{"success":true,"data":{"pressRelease":{"id":"164913","rtpr_id":"nGNX7zVJNB-20261008","ticker":"PACH","exchange":"NASDAQ","all_tickers":["PACH"],"title":"Pioneer Acquisition I Corp Enters Into Business Combination Agreement with Green AI Cloud, a Clean Energy Super Compute AI Platform in Europe","author":"Globe Newswire","published_at":"2026-10-08T20:52:17.058Z","article_body":"Green AI Cloud, Inc. (the “Company”), a clean energy super compute AI\nplatform in Europe, is positioned where accelerating AI data center demand\nmeets a scarcity of power-secured capacity.\n\nThe Company is a pioneer in clean energy compute and its data centers are\ndesigned to run on renewable energy (solar, hydro and wind power). Excess heat\nfrom its operations can be converted into a heated liquid for industrial\nproduct manufacturing or into regional district-heating infrastructure,\nbelieved to result in a net-negative CO2 footprint.\n\nThe proposed business combination values the Company at a pre-money equity\nvalue of $300 million.\n\nBROOKLYN, N.Y. and STOCKHOLM, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Green AI\nCloud, Inc. (“Green AI Cloud” or the “Company”), an AI infrastructure\ncompany focused on designing, building, and operating high-performance AI data\ncenters with a focus on environmental sustainability and data sovereignty, and\nPioneer Acquisition I Corp (Nasdaq: PACH) (“Pioneer”), a publicly traded\nspecial purpose acquisition company, today announced that they have entered\ninto a definitive agreement (the “Business Combination Agreement”) for a\nbusiness combination (the “Transaction” or the “Business Combination”)\nthat would result in Green AI Cloud becoming a publicly traded company\nexpected to list on the Nasdaq Stock Market LLC (“Nasdaq”).\n\nBACKGROUND\n\nGreen AI Cloud, based in Stockholm, Sweden, is building a differentiated\ndigital infrastructure platform for the AI era through a vertically integrated\napproach to AI-ready data center development. The Company’s approach aims to\ncombine adaptive reuse of existing real estate, sustainable super compute AI\nusing only renewable energy (solar, hydro and wind power), and integrated\npower infrastructure to support large-scale compute deployments for enterprise\nAI customers. The Company’s data centers are designed to run on 100%\nrenewable energy. They utilize tailored liquid-cooling systems, waste heat\nfrom the AI servers can be recovered into the regional district-heating\ninfrastructure, believed to result in a net-negative carbon footprint. The\nCompany’s platform provides access to top-tier NVIDIA AI hardware\naccelerators. Enterprise customers can now train Generative Transformer\n(GPT)-class models on the platform with the promise of equivalent carbon\noffsets through Green AI Cloud’s uniquely sustainable and\n“carbon-intelligent” cloud.\n\nCurrently, Green AI Cloud has operating and development activity in three\nstrategic locations in Sweden. These sites have the potential to support a\nmulti-gigawatt (“GW”) development pipeline over time while enabling\nenvironmental redevelopment and community partnership programs in legacy\nindustrial markets and providing a foundation for expansion into additional\nmarkets as AI data center demand continues to grow and power availability,\nsite readiness, and speed of deployment become increasingly important.   The\nCompany’s current portfolio comprises a mix of live, contracted and planned\ncapacity across several sites. Each site is engineered to meet customer demand\nfor a secure AI compute environment that cannot be met by large co-location\ndata centers.\n\n“This Transaction marks an important milestone for Green AI Cloud and we\nbelieve it reflects the strength of our strategy to build AI-ready\ninfrastructure where power availability, speed, and execution matter most,”\nstated Jacob Bostrom, Founder and Chief Executive Officer of Green AI Cloud.\n“We believe the opportunity is being driven not only by rising AI demand,\nbut also by the growing scarcity of power-secured capacity and the need for\nfaster, more flexible deployment models. As a public company, we anticipate\naccess to the public capital markets will enhance our ability to accelerate\ndevelopment across our existing portfolio, expand into additional strategic\nmarkets, and continue building a leading infrastructure platform for the\nglobal AI economy in partnership with the communities in which we operate.”\n\n“We have been deeply impressed by both the ambition of the Green AI Cloud\nstrategy and the progress the leadership team has already made in bringing\nthat strategy to life. We believe the Company has built a platform that speaks\ndirectly to where the market is today, with a focus on power access,\naccelerated deployment, and AI-ready infrastructure. We believe the business\nis well positioned for its next chapter as a public company and look forward\nto supporting that next phase of growth and helping build long-term\nshareholder value,” stated Mitchell Creem, Chief Executive Officer of\nPioneer Acquisition I Corp.