Electricity has become one of the world’s most valuable growth commodities.

Factories are expanding, electric vehicles and heat pumps are spreading, and rising temperatures are driving heavier demand for air conditioning. Governments and industries are also investing in cleaner energy to reduce emissions, while artificial intelligence is creating a new generation of data centres that require vast amounts of dependable power around the clock.

The International Energy Agency expects global electricity demand to grow by 3.6% in 2026 and another 3.8% in 2027. Through 2030, the world is expected to add 50% more electricity demand each year, on average, than it did during the previous decade.

That surge is widening the gap between the power the world needs and the projects ready to supply it.

NU E Power Corp. (CSE: NUE) has positioned itself inside that gap, advancing early-stage power projects to the point where larger infrastructure investors can deploy construction capital and bring them online.

The Calgary-based company secures strategically located sites and moves them through the steps that can turn raw land into a financeable power project. That work includes rezoning, permitting, engineering, grid planning, community engagement, and negotiations with prospective power buyers.

Once a project reaches an advanced stage, NU E Power seeks to sell most of it to a larger infrastructure company or bring in a capital partner to finance construction.

“A real estate developer takes land and prepares it for a building. We do the same thing, except we develop the land for power plants,” said Broderick Gunning, CEO of NU E Power.

NU E Power targets markets where power demand, population growth, and data-centre investment are increasing.

It then does the time-consuming early work that many large infrastructure investors prefer to avoid, including securing land, obtaining approvals, planning grid connections, and finding customers prepared to buy the electricity.

“The most important step is then talking with the off-takers, the companies that are going to buy the power.”

Management estimates that the first 25% of project spending can unlock about 75% of its potential value. The figures are illustrative and will vary by project, but they explain the core of NU E Power’s model: create value through land control, approvals, grid access, and commercial agreements before the heavy construction spending begins.

“The big re-rating and valuation increases come around permitting, rezoning, community engagement, and securing a power off-taker” Gunning said.

The company is also energy agnostic, allowing it to choose the technology that best fits each market, customer and regulatory system. That could include solar, battery storage, wind, hydroelectricity, natural gas, nuclear power, fuel cells, or thermal generation.

“It depends on the jurisdiction, what it will allow and what provides the quickest path to delivery,” Gunning said.

That flexibility allows NU E Power to pursue renewable projects where clean generation and storage make sense, while considering dispatchable power in markets where reliability and energy security are the greater priorities.

NU E Power’s Alberta portfolio provides the clearest test of its strategy.

“Across Lethbridge Two, Lethbridge Three, and Hanna, we’ve spent about $2.5 million over 18 months, and we’re now at a point where we expect to sell the projects for $40 million to $50 million,” said Gunning.

NU E Power has also entered a non-binding letter of intent with Green Harbor Partners Corp. for a proposed transaction involving its Alberta development portfolio. Green Harbor has invested $540,000 in due diligence, which was completed at the end of June, with the parties now working toward a definitive agreement.

Beyond Alberta, NU E Power is assembling a geographically diversified pipeline to reduce its dependence on any single market, customer or regulatory system.

Its North American interests include Saskatchewan and British Columbia, along with early-stage opportunities in Washington state.

The company is also evaluating energy and data-centre sites in Malaysia, where proximity to Singapore and growing digital investment are increasing demand for power, land, and supporting infrastructure.

“Malaysia is an important data-centre market, although many North American investors still don’t know much about Malaysia or Southeast Asia,” Gunning said.

The company’s largest proposed project is the Darkhan Energy Park in Mongolia.

NU E Power has entered a joint development agreement for the project, which is planned around 600 megawatts of thermal generation and potential battery storage. Environmental and feasibility work is underway.

Together, the projects give NU E Power exposure to several distinct power markets, from renewable generation and storage in Alberta to data-centre development in Southeast Asia and large-scale dispatchable power in Mongolia.

At CEM’s 2026 TSX Venture Growth Capital Event in Kelowna, NU E Power stood apart from a largely mining-focused field.

The company offered investors exposure to three converging themes: rising electricity demand, the rapid expansion of AI infrastructure, and a development model focused on creating value before the most capital-intensive stage of a project begins.

“Over the past 12 to 18 months, many of our power sites have moved into the crosshairs of major data-centre and AI players … it’s hard to ignore AI, and what is being articulated everywhere around the world is the need for energy, “ said Gunning.

After earning Top Pick honours at CEM’s 100th Capital Event in Kelowna, Broderick Gunning, CEO, NU E Power Corp. discussed the company’s development model and the milestones ahead.

“Large infrastructure investors generally prefer projects that have cleared the difficult early stages. They want secure land, engineering, permits, grid planning, and a customer prepared to buy the power. 

The larger increases in value tend to come through rezoning, permitting, community engagement, interconnection, and securing the off-taker.

Our goal is to take a site from greenfield to a de-risked, bankable project within roughly two to three years, then bring in the infrastructure capital needed to build it.

We may then sell 85 or 90% of an asset and retain a 10% carried interest for the life of the project.

That can represent a 15-to-25-year royalty, which gives shareholders exposure to long-term recurring revenue.”

“The Alberta portfolio is the first large-scale test.

The principal milestones are completing the definitive agreement with Green Harbor, advancing rezoning and interconnection, and putting power purchasers in place.

A completed transaction would show that we can take projects from bare land through the development process and monetize the value created before construction begins.”

“The priorities are closing the Alberta agreement, securing power purchase agreements, and advancing rezoning for data-centre sites in Saskatchewan and Malaysia.

We’re also assessing additional projects, but they must meet a clear test. Can we de-risk the asset, make it bankable, and monetize it within a defined period?

We are also developing a behind-the-meter power model, which means generating electricity on site and selling it directly to the user before it reaches the grid. This model is becoming more common, particularly in the data-centre business.

Right now, we own energy assets of significant scale, and we’re getting close to monetization.”

CEM heads next to Ontario’s cottage country for the 14th annual Muskoka Capital Event, taking place from September 25–27, 2026, at the JW Marriott Rosseau Muskoka Resort. Management teams will have the opportunity to move beyond presentation decks, answer detailed questions, and build relationships with investment partners that can shape their next stage of growth.

Warm Regards and Happy Investing,

Fabian Dawson

Each week, CEM Partner and Portfolio Manager, Ryan Iverson, spotlights the ideas and companies sparking investor interest form emerging growth stories to the Top Pick featured across CEM’s Capital Events. This series brings real insights from the annotators shaping tomorrow’s markets and reveals where investors are finding the next breakout opportunities.

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