Tekcapital plc (AIM: TEK), the UK intellectual property investment group, has announced that its portfolio company Vesari Inc. has appointed Peter J. Ditton, former Acting Idaho State Director of the U.S. Bureau of Land Management, as Senior Advisor for Public Lands and Federal Permitting. Vesari is developing technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus. The appointment is intended to support Vesari's site selection and federal permitting pathway as it advances development of its co-located geothermal data centre platform. Tekcapital controls approximately 51% of Vesari's common stock.

Key Points

  • Tekcapital plc (AIM: TEK) is a UK intellectual property investment group headquartered in the UK and quoted on AIM
  • Portfolio company Vesari Inc. has appointed Peter J. Ditton as Senior Advisor for Public Lands and Federal Permitting
  • Tekcapital's H1 2026 net assets rose to US$201.7 million, with net asset value per share increasing to US$0.78 from US$0.27 at 31 December 2025
  • Investors should watch progress on Vesari's site selection and federal land permitting processes, which the company acknowledges remain at an early stage

Peter J. Ditton's Nearly Four Decades at the U.S. Bureau of Land Management

Mr. Ditton is a petroleum and geological engineer who spent nearly four decades with the U.S. Bureau of Land Management, the federal agency responsible for geothermal leasing and permitting on federal lands. He served as Acting Idaho State Director from May 2024 to January 2025, and as Associate State Director for BLM Idaho from 2006 to 2023, overseeing a budget exceeding US$100 million and a workforce of approximately 800 permanent and 400 seasonal employees. Earlier roles included Acting California State Director during a period of significant solar and wind development, and energy and minerals leadership positions in Alaska, where he reviewed the first commercial drilling applications in the National Petroleum Reserve.

Vesari's Geothermal-Powered AI Campus Strategy and Federal Land Permitting Challenge

Vesari is developing patent-pending technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus designed to operate independently of the public grid on a 24/7 carbon-free basis. Securing and permitting access to federal land is a critical requirement for geothermal development in the Western United States, where the BLM administers relevant leasing rights. In his advisory role, Mr. Ditton is expected to counsel Vesari on federal land access, geothermal leasing, National Environmental Policy Act review, rights-of-way, and stakeholder and tribal engagement as the company advances its site selection programme.

Vesari's Expanding Advisory Team Alongside Its Science Advisory Board

Mr. Ditton's appointment complements Vesari's Science Advisory Board, which includes geothermal scientists Dr. Joseph N. Moore and Dr. Robert K. Podgorney, and satellite communications experts Dr. Barry G. Evans and Professor Beatriz Soret, whose appointments were announced between July and September 2026. While the Science Advisory Board addresses the engineering and science underpinning Vesari's platform, Mr. Ditton's focus is specifically on the land access and regulatory pathway. Together, the advisory team is expected to inform best practices for siting, permitting and development of Vesari's proprietary co-located geothermal-powered data centres.

Tekcapital's H1 2026 Financial Position as Context for Vesari Investment

Tekcapital reported its H1 2026 results on 6 August 2026, disclosing net assets of US$201.7 million for the six months ended 30 June 2026, up from US$55.1 million at 31 December 2025. The investment portfolio was valued at US$191.4 million, generating US$145.5 million in portfolio returns and revenue for the period, against US$6.1 million in the comparable prior period. Profit after tax reached US$144.8 million. The company notes that Vesari's development programme remains at an early stage and is subject to significant risks and uncertainties, including no guarantee of any particular permitting or commercial outcome from advisory appointments.