GridAI Technologies Corp. to Acquire Pronghorn Resources to Build Vertically Integrated Power Platform for AI Data Centers in Wyoming

• Built on approximately $1.7 billion in historical infrastructure investment with estimated replacement value over $3.2 billion. Pronghorn combines nearly 100 MMcf/day of gross gas production, more than 450 miles of owned pipelines, and approximately 1,000,000 acres of private, state, and BLM mineral and leasehold interests. Current gas output is estimated to be sufficient to fuel up to approximately 600 MW of gas-fired generation, depending on plant efficiency.
• Positions GridAI in Wyoming’s emerging AI data center market. Combining an established energy business, substantial water resources, and access to large-scale land development opportunities to support multi-gigawatt campus development potential. Pronghorn also produces nearly 14 million gallons of fresh water daily.
• Targeting 300 MW of initial power delivery in 2027. Multiple grid-connected large load capable substations on Pronghorn’s already identified multi-thousand-acre data center sites. Develop dedicated behind-the-meter (“BTM”) natural gas fired power generation in phases to serve hyperscale customers and reduce reliance on conventional utility interconnection timelines.
• Pursue value from gas sales, power contracts, water supply, and AI campus ownership. Preserve the upstream business’s standalone economics while pursuing long-term power supply agreements and meaningful ownership interests in the data center campuses GridAI helps develop.
• Acquire exclusive 1st American Nuclear Co. (“FANCO”) Wyoming rights for the EAGL-1 240 MWe SMR platform and Bridge Power, subject to commercial availability and regulatory approvals.
  

BOCA RATON, Fla. and SHERIDAN, Wyo., Nov. 13, 2026 (GLOBE NEWSWIRE) -- GridAI Technologies Corp. (Nasdaq: GRDX) ("GridAI" or the "Company") today announced it has entered into a Definitive Share Exchange Agreement to acquire Pronghorn Resources LLC ("Pronghorn"), a substantial producing natural gas and energy infrastructure platform in Wyoming’s Powder River Basin, establishing the foundation for a vertically integrated provider of dedicated power and infrastructure to the rapidly expanding artificial intelligence and hyperscale data center industries.

“Reliable power is the critical constraint on AI infrastructure growth. Pronghorn gives us the fuel, infrastructure, and operating foundation to address that need at scale in Wyoming,” said Jason Sawyer, Chief Executive Officer of GridAI Technologies Corp. “Our strategy is to build value from natural gas production and sales, pursue long-term power supply agreements, and use our land, water, and infrastructure assets to secure meaningful ownership interests in the AI campuses we partner to develop. We are targeting initial power delivery in 2027, with phased expansion aligned to customer commitments, financing, and project approvals. Our goal is to turn an established energy business into a scalable power and infrastructure platform that serves hyperscale customers and creates durable value for GridAI shareholders.”

The acquisition combines an established natural gas operating business with approximately 100 million cubic feet per day of gross natural gas production, nearly 2 trillion cubic feet (Tcf) of estimated gas reserves, almost 1,000,000 acres of mineral and leasehold interests, more than 450 miles of owned pipeline infrastructure, significant water resources, a 190 full-time combined contracted and direct workforce, and access to large-scale land development opportunities. Multiple sites have been identified that are suitable for utility-scale power development and data center campuses, each located within two unincorporated, mining, industrial, and energy-friendly counties.

Pronghorn’s existing energy infrastructure represents approximately $1.7 billion in historical capital expenditure, providing GridAI with an extensive installed asset base that would require very substantial time, capital, and effort to replicate.

GridAI intends to leverage these assets to develop reliable, dispatchable BTM electric power, supplemented by grid-connected or grid-supported infrastructure where appropriate, for hyperscale AI computing campuses.

The Company is targeting initial power delivery during 2027, with a phased development strategy intended to accelerate deployment while reducing reliance on conventional utility interconnection timelines.

