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Elko Heat Company Signals $40 Million Commitment to American Clean Resources Solar Development in Nevada
On July 6, 2026, American Clean Resources Group (ACRG) announced a pivotal move toward Nevada’s clean‑energy future when Elko Heat Company (EHC), a longstanding geothermal utility, issued a Letter of Intent (LOI) to contribute up to $40 million in joint‑development capital.
The LOI follows a June 9, 2026 Joint Exploration and Development Agreement (JEDA) between ACRG and TRG Holdings, LLC that lays out a framework for exploring, evaluating, and potentially developing the Millers Property in Esmeralda County. The JEDA authorizes the creation of a project‑level special purpose vehicle under Section 7, allowing the parties to advance specific development activities—including the acquisition of a Bureau of Land Management (BLM) Solar Energy Zone (SEZ) competitive lease.
ACRG’s strategy is to power its domestic critical‑mineral and precious‑metal processing hubs with reliable, clean energy. The SEZ presents an immediate opportunity to co‑locate solar generation with those facilities, aligning with the company’s renewable‑energy expansion.
Under the LOI, EHC will employ commercially reasonable, good‑faith efforts to secure the capital by October 31, 2026. The company plans to raise the funds through its own capital markets and relationships, explicitly excluding its regulated utility rate base or ratepayer funds. The LOI is not a binding investment commitment; it is contingent on customary closing conditions, including satisfactory financial, legal, environmental, and regulatory due diligence; final approval by EHC’s Investment Committee; issuance of the BLM competitive lease or comparable authorization; and the execution of definitive documentation. EHC has pledged to deliver a written status update by the end of August 2026 to inform ACRG of progress on its capital structure and counterparty arrangements.
EHC has operated a geothermal district‑heating system in Elko, Nevada, since 1982. Its well produces roughly 400 gallons per minute and holds substantial associated water rights. The company’s long‑duration operating record is valued by capital providers and industrial partners. Its participation in the SEZ acquisition represents a corporate investment in clean‑energy generation and is separate from its regulated geothermal district‑heating service.
ACRG’s chairwoman and CEO, Tawana Bain, said the partnership “brings the scale of capital and partnership structure its potential warrants.” She added that 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.” The collaboration aligns with ACRG’s strategy to secure reliable power for its processing hubs and to expand its renewable‑energy footprint.
The next steps for the project include completing due diligence on the Millers Property’s Plan of Development, securing the BLM competitive lease, and finalizing the definitive agreements that will formalize EHC’s participation. If these conditions are met, the joint venture could move forward with construction of solar facilities that would supply electricity to ACRG’s Nevada operations and potentially to other processing sites. The partnership also positions EHC to leverage its geothermal expertise in future clean‑energy projects.
At present, the LOI remains a conditional commitment. EHC’s update in August and the BLM lease process will determine whether the $40 million capital is mobilized. ACRG will monitor progress and, if the conditions are satisfied, will proceed with the SEZ acquisition and associated development.
The LOI follows a June 9, 2026 Joint Exploration and Development Agreement (JEDA) between ACRG and TRG Holdings, LLC that lays out a framework for exploring, evaluating, and potentially developing the Millers Property in Esmeralda County. The JEDA authorizes the creation of a project‑level special purpose vehicle under Section 7, allowing the parties to advance specific development activities—including the acquisition of a Bureau of Land Management (BLM) Solar Energy Zone (SEZ) competitive lease.
ACRG’s strategy is to power its domestic critical‑mineral and precious‑metal processing hubs with reliable, clean energy. The SEZ presents an immediate opportunity to co‑locate solar generation with those facilities, aligning with the company’s renewable‑energy expansion.
Under the LOI, EHC will employ commercially reasonable, good‑faith efforts to secure the capital by October 31, 2026. The company plans to raise the funds through its own capital markets and relationships, explicitly excluding its regulated utility rate base or ratepayer funds. The LOI is not a binding investment commitment; it is contingent on customary closing conditions, including satisfactory financial, legal, environmental, and regulatory due diligence; final approval by EHC’s Investment Committee; issuance of the BLM competitive lease or comparable authorization; and the execution of definitive documentation. EHC has pledged to deliver a written status update by the end of August 2026 to inform ACRG of progress on its capital structure and counterparty arrangements.
EHC has operated a geothermal district‑heating system in Elko, Nevada, since 1982. Its well produces roughly 400 gallons per minute and holds substantial associated water rights. The company’s long‑duration operating record is valued by capital providers and industrial partners. Its participation in the SEZ acquisition represents a corporate investment in clean‑energy generation and is separate from its regulated geothermal district‑heating service.
ACRG’s chairwoman and CEO, Tawana Bain, said the partnership “brings the scale of capital and partnership structure its potential warrants.” She added that 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.” The collaboration aligns with ACRG’s strategy to secure reliable power for its processing hubs and to expand its renewable‑energy footprint.
The next steps for the project include completing due diligence on the Millers Property’s Plan of Development, securing the BLM competitive lease, and finalizing the definitive agreements that will formalize EHC’s participation. If these conditions are met, the joint venture could move forward with construction of solar facilities that would supply electricity to ACRG’s Nevada operations and potentially to other processing sites. The partnership also positions EHC to leverage its geothermal expertise in future clean‑energy projects.
At present, the LOI remains a conditional commitment. EHC’s update in August and the BLM lease process will determine whether the $40 million capital is mobilized. ACRG will monitor progress and, if the conditions are satisfied, will proceed with the SEZ acquisition and associated development.
