Nscale to acquire American Intelligence & Power Corporation and signs LOI with Microsoft covering 430,000 GPUs

16 Mar 2026 21:23 CET

March 16, 2026 -- Reference is made to announcements today by Nscale Global
Holdings Ltd. ("Nscale") regarding an agreement to acquire American
Intelligence & Power Corporation ("AIP"), which holds rights to acquire 2,250
acres of land (the Monarch site) in West Virginia, USA, with a potential for
up to 8 GW of power generation, a Letter of Intent (LOI) with Microsoft
covering around 430,000 GPUs for the Monarch site, and the establishment of
Nscale Energy & Power.

The ambition for the Monarch site, a 2,250 acre site (approximately 9.1 km2)
in West Virginia, USA, is to build one of the world's largest AI factories.
The model is to develop a vertically integrated power- and compute site
purpose-built for AI workloads. Power will be generated on-site through
behind-the-meter energy generation, operating independently of the local grid.
Nscale has announced a strategic collaboration with Caterpillar for the
deployment of natural gas generator sets, with an initial target of 2 GW of
power generation by first half of 2028 and an ambition to expand to 8 GW by
2031. Furthermore, Nscale has signed an LOI with Microsoft to provide 1.35 GW
of AI compute capacity and approximately 430,000 NVIDIA Vera Rubin GPUs at the
Monarch site.

For full details, reference is made to Nscale's press releases available at:
www.nscale.com/newsroom

"AI is reshaping the global economy, and the availability of reliable energy
and compute capacity will be a decisive factor in that transformation. Access
to scalable, long term infrastructure is a critical enabler. This announcement
underscores Nscale's ambition to develop scalable, long term AI infrastructure
by integrating energy and compute. It represents a significant leap forward
for Nscale in the North American market as it advances its strategy to become
a global player. It also further strengthens Nscale's collaboration with
Microsoft -- already a key customer in Narvik -- and reinforces the
partnership between the companies," said Øyvind Eriksen, President & CEO of
Aker ASA.

Nscale's acquisition of AIP will be settled through a combination of cash and
shares. The transaction is expected to be slightly ownership dilutive to
existing shareholders but is expected to represent a material value creation
for Nscale and its shareholders. Following completion of the acquisition,
Series C and JV roll-up, Aker's ownership stake in Nscale is expected to be
reduced from 23.9% to 22.7% on a fully diluted basis (and from 27.3% to 25.8%
of the share capital).

On March 9, 2026, Aker ASA announced its participation in Nscale's Series C
funding round. For further details, see: www.akerasa.com/media/news

-- ENDS --

Media contact, Nscale:
press@nscale.com

Media contact:
Atle Kigen, Head of Media Relations and Public Affairs
+47 90 78 48 78
atle.kigen@akerasa.com

Investor contact:
Fredrik Berge, Head of Investor Relations
+47 45 03 20 90
fredrik.berge@akerasa.com

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-03-16 21:23 CET.

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