Z Squared (ZSQR) said Wednesday it signed a binding letter of intent to acquire Skycore Digital, adding 24 megawatts of energized capacity with the potential to expand to 42 megawatts.

The all-stock deal, structured in Series B convertible preferred shares, is valued at up to $22 million with no cash or debt, the company said.

The deal is expected to close roughly 60 days after a definitive agreement is signed, it added.