Solar Energy Zone opportunity alongside our domestic processing infrastructure thesis. This is what building from the hub up looks like.”
Tawana Bain, Chairwoman and CEO of American Clean Resources Group
