Vancouver, British Columbia--(Newsfile Corp. - October 19, 2026) - NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) ("NUE" or the "Company") today announced that it has initiated discussions with prospective offtake counterparties for power from its southern Alberta development portfolio, comprising approximately 503.5 MWac gross (251.75 MWac net to NUE) of solar and battery energy storage assets in the Lethbridge and Hanna areas.

NUE has been developing these projects with its joint venture partners, and in January 2026 entered into a non-binding letter of intent with Green Harbor Partners Corp. for their proposed acquisition and development. Working with Green Harbor, NUE has been seeking offtakers for both the power and the associated renewable energy credits.

The Company is prepared to contract capacity under a range of configurations, from solar and solar-plus-storage to hybrid gas, solar and storage, depending on each offtaker's requirements. Prospective offtakers include data centre and high-performance computing operators as well as large industrial and commercial energy users. The discussions, which include firm and hybrid supply arrangements, are progressing; however, there can be no assurance that any definitive agreement will be entered into, or as to the terms of any such agreement.

Alberta's power market is tightening, and large users are moving to secure power directly. In July 2026, a $4.6 billion natural gas generation project was announced to supply Meta's planned Alberta data centre. In June 2025, the Alberta Electric System Operator capped new large-load connections at 1,200 MW through 2028, against more than 16,000 MW of connection requests.

Commercial Structures

Under any configuration, NUE's role is to originate, de-risk and deliver the power and the site. The Company does not supply, lease or resell compute hardware or other information-technology equipment, and will co-develop with qualified data centre operators where appropriate.

Hybrid power for data centres. Data centre and AI compute clients would contract for firm, dispatchable supply anchored by natural gas generation, subject to confirmation of natural gas supply to each site, and integrated with on-site solar and battery storage. The hybrid configuration is intended to shorten time to energization relative to a stand-alone grid interconnection, provide firm capacity to meet uptime requirements, and lower the carbon intensity of delivered power compared with gas-only supply. Battery storage is designed to serve as the control layer across the system, managing load-following, ride-through and dispatch.

Renewable supply for heavy power users. Industrial and commercial clients with significant, long-duration loads would contract for solar or solar-plus-storage generation under long-term physical or virtual power purchase agreements. Contracts may be structured to include the associated environmental attributes, including renewable energy certificates, to support clients' emissions-reduction, ESG and reporting objectives. Long-term fixed or collared pricing is intended to provide clients with a hedge against volatility in Alberta's wholesale power market and the uncertainty associated with ongoing market reform.

Southern Alberta Portfolio

The portfolio consists of solar and battery storage projects in the Lethbridge and Hanna areas of southern Alberta, a region with strong solar resource and proximity to existing transmission infrastructure. Lethbridge Two and Lethbridge Three have received Alberta Utilities Commission approval and Hanna is in pre-development, and the Company continues to engage with the Alberta Electric System Operator on interconnection timing and on the integration of battery storage technology across its program. NUE intends to remain flexible on the path for each project, which may include co-development, a sale or a combination of both.

The Company is accepting expressions of interest for capacity across the portfolio.

"Offtakers in Alberta are asking two distinct questions, and we have built the portfolio to answer both," said Broderick Gunning, President and Chief Executive Officer of NUE. "Data centre operators need firm power on a defined schedule, and we are working through firm and hybrid supply options to meet that need. Large industrial users need long-term price certainty and credible environmental attributes. The Alberta power market is heating up, and these assets are well positioned for it."

"The commercial conversation has shifted from cost per megawatt-hour to certainty of delivery," said John Windsor, Chief Operating Officer of NUE. "Our work in southern Alberta is intended to set the template for how we contract and deliver across our Prairie pipeline."

The Company expects to provide further updates as appropriate. Parties interested in submitting an expression of interest may contact aj@nu-energy.ca.

About NUE Power Corp.

NUE Power Corp. (CSE: NUE) (OTC Pink: NUEPF) (FSE: NUE1) is an energy infrastructure development company focused on the origination, development, and advancement of integrated power and energy-park opportunities. Operating a develop-to-divest model, the Company emphasizes strategic site positioning, grid access, and disciplined stage-gated development across markets serving compute-intensive and large-load industrial demand.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is based on the Company's current expectations and assumptions and is not a guarantee of future performance. Words such as "expects," "intends," "plans," "believes," "may," "will," "designed," "objective" and similar expressions identify forward-looking information. Forward-looking information in this release includes, among other things, statements regarding: discussions with prospective offtake counterparties and the possibility, timing and terms of any definitive agreement; the commercial structures the Company may offer; the progress of permitting, interconnection, energization and construction across the southern Alberta portfolio; the anticipated benefits of hybrid power configurations and long-term renewable supply arrangements; and the Company's contracting objectives and development plans.

Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including, among others: permitting, interconnection and other regulatory approvals; changes to Alberta's electricity market design and environmental attribute regimes; equipment supply and natural gas availability; financing; construction timing and cost; reliance on third-party partners; and the other risks described in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. Forward-looking information speaks only as of the date of this release, and the Company undertakes no obligation to update it except as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this news release, which may contain "forward-looking statements", being statements about the future based on current expectations or beliefs. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/319675