Keel Infrastructure

Keel Infrastructure

Keel Infrastructure was founded in 2017 and originally focused on developing and operating energy-backed digital infrastructure. In 2025, the firm fundamentally repositioned, redomiciling to the United States, rebranding from Bitfarms, and securing what it calls one of the largest power portfolios in its peer set. CEO Ben Gagnon and COO Liam Wilson now lead a team that has pivoted squarely toward building high-density HPC and AI data center campuses. The firm controls 341 MW of energized capacity today, with an additional 430 MW secured, concentrated in high-barrier-to-entry markets near major metropolitan corridors. Its flagship Panther Creek campus in Eastern Pennsylvania sits on 336 acres with 350 MW energized and a path to over 500 MW of expansion capacity. The broader pipeline spans up to 1.5 GW of expansion potential, with sites structured for phased development in cooler-climate regions to optimize operating costs through free-cooling efficiencies. Keel explicitly targets hyperscale and enterprise customers deploying next-generation workloads, including the 2027 Vera Rubin GPU architecture. Keel operates five campuses and lists 15 senior leaders spanning energy, construction, and finance — including SVP of Power Christopher Ruppel and SVP of Construction Michael Byrne. The firm maintains offices in the U.S. and Canada, with its primary operational footprint anchored in Pennsylvania's established data center corridors. Its board, chaired by independent director Edie Hofmeister, includes directors with governance and infrastructure backgrounds. The company expects to deliver its first megawatts to customers as early as 2027. The firm's structural differentiator is its rapid rebirth: it has shed a publicly traded bitcoin-mining identity for a private-infrastructure posture through an accelerated redomiciling and rebrand. By carrying over operational power assets from its legacy business into an HPC colocation model, Keel bypasses the multi-year interconnection timelines that constrain greenfield competitors — positioning it as an existing-asset play in a market defined by power scarcity.