Range Impact, C2 Ventures build AI hub on 9,000-acre West Virginia corridor

Range Impact and C2 Ventures are converting a former West Virginia coal mine into an AI infrastructure corridor, betting that strategic land and power assets will attract hyperscale tenants.

The conversion of a former West Virginia coal mine into an AI data center corridor shows how surging power demand from hyperscale computing is driving developers to repurpose legacy industrial assets.

"Artificial intelligence is driving unprecedented demand for reliable power and digital infrastructure," Brian Cohen, Managing Partner of C2 Ventures, said. "The Fola platform brings together strategic land, energy potential, water resources and transportation infrastructure in a single location."

The 9,000-acre Fola Mine Complex in Clay and Nicholas Counties includes more than 100,000 acres of mineral interests, 100-plus miles of roads, a dedicated dual-served rail line, 650 million gallons of underground water and access to multiple electrical transmission systems. Range Impact issued Time Complexity WV, a C2 Ventures portfolio company, a seven-year warrant to purchase up to 14.5 million shares at $0.40, vesting in thirds upon state support, an independent feasibility report and binding project agreements.

Range Impact, traded over the counter as RNGE with a $55.9 million market cap, is positioning the former mine as a platform to attract technology companies, engineering partners and institutional capital. The joint venture's governance structure — a three-member board with equal appointments from both partners and unanimous approval for key actions — suggests a capital-efficient approach to a project that could reshape the company's asset base.

The Fola site's water reserves address one of the most constrained inputs for hyperscale computing. A single 200 MW data center can consume 1 million to 2 million gallons of water per day for cooling, making the 650 million gallons stored in underground reservoirs a competitive differentiator against other rural data center locations.

Who Wins, Who Loses

The joint venture enters a crowded field of developers racing to secure power and land for AI infrastructure. Companies such as Digital Realty, Equinix and Vantage Data Centers have been competing for sites with access to transmission capacity, while utilities like Dominion Energy and American Electric Power have seen data center demand drive load growth forecasts higher. The Fola site's dual-served rail line and 100-plus miles of internal roads reduce construction logistics costs compared to greenfield sites that require new road and rail infrastructure.

Range Impact's strategy of acquiring and repurposing former mining properties mirrors a broader trend. In Virginia, the "Digital Gateway" data center hub near Manassas has drawn billions in investment, while in Ohio, Amazon Web Services has committed $7.8 billion for data center development. West Virginia offers lower land costs and existing transmission infrastructure from the coal era, but has historically lagged in attracting technology investment.

Investment Angle

Range Impact shares carry a technical sentiment signal of Strong Buy, according to TipRanks data, though Spark, TipRanks' AI analyst, rates the stock a Neutral, citing strong technical momentum and improved balance-sheet positioning offset by weak cash generation and dilution risk from the warrant structure. The joint venture's success depends on securing state support, completing a feasibility study and signing binding project agreements — milestones that trigger warrant vesting and will determine whether the platform attracts the hyperscale tenants it targets.

This article is for informational purposes only and does not constitute investment advice.