Wyoming’s Emergence as a Strategic AI Infrastructure Destination
The acquisition comes at a pivotal moment for American AI infrastructure development.

The November 2026 U.S. midterm elections highlighted growing political and community resistance to large-scale data center development in numerous jurisdictions. According to Ballotpedia, voters favored limiting or opposing data center development in 40 of 41 local ballot measure contests nationwide.

At the same time, Wyoming is attracting major investment in AI infrastructure, supported by substantial domestic energy resources, established industrial infrastructure, a favorable business environment, and a state-level framework for responsible development.

On November 5, 2026, Google announced a $17 billion investment in its first Wyoming data center, incorporating a major natural gas-powered electricity generation initiative and partnerships with established energy and infrastructure companies.

GridAI believes this announcement reinforces Wyoming’s emergence as a destination for energy-intensive AI computing infrastructure and validates the strategic importance of developing dedicated power resources alongside hyperscale data center campuses.

Wyoming Governor Mark Gordon has established a statewide development framework through the executive order Data Centers the Wyoming Way, emphasizing regulatory coordination, economic development, responsible resource management, and protection of existing electricity customers.

Governor-elect Eric Barlow has likewise indicated support for responsible data center development in Wyoming, while emphasizing that projects should protect local water resources, cover their own energy costs and deliver benefits to host communities. GridAI believes its dedicated-generation approach is consistent with those priorities.

GridAI believes its strategy aligns with this evolving policy environment by emphasizing dedicated generation, domestic fuel resources, existing industrial infrastructure, and the ability to reduce incremental demands on conventional utility systems.

The Company believes Wyoming’s combination of energy availability, land, infrastructure, and constructive state-level policy could position it as one of America’s most important emerging markets for large-scale AI infrastructure investment.

An Existing, Producing Energy Platform
Unlike greenfield infrastructure developments that must independently assemble land, fuel supply, transportation infrastructure, water resources, and other essential components, Pronghorn brings an established operating energy business and substantial existing infrastructure.

• Current Natural Gas Production: Approaching 100 million cubic feet per day (100 MMcf/day) of current gross natural gas production, enough gas to fuel up to approximately 600 MW of gas-fired power generation, The 600 MW equivalency is an indicative fuel-to-power calculation, not currently installed generating capacity, and is subject to generator efficiency, operating conditions, and continuity of deliverable gas volumes.
• Existing Well Infrastructure: Approximately 3,200 producing natural gas wells supported by established field operations.
• Production Expansion: An ongoing well workover and rehabilitation program, together with planned new drilling activity, intended to increase production and support expanding power requirements.
• Natural Gas Reserves: Approximately 2 Tcf of 3P estimated natural gas reserves.
• Mineral and Leasehold Interests: Approximately 1,000,000 acres across Wyoming’s Powder River Basin.
• Owned Pipeline Infrastructure: More than 450 miles of natural gas gathering and pipeline infrastructure, compression facilities, and connectivity to major regional transportation systems, including Kinder Morgan and Western Midstream.
• Owned Water Resources: Nearly 14 million gallons (approximately 330,000 barrels) of daily water production, representing a substantial existing resource with potential industrial and data center cooling applications.
• Historical Infrastructure Investment: Approximately $1.7 billion in historical capital expenditure associated with the owned energy infrastructure, including pipeline, gathering, compression, and related operating assets.
• Land and Connectivity: Significant land development opportunities, existing energy infrastructure, and access to regional high-capacity fiber connectivity.

These assets provide the foundation for GridAI’s fuel-native, integrated energy and AI infrastructure development strategy.

Fuel Certainty and Speed to Power: Targeting 2027
GridAI believes access to reliable, scalable electricity has become one of the principal constraints on the development of large-scale AI computing infrastructure.

The Company’s strategy is designed to address this challenge through dedicated natural gas-fired generation supported by Pronghorn’s existing production, reserves, and transportation infrastructure.

