Agreement supports power development using previously stranded gas in northern Alaska

ANCHORAGE, Alaska, Nov. 5, 2026 /PRNewswire/ — STAK Energy Corporation and ExxonMobil Alaska Production Inc. have signed a 15-year Gas Sale Agreement to supply gas to a new power plant on Alaska’s North Slope. The signing completes a process that began with a gas sale precedent agreement in January.

The agreement represents a significant new commercial pathway for North Slope natural gas, supplying enough natural gas to generate nearly 3 GW of power while deploying Alaska’s resources in-state to produce both energy and revenue.

STAK Energy plans to construct its campus, Project Aaka, in an established industrial corridor on the North Slope with year-round road and airport access. The campus will operate entirely off-grid, generating its own power on-site through high-efficiency gas turbines, with no anticipated impact to Alaska’s public electric grid or ratepayers.

Project Aaka is expected to power a range of advanced computing applications while lowering energy costs for nearby North Slope infrastructure.

The gas sale agreement and the power project it supports are expected to generate new state and local tax revenue. The campus is targeting first power in 2030, with phased expansion through 2032.

Alaska has a long history of stepping up when the nation has needed it most: providing critical infrastructure that helped protect the country during World War II, and decades later, building the Trans-Alaska Pipeline System to meet the nation’s energy needs. Project Aaka continues that legacy. At a moment when the country urgently needs more power, Alaska again has the resources, the land, and the will to provide it.

“For fifty years, the North Slope has produced gas without a way to put it to work at scale,” said Sparrow Mahoney, founder and CEO of STAK Energy. “Today, that changes. Our agreement strengthens the case for bringing more power, and lower energy costs, home to Alaska families.”

About STAK Energy: STAK Energy is an Anchorage-based company with offices in Texas and California. Its leadership team brings decades of experience delivering large-scale energy infrastructure across the North Slope and the Arctic, with backgrounds at ExxonMobil, ConocoPhillips, Santos, the Alaska Gasline Development Corporation, and the Alaska Department of Natural Resources. Many on the team have family roots in Alaska that go back generations, and that heritage shapes the company’s values and how Project Aaka is being developed. Alaska’s stranded resources are a solution for America’s energy needs, and STAK is unlocking that potential. For more information, visit www.STAK.energy. 

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SOURCE STAK Energy