The project on the record

Most campuses in this network were assembled quietly through Delaware shells, and the first job is figuring out who is behind them. Findlay is the opposite case. The customer described the facility in a press release on 2024-11-11; the host described the same facility in a registration statement filed with the SEC ten weeks later, on 2025-01-23. The numbers agree. That makes this the network’s cleanest disclosed load — and it changes the skill required: when the developer tells you the number, the question stops being who and becomes what exactly did they commit to, in what document, and what happened to that document afterward.

The facility, from both sides

One Power Co — privately held, CEO Jereme Kent — owns a campus in Allen Township, Hancock County, at I-75 and Township Road 215. Its Form S-1 calls it MWHub 01, the “Findlay Megawatt Hub”: current capacity 30 MW, planned maximum 150 MW, status Operating, first energized in 2023. The anchor customer is named in the same document — MARA Holdings, Inc., a bitcoin miner, on a 150 MW, 15-year, take-or-pay lease, payment “due regardless of whether or not the customer elects to purchase power.” [verified]

The customer had already said it, independently and ten weeks earlier: MARA’s release describes “a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity.” [verified]

That is two-sided corroboration. A single company’s description of its own project is a claim; the same figure from the counterparty, in a separate document issued for a different purpose and audience, is a fact. And the two are not the same kind of record — MARA’s is investor relations, One Power’s a registration statement signed under securities-law liability. That is why the 150 MW here is [verified] while every acreage-derived load in this network is [inference].

Whether the full 150 MW is energized today is [open]. “Intended by end-2025” is a plan, and no reviewed source confirms the build-out completed.

The filing that stopped, and the land that doesn’t reconcile

The S-1 was withdrawn (Form RW) on 2025-05-09; the IPO never went effective. A Form D private placement followed in July 2025, then a September reorganization, layoffs and a lender workout, and on 2026-02-16 OnSite Partners acquired One Power Company. [verified] Read as a sequence: a developer that tried the public markets, withdrew, restructured under lender pressure, and was bought by an infrastructure fund — while holding a fifteen-year take-or-pay that pays whether or not the tenant draws power. The contract is the asset. That is a [reference]-grade reading of a corporate chain, not a finding about anyone’s solvency.

A withdrawn filing is still evidence, of a specific kind: an S-1 that never went effective was still signed, and still carries liability for what it states about existing operations. Its account of a running facility is strong. Its account of what the company plans is a marketing document no regulator ever tested.

The holding of record is eight Allen Township parcels, 108.65 acres, standing in three One Energy vehicles. The S-1 calls the campus “~170 acres.” The 61-acre gap is not closed here, and no parcel was invented to close it. [open] Nor is the deed chain missing for lack of looking: Hancock County publishes no parcel ArcGIS service, the Auditor’s live CAMA returns Cloudflare HTTP 403 to every non-browser request, and the Recorder’s index 404s outside a browser session — all probed 2026-08-02. Distinguishing unsearched from empty is the whole discipline: a negative check is only worth [verified] when the search actually ran.