Denver, Jan 31 — BKV Corporation (“BKV” or the “Company”) (NYSE: BKV) today announced the successful completion of its acquisition of one-half of Banpu Power US Corporation’s (“BPPUS”) interest in BKV-BPP Power, LLC (“BKV-BPP Power” or the “Power JV”) for approximately $115.1 million in cash and 5,315,390 shares of newly issued BKV common stock, increasing BKV’s ownership stake of the Power JV to 75% from 50%. The increased ownership stake by BKV in the Power JV reflects a streamlined structure and enhanced strategic focus of BKV’s power operations.
The transaction, originally announced on October 29, 2025, marks a significant milestone in advancing BKV’s closed loop energy strategy by providing the Company with majority ownership and control of the Power JV. The Power JV encompasses the Temple I and II plants strategically positioning the company to take advantage of significant power demand growth in the ERCOT market, driven by advancements in artificial intelligence and data center technology and the related demand for reliable power.
“The successful closing of this transaction represents a critical step forward for BKV’s power business,” said Chris Kalnin, Chief Executive Officer of BKV. “BKV’s majority stake in the Power JV enhances our strategic flexibility and strengthens our ability to capture and fully capitalize on the exceptional growth opportunities we see in the Texas power market. This consolidated platform will serve as our foundation for expanding our power asset portfolio while maintaining our strong partnership with BPPUS.”
The increased ownership position allows BKV to consolidate the Power JV’s financial results with BKV’s consolidated financial results, providing enhanced visibility into the business’s cash flow generation and enabling investors to better recognize the value of the power business within BKV’s portfolio. The updated governance structure strengthens BKV’s ability to align power operations with its long-term growth strategy while supporting continued reliability of the Temple facilities.