Mr. Broderick Gunning reports

NUE POWER AND GREEN HARBOR FORM 50/50 JOINT VENTURE TO BREAK THE TURBINE-SUPPLY BOTTLENECK GATING NORTH AMERICA'S AI POWER BUILD-OUT

NU E Power Corp. has entered a 50/50 joint venture with Green Harbor Partners Corp. that pairs Korean turbine and reciprocating-engine supply with development and GPU financing to serve data centre, artificial intelligence, high performance compute and other large-load power customers across Canada and the United States. The JV is the next step in a deepening relationship between the two companies and a shared move toward vertical integration across the power value chain.

Gas and reciprocating-engine capacity has become the single hardest item to secure in the AI buildout. Western original equipment manufacturer order books for large turbines stretch years, leaving developers and hyperscalers waiting behind a queue they cannot move. The JV attacks that constraint directly: Green Harbor's relationships with several of Korea's largest generation equipment manufacturers are expected to open delivery windows that compare favourably with typical Western lead times while NU E originates, develops and interconnects the sites that equipment serves.

A deepening relationship, now vertically integrated

The JV further advances an already burgeoning NU E Green Harbor partnership in power generation. Green Harbor is already in advanced discussions to acquire NU E's Alberta solar and storage assets, and has partnered with NU E on Korean equipment supply and GPU financing. This venture brings those threads together into a single, co-ordinated platform: site development, generation equipment and compute-capital-expenditure financing under one relationship, rather than three separate problems a customer has to solve alone. It also reflects the current reality of the market, in which large loads are increasingly served by newly formed behind-the-meter generation that sidesteps multiyear grid interconnection queues.

The significance of the venture lies in Green Harbor's standing. Formerly Sprott Korea, Green Harbor manages and advises on more than 2.5 gigawatts of global power generation assets, and has operated in Korean and international power markets since 2012. Its equipment relationships and capital network are therefore not introductions on paper but the working relationships of an established institutional operator, which is what gives NU E credible access to Korean generation equipment on accelerated timelines and to the financing that sits alongside it. For a development-stage company, aligning with a partner of that scale materially strengthens NU E's ability to convert early-stage opportunities into shovel-ready projects that infrastructure capital can finance and build.

For NU E, the JV is a capital-efficient extension of its develop-to-divest model: originate and advance early-stage power and digital infrastructure opportunities, then monetize them through partnerships, royalties, development fees and project-level structures, not a commitment to own or operate large-scale generation on its balance sheet.

Areas of collaboration

On a project-by-project basis, the parties expect to pursue:

• Site origination and development led by NU E: land, interconnection, permitting, EPC co-ordination and offtake structuring;
• Korean generation equipment procurement supported by Green Harbor's manufacturer relationships, subject to availability, technical suitability and pricing; and
• GPU, AI hardware and project-level financing structures for creditworthy customers, subject to underwriting and definitive documentation.

AI infrastructure team

Jonathan Martone has joined NU E as head of offtake, leading commercial structuring and offtake origination across the portfolio, with a focus on power purchase agreements, customer engagement and integrated power-and-compute structures. Mr. Martone brings more than two decades across data centres, interconnection, dark fibre and power generation, including senior roles at Netrality Data Centers, Cyxtera Technologies and CenturyLink.

Management commentary

"Turbine lead times have become the gating item for AI infrastructure, and GPU capex is the second. This venture brings both within reach: production slots with Korea's largest turbine and engine makers, on windows the market can actually build to, paired with financing that lets creditworthy operators match compute capex to their revenue. With NU E's development platform in North America, we can put power, equipment and financing in front of a customer as one decision, not three," said Jay Lee, chief executive officer, Green Harbor Partners.

"NU E is, and remains, an energy infrastructure developer. We get in early, advance projects through the hardest stages and monetize them with the partners who scale them. This joint venture is the natural evolution of our relationship with Green Harbor: It vertically integrates equipment supply and capex financing around our development platform, so we can offer customers turbine delivery on a timeline the market can build to and financing for the hardware that runs on it. That expands our revenue, strengthens our core development business and lets us bring large-scale capital partners to the table against the two constraints gating the AI buildout today," said Broderick Gunning, chief executive officer, NU E Power.

The letter of intent governing the JV is non-binding except for customary provisions relating to exclusivity, confidentiality, non-circumvention, costs, governing law and dispute resolution, and remains subject to the negotiation and execution of definitive agreements. There is no assurance that definitive agreements will be reached or that any project will advance to financing, construction or commercial operation.

About NU E Power Corp.

NU E Power 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.

About Green Harbor Partners Corp.

Green Harbor Partners (formerly Sprott Korea) is a Seoul-based private equity investment firm specializing in renewable energy and infrastructure. Originally founded in 2012, the firm rebranded to Green Harbor following Sprott Inc.'s divestiture of its Korean business, and today manages and advises on more than 2.5 gigawatts of global power generation assets. Any role Green Harbor may play in connection with NU E projects remains subject to definitive agreements and project-specific approvals.

We seek Safe Harbor.