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, contracted and planned capacity across several sites. Each site is engineered to meet customer demand for a secure AI compute environment that cannot be met by large co-location data centers.
"This Transaction marks an important milestone for Green AI Cloud and we believe it reflects the strength of our strategy to build AI-ready infrastructure where power availability, speed, and execution matter most," stated Jacob Bostrom, Founder and Chief Executive Officer of Green AI Cloud. "We believe the opportunity is being driven not only by rising AI demand, but also by the growing scarcity of power-secured capacity and the need for faster, more flexible deployment models. As a public company, we anticipate access to the public capital markets will enhance our ability to accelerate development across our existing portfolio, expand into additional strategic markets, and continue building a leading infrastructure platform for the global AI economy in partnership with the communities in which we operate."
"We have been deeply impressed by both the ambition of the Green AI Cloud strategy and the progress the leadership team has already made in bringing that strategy to life. We believe the Company has built a platform that speaks directly to where the market is today, with a focus on power access, accelerated deployment, and AI-ready infrastructure. We believe the business is well positioned for its next chapter as a public company and look forward to supporting that next phase of growth and helping build long-term shareholder value," stated Mitchell Creem, Chief Executive Officer of Pioneer Acquisition I Corp.
MARKET OPPORTUNITY & CATALYSTS
The U.S. data center market is experiencing a period of sustained expansion, with projected growth of more than 10% annually from $126 billion in 2025 to $277 billion by 2033. The global AI data center market size is projected to grow from USD 471.59 billion in 2026 to USD 2,023.52 billion by 2032, growing at a CAGR of 27.5% from 2026 to 2032. Industry growth is being driven by AI workloads rather than traditional enterprise demand. Supply of suitable AI data center capacity remains tight, leasing activity is expected to remain elevated, and power availability has become a primary bottleneck in site selection.
The European data center market alone was valued at $52.02 billion in 2025 and is forecasted to hit $139.90 billion by 2031, expanding at a compound annual growth rate (CAGR) of 17.93%. Cumulative structural data center investments in Europe are expected to total EUR176 billion between 2026 and 2031.
Green AI Cloud aims to deliver AI-ready capacity quickly in an environment where demand is accelerating and both power-secured and thermally capable capacity remain constrained. The business model aims to combine adaptive reuse of legacy industrial sites and 100% renewable energy, which the Company believes can compress deployment timelines from years to months and reduce reliance on constrained utility interconnection queues.
TRANSACTION SUMMARY
The Transaction values Green AI Cloud at a pre-money equity value of $300 million and implies a pro forma enterprise value of approximately $525 million, assuming no redemptions by existing Pioneer public shareholders.
Expected proceeds are intended to support development across existing and new data center sites, as well as potential acquisitions. The Transaction is expected to provide Green AI Cloud with additional access to the public capital markets to support site development, future expansion, and broader strategic flexibility as demand for AI-ready infrastructure continues to grow.
Following closing, Green AI Cloud's existing management team is expected to continue leading the combined company following the Transaction (the "Combined Company"), and Pioneer shareholders are expected to roll over 100% of their equity into the public company, assuming no redemptions. The Transaction has been approved by the boards of directors of both Green AI Cloud and Pioneer and is anticipated to close during the second quarter of 2027, subject to customary closing conditions, including approval by Pioneer's shareholders.
Prior to executing the Business Combination Agreement, the board of directors of Pioneer obtained a fairness opinion that the Business Combination was fair from a financial point of view to Pioneer's shareholders.
A summary of the material terms of the Transaction, including a copy of the Business Combination Agreement and other related documents, will be included in a Current Report on Form 8-K to be filed by Pioneer with the U.S. Securities and Exchange Commission (the "SEC"). Additional information about the proposed Business Combination will be described in the registration statement on Form S-4, which Pioneer and Green AI Cloud will file with the SEC.
ADVISORS
Mannheimer Swartling Advokatbyrå AB is serving as legal counsel to Green AI Cloud, and Winston Taylor LLP is serving as legal counsel to Pioneer.
About Green AI Cloud
Green AI Cloud is a European Cloud Service Provider ("CSP") offering Super Compute AI for the largest AI models available. Green AI Cloud delivers superior cost efficiency while being among the most sustainable CSPs in Europe -- fully capitalizing on its location in Sweden that gives access to green energy, carbon offset facilities and data center infrastructure.
About Pioneer Acquisition I Corp
Pioneer Acquisition I Corp. is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Our team has broad sector knowledge and brings a combination of operating, investing, financial and transactional experience.
Additional Information and Where to Find It
Pioneer and Green AI Cloud intend to file relevant materials with the SEC, including a registration statement on Form S-4 (as may be amended, the "Registration Statement"), which will include a proxy statement of Pioneer and a prospectus in connection with the Business Combination, referred to as a proxy statement/prospectus. The definitive proxy statement and other relevant documents will be mailed to shareholders of Pioneer as of a record date to be established for voting on the Business Combination. SHAREHOLDERS OF PIONEER AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND ANY AMENDMENTS THERETO, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH PIONEER'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PIONEER, GREEN AI CLOUD AND THE BUSINESS COMBINATION. Shareholders will be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge, once available,