By integrating fuel production and power development, GridAI seeks to provide High Performance Compute, data center offtake partners with greater certainty regarding long-term energy availability, competitive generation economics, and accelerated deployment schedules.

The Company’s existing natural gas production also represents an operating business with independent commercial value, allowing GridAI to pursue additional power generation opportunities while preserving the economics of its upstream operations.

GridAI intends to develop power infrastructure in phases, targeting initial delivery in 2027 and subsequent expansion to support multi-gigawatt hyperscale AI development opportunities.

Grid-connected or grid-supported infrastructure may complement dedicated behind-the-meter generation where appropriate, providing additional operating flexibility and resilience.

Integrated Power Platform: FANCO Bridge Power and Advanced Nuclear
In connection with the Pronghorn acquisition, GridAI entered into an agreement with Sigma9 Capital Ltd. to acquire, by assignment effective upon the closing of the Pronghorn acquisition, exclusive FANCO Wyoming development rights under Sigma9’s joint venture agreement with FANCO, establishing an expanded framework for energy infrastructure projects throughout the state.

Central to the longer-term development strategy is FANCO’s Bridge Power platform, designed to enable accelerated deployment of reliable, dispatchable electricity generation ahead of eventual small modular reactor ("SMR") deployment of 240 MWe units ultimately designed for baseload power of 1.44 MWe in a 6-unit cluster.

The Bridge Power approach is intended to support initial electricity delivery using commercially available generation technologies while establishing the infrastructure and development framework for the subsequent integration of advanced nuclear power.

Rather than requiring a wholesale replacement of existing generation assets, the strategy envisions an additive transition, in which SMR capacity can be introduced alongside operating generation infrastructure as the technology becomes commercially available and receives the necessary regulatory approvals.

This approach is intended to provide customers with near-term power availability, continuity of operations, long-term generation flexibility, and a potential pathway toward a lower-carbon energy mix.

GridAI’s immediate focus remains commercially available natural gas generation and targeted initial power delivery in 2027. Advanced nuclear generation represents a complementary longer-term development opportunity.

Carbon Capture and Geological Sequestration Potential
Beyond its existing natural gas production and infrastructure, GridAI believes the Powder River Basin offers a potentially significant additional advantage: substantial geological capacity for long-term carbon dioxide sequestration.

The basin’s extensive history of natural gas production, including coalbed methane extraction, provides opportunities to evaluate depleted and suitable subsurface formations for potential carbon storage.

U.S. Department of Energy-supported research has estimated that un-mineable coal seams within the Powder River Basin could potentially accommodate approximately 14 billion metric tons of carbon dioxide, identifying the region as a significant geological carbon storage opportunity.

GridAI intends to evaluate the integration of carbon capture and geological sequestration with its planned natural gas-fired power generation infrastructure, leveraging Pronghorn’s extensive subsurface interests and existing energy operations.

The Company believes the potential combination of dedicated natural gas generation, carbon capture and storage, and eventual advanced nuclear deployment could create a differentiated long-term power platform capable of addressing both the reliability requirements and evolving environmental objectives of hyperscale AI customers.

Any future sequestration activities would remain subject to geological evaluation, reservoir characterization, applicable permits, engineering, and commercial feasibility. Basin-wide estimates do not establish storage capacity attributable to Pronghorn’s specific assets.

Transaction Terms
Under the share exchange agreement, the members of Pronghorn will exchange all outstanding membership units of Pronghorn for 1,247,887 shares of GridAI common stock and up to 129,504 shares of newly designated Series I Convertible Preferred Stock, including 13,200 shares to be held in escrow to secure indemnification obligations and 6,600 shares issuable upon achievement of a well workover milestone, subject to adjustment. Conversion is subject to GridAI stockholder approval, Nasdaq approval of the listing of the conversion shares, and a beneficial ownership limitation. As consideration for the assignment of the exclusive FANCO Wyoming rights, GridAI will issue to Sigma9 Capital Ltd. 794,109 shares of common stock and 82,411 shares of Series I Convertible Preferred Stock, subject to adjustment. The shares issued in the transactions will be subject to 30-month lock-up agreements. Series I holders will receive registration rights, with the Pronghorn members receiving the right to designate one director to GridAI’s Board of Directors at closing. The transaction is anticipated to close on or before November 22, 2026.

