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

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

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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.