Ethtry PLC - Ownership of McKean increased to 100%

29 October 2026

 

ETHTRY PLC
("Ethtry" or the "Company")
 

Ownership of McKean increased to 100%
 

Full ownership of McKean’s Pennsylvania deep gas rights advances the Company’s gas-to-power and data centre strategy

Ethtry PLC (AQSE: ETHY) is pleased to announce that it has completed the acquisition of the remaining 10% membership interest in McKean Natural Gas Company, LLC ("McKean") for US$300,000 in cash, taking the ownership of the Company and its subsidiaries (the "Group") to 100%. McKean holds deep gas rights over approximately 1,383 acres in Potter County, Pennsylvania, across the Marcellus and Utica/Point Pleasant formations.

Following its acquisition of Dunbar Energy in October 2026, the Company is developing an integrated natural gas and behind-the-meter power platform in Pennsylvania. It combines deep gas rights with planned on-site gas-to-electricity generation to serve data centre demand. Alongside this, the Company continues to progress its UK solar development pipeline and maintains an Ethereum treasury under its Cryptoassets Treasury Policy.

The acquisition secures full ownership of a strategic asset underpinning Ethtry’s planned US gas-to-power and data centre development platform. The Board regards this as a significant step towards integrating gas ownership with on-site electricity generation for data centre customers.

Highlights

•          100% Group ownership of McKean following the acquisition of the final 10% interest through its wholly owned subsidiary, Ethtry USA Inc, for US$300,000 in cash.

•          Approximately 1,383 acres of deep gas rights across the Marcellus and Utica/Point Pleasant formations in Potter County, Pennsylvania.

•          Existing gas pipeline infrastructure connects the 1,383 acres to the site of the Company’s planned Pennsylvania behind-the-meter data centre. The infrastructure is third-party owned but the Group holds a related option, acquired through the Dunbar Energy Ltd acquisition, on the pipeline.

•          McKean’s gas rights remain subject to secured notes with an aggregate redemption amount of approximately US$1.7 million, repayable by 14 February 2027 in cash or shares, at the noteholder’s election.

•          Full ownership strengthens Ethtry’s ability to coordinate gas development with its power strategy and retain the economic benefit of its entire interest in McKean.

Mike Murphy, Executive Chairman of Ethtry PLC, commented:

“This is a major strategic milestone for Ethtry. We now own 100% of McKean and its 1,383 acres of deep gas rights, putting a critical asset for our US energy and data centre strategy firmly under our control. Reliable power is fundamental to data centre development. Our ambition is to connect gas from our deep gas rights with on-site electricity generation, creating a platform designed to give customers greater certainty over power supply and cost. Full ownership of McKean strengthens our ability to pursue that opportunity and build value from the gas rights through to power generation. The significance for shareholders is clear: following the Dunbar acquisition, we are consolidating the assets needed to execute our strategy. There is substantial development work ahead, but this acquisition is a concrete step towards building an integrated energy and data centre business of significant scale.”

Acquisition details

McKean’s 10% minority interest was held by an Australian superannuation fund investor, which acquired it in March 2026. That interest was subject to a call option, which has now been exercised and completed for cash consideration of US$300,000. The final 10% interest has been acquired through Ethtry USA Inc. Following completion, McKean is wholly owned within the Ethtry group (“the Group”), consolidating the Group’s ownership of the deep gas rights over approximately 1,383 acres.

McKean’s gas rights are subject to McKean’s outstanding secured notes. Those notes have an aggregate redemption amount of approximately US$1.7 million and are repayable by 14 February 2027, in cash or, at a noteholder’s election, in Ethtry shares. The minority investor’s security over its former 10% interest has been released on completion; the noteholders’ security over the gas rights continues.

Strategic rationale

Ethtry intends to integrate its Pennsylvania gas rights with on-site power generation to support data centre development. Under this behind-the-meter model, electricity would be generated for use at the site, with the aim of reducing reliance on grid-supplied power and improving control over the cost and availability of energy.

Holding the deep gas rights gives the Group the opportunity to develop a fuel source aligned with its own power requirements. Subject to successful development, this could reduce reliance on third-party gas purchases and give Ethtry greater influence over the economics from wellhead to electricity generation. Full ownership also removes the minority interest in McKean, enabling the Group to coordinate decisions across the whole asset.

The pipeline connectivity described above supports this integrated approach. Commercial delivery remains subject to technical and economic assessment, funding, applicable permits and approvals, the finalisation of pipeline access, and the necessary gas production and power infrastructure arrangements. Ownership of gas rights does not itself establish recoverable reserves, production capacity or a guaranteed fuel cost.

The Board believes this acquisition strengthens the foundation for a differentiated US energy and data centre business and advances the Company’s objective of building long-term shareholder value.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

The Directors of the Company accept responsibility for the contents of this announcement.

Enquiries

Forward-looking statements and gas resource disclosure

This announcement contains forward-looking statements relating to the Company’s strategy, plans and intentions, including in respect of its gas rights and planned data centre power project. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied. They reflect the Board’s current expectations and are subject to change. Nothing in this announcement should be construed as a profit forecast or a guarantee of future performance. Except as required by law or regulation, the Company undertakes no obligation to update any forward-looking statement.

References to deep gas rights and the Marcellus and Utica/Point Pleasant formations describe the Company’s acreage position and the geological formations beneath it. They are not statements of proved or certified gas reserves. Any internal assessment of resource potential is unaudited and subject to confirmation by an independent competent person’s report. The Company will provide further information on resources, development plans and timing in due course.

Important Notice – Ethereum Treasury Holdings and Risk Disclosure

Ethtry has adopted a Cryptoassets Treasury Policy outlining its intention, subject to market conditions, to allocate a portion of its future treasury reserves to Ethereum ("ETH"), including L2, and stablecoins (USDC, USDT, etc.). This policy has been prepared to comply with the Aquis Cryptoassets Policy and relevant provisions of the Financial Services and Markets Act 2000 ("FSMA").

The Company holds cryptoassets and may continue to acquire these in the future as part of its treasury management strategy. The Company is not authorised or regulated by the Financial Conduct Authority ("FCA"), and investments in the Company's shares are not protected by the Financial Services Compensation Scheme ("FSCS") or the Financial Ombudsman Service ("FOS").

Shareholders should note that Ethereum, including L2, and stablecoins (USDC, USDT, etc.) are a high-risk, volatile asset class. Risks include significant price fluctuations, custody and cyber-security vulnerabilities, liquidity and counterparty risks, regulatory uncertainty, and the absence of statutory investor protection. Cryptoassets are high-risk investments, and investors should be prepared to lose all the money they invest.

The Company's full Cryptoassets Risk Disclosure, prepared in accordance with the Aquis Cryptoassets Policy, has been published on its website and is available upon request from the Company.