Additional details and terms of the transaction will be set forth in a Current Report on Form 8-K to be filed by GridAI with the U.S. Securities and Exchange Commission (SEC).

About GridAI Technologies Corp.
GridAI Technologies Corp. (Nasdaq: GRDX) is developing a vertically integrated energy and infrastructure platform designed to support the expanding power requirements of artificial intelligence, high-performance computing, and hyperscale data centers.

Through its Wyoming operations, the Company seeks to combine natural gas production, dedicated electric generation, land, water, and existing infrastructure to accelerate the deployment of large-scale American AI infrastructure.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, to the extent applicable.

Forward-looking statements include, without limitation, statements regarding GridAI Technologies Corp.'s (the "Company") strategy, plans, objectives, expectations, and future operations; the anticipated strategic and economic benefits of the acquisition of Pronghorn Resources and the exclusive FANCO Wyoming development rights; the integration and expansion of the acquired operations; future natural gas production, well rehabilitation, drilling programs, reserve development and fuel availability; the potential generation capacity supported by the Company's natural gas resources; the development of dedicated behind-the-meter and grid-supported power generation infrastructure; the Company's target of initial power delivery in 2027; future hyperscale AI data center development opportunities; potential power supply agreements, customer relationships, joint ventures, and ownership interests; the implementation of FANCO's Bridge Power strategy; the potential future deployment of small modular reactors and other advanced nuclear technologies; and the potential development and commercial viability of carbon capture and geological sequestration.

These forward-looking statements are generally identified by words such as "anticipate," "believe," "expect," "intend," "may," "plan," "potential," "project," "target," "will," "would," "could," "estimate," "seek," and similar expressions. Such statements are based on management's current expectations, assumptions, and information available as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied.

These risks and uncertainties include, among others: the Company's ability to successfully integrate and operate the acquired assets; fluctuations in natural gas prices and operating costs; the timing, cost, and success of planned well rehabilitation, drilling, and production expansion activities; uncertainties concerning the future recoverability, production rates, and deliverability of natural gas reserves; the availability and capacity of pipelines, compression facilities, water resources, and other infrastructure; the Company's ability to obtain financing on acceptable terms; the availability and cost of power generation equipment, contractors, and other development resources; the timing and receipt of required permits and regulatory approvals; potential delays, cost overruns, or other challenges in developing power generation and data center infrastructure; the Company's ability to achieve targeted power delivery dates or generation capacities; the negotiation and execution of definitive customer, power supply, development, and joint venture agreements; and the realization of anticipated economic benefits from such arrangements.

Additional risks include the scope, implementation, and commercial value of the acquired FANCO Wyoming rights; the technical, commercial, licensing, and regulatory uncertainties associated with small modular reactors and other advanced nuclear technologies; the geological suitability, technical feasibility, permitting requirements, costs, and commercial viability of carbon capture and sequestration; changes in energy markets, environmental requirements, federal, state, or local laws and policies; and broader economic, competitive, and capital market conditions.

There can be no assurance that the Company's planned power generation or data center projects will be completed, that initial power delivery will occur in 2027, that future SMR or carbon sequestration projects will be developed or become commercially viable, or that anticipated customer agreements, project ownership interests, or other commercial opportunities will be realized.

Additional factors that could cause actual results to differ materially from those contemplated by forward-looking statements are described in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and subsequent filings available at www.sec.gov .

Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance. Readers should not place undue reliance on these statements. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect subsequent events or circumstances.

Investor Relations:
Jason Assad IR@gridaipower.com
(678) 570-6791
Website: https://gridaipower.com