Duos Technologies Group, Inc. has closed an Asset Management Agreement (AMA) through its operating subsidiary, Duos Energy Corporation.
The AMA, announced on November 20, 2024, encompasses the deployment and operation of a fleet of 30 mobile gas-powered turbines and associated balance-of-plant inventory, collectively capable of generating 850 megawatts of power, which have been acquired by funds managed by affiliates of Fortress Investment Group.
The assets will be managed in partnership with affiliates of Fortress, and are immediately deployable, providing a fast-track solution to meet the urgent energy demands of data centers and other industries.
The transaction was finalized on December 31, 2024, following the fulfilment of customary closing conditions and regulatory approvals.
Fortress has entered into this strategic agreement with Duos Energy Corporation, whose leadership includes the former executive management team of APR Energy – from which the Assets were acquired.
Duos Energy will oversee the management and deployment of the mobile gas-powered turbine fleet to meet growing energy demands across critical sectors, including Data Centres such as those deployed by subsidiary Duos Edge AI as well as emergency power solutions.
Further solidifying this partnership, Duos has secured a 5% equity stake in the parent of the owner of the assets. This equity position reflects Duos’ integral role in the commercialization, operation and management of these critical power assets.
“Our customers are looking for flexible and dependable energy options as they build out critical infrastructure,” said Chuck Ferry, chief executive officer of Duos Technologies. “These assets, coupled with our operational excellence, provide a pathway to meet these demands without the delays or constraints of traditional energy sources.”
This agreement strengthens Duos’ strategic focus on addressing the evolving power needs of data centres, industrial facilities, and international energy markets.
Duos Energy is in active discussions with U.S.-based data centre developers and international energy projects for immediate deployment of the turbines.
The company’s mission is to deliver agile and scalable energy solutions, supporting its customers’ growth while building out a robust energy business aligned with Duos’ long-term vision.