\n\nMARKET OPPORTUNITY & CATALYSTS\n\nThe U.S. data center market is experiencing a period of sustained expansion,\nwith projected growth of more than 10% annually from $126 billion in 2025 to\n$277 billion by 2033. The global AI data center market size is projected to\ngrow from USD 471.59 billion in 2026 to USD 2,023.52 billion by 2032, growing\nat a CAGR of 27.5% from 2026 to 2032. Industry growth is being driven by AI\nworkloads rather than traditional enterprise demand. Supply of suitable AI\ndata center capacity remains tight, leasing activity is expected to remain\nelevated, and power availability has become a primary bottleneck in site\nselection.\n\nThe European data center market alone was valued at $52.02 billion in 2025 and\nis forecasted to hit $139.90 billion by 2031, expanding at a compound annual\ngrowth rate (CAGR) of 17.93%. Cumulative structural data center investments in\nEurope are expected to total €176 billion between 2026 and 2031.\n\nGreen AI Cloud aims to deliver AI-ready capacity quickly in an environment\nwhere demand is accelerating and both power-secured and thermally capable\ncapacity remain constrained. The business model aims to combine adaptive reuse\nof legacy industrial sites and 100% renewable energy, which the Company\nbelieves can compress deployment timelines from years to months and reduce\nreliance on constrained utility interconnection queues.\n\nTRANSACTION SUMMARY\n\nThe Transaction values Green AI Cloud at a pre-money equity value of $300\nmillion and implies a pro forma enterprise value of approximately $525\nmillion, assuming no redemptions by existing Pioneer public shareholders.\n\nExpected proceeds are intended to support development across existing and new\ndata center sites, as well as potential acquisitions. The Transaction is\nexpected to provide Green AI Cloud with additional access to the public\ncapital markets to support site development, future expansion, and broader\nstrategic flexibility as demand for AI-ready infrastructure continues to grow.\n\nFollowing closing, Green AI Cloud’s existing management team is expected to\ncontinue leading the combined company following the Transaction (the\n“Combined Company”), and Pioneer shareholders are expected to roll over\n100% of their equity into the public company, assuming no redemptions. The\nTransaction has been approved by the boards of directors of both Green AI\nCloud and Pioneer and is anticipated to close during the second quarter of\n2027, subject to customary closing conditions, including approval by\nPioneer’s shareholders.\n\nPrior to executing the Business Combination Agreement, the board of directors\nof Pioneer obtained a fairness opinion that the Business Combination was fair\nfrom a financial point of view to Pioneer’s shareholders.\n\nA summary of the material terms of the Transaction, including a copy of the\nBusiness Combination Agreement and other related documents, will be included\nin a Current Report on Form 8-K to be filed by Pioneer with the U.S.\nSecurities and Exchange Commission (the “SEC”). Additional information\nabout the proposed Business Combination will be described in the registration\nstatement on Form S-4, which Pioneer and Green AI Cloud will file with the\nSEC.\n\nADVISORS\n\nMannheimer Swartling Advokatbyrå AB is serving as legal counsel to Green AI\nCloud, and Winston Taylor LLP is serving as legal counsel to Pioneer.\n\nAbout Green AI Cloud\n\nGreen AI Cloud is a European Cloud Service Provider (“CSP”) offering Super\nCompute AI for the largest AI models available. Green AI Cloud delivers\nsuperior cost efficiency while being among the most sustainable CSPs in Europe\n– fully capitalizing on its location in Sweden that gives access to green\nenergy, carbon offset facilities and data center infrastructure.\n\nAbout Pioneer Acquisition I Corp\n\nPioneer Acquisition I Corp. is a blank check company formed for the purpose of\neffecting a merger, amalgamation, share exchange, asset acquisition, share\npurchase, reorganization or similar business combination with one or more\nbusinesses. Our team has broad sector knowledge and brings a combination of\noperating, investing, financial and transactional experience.\n\nAdditional Information and Where to Find It\n\nPioneer and Green AI Cloud intend to file relevant materials with the SEC,\nincluding a registration statement on Form S-4 (as may be amended, the\n\"Registration Statement\"), which will include a proxy statement of Pioneer and\na prospectus in connection with the Business Combination, referred to as a\nproxy statement/prospectus. The definitive proxy statement and other relevant\ndocuments will be mailed to shareholders of Pioneer as of a record date to be\nestablished for voting on the Business Combination. SHAREHOLDERS OF PIONEER\nAND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE\nREGISTRATION STATEMENT, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND ANY\nAMENDMENTS THERETO, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER\nRELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH\nPIONEER'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS\nSHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, BECAUