Pioneer Acquisition I to combine with Green AI Cloud

Green AI Cloud, Inc. (the "Company"), a clean energy super compute AI platform in Europe, is positioned where accelerating AI data center demand meets a scarcity of power-secured capacity. The Company is a pioneer in clean energy compute and its data centers are designed to run on renewable energy (solar, hydro and wind power). Excess heat from its operations can be converted into a heated liquid for industrial product manufacturing or into regional district-heating infrastructure, believed to result in a net-negative CO2 footprint. The proposed business combination values the Company at a pre-money equity value of $300 million. BROOKLYN, N.Y. and STOCKHOLM, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Green AI Cloud, Inc. ("Green AI Cloud" or the "Company"), an AI infrastructure company focused on designing, building, and operating high-performance AI data centers with a focus on environmental sustainability and data sovereignty, and Pioneer Acquisition I Corp (Nasdaq: PACH) ("Pioneer"), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive agreement (the "Business Combination Agreement") for a business combination (the "Transaction" or the "Business Combination") that would result in Green AI Cloud becoming a publicly traded company expected to list on the Nasdaq Stock Market LLC ("Nasdaq"). BACKGROUND Green AI Cloud, based in Stockholm, Sweden, is building a differentiated digital infrastructure platform for the AI era through a vertically integrated approach to AI-ready data center development. The Company's approach aims to combine adaptive reuse of existing real estate, sustainable super compute AI using only renewable energy (solar, hydro and wind power), and integrated power infrastructure to support large-scale compute deployments for enterprise AI customers. The Company's data centers are designed to run on 100% renewable energy. They utilize tailored liquid-cooling systems, waste heat from the AI servers can be recovered into the regional district-heating infrastructure, believed to result in a net-negative carbon footprint. The Company's platform provides access to top-tier NVIDIA AI hardware accelerators. Enterprise customers can now train Generative Transformer (GPT)-class models on the platform with the promise of equivalent carbon offsets through Green AI Cloud's uniquely sustainable and "carbon-intelligent" cloud. Currently, Green AI Cloud has operating and development activity in three strategic locations in Sweden. These sites have the potential to support a multi-gigawatt ("GW") development pipeline over time while enabling environmental redevelopment and community partnership programs in legacy industrial markets and providing a foundation for expansion into additional markets as AI data center demand continues to grow and power availability, site readiness, and speed of deployment become increasingly important. The Company's current portfolio comprises a mix of live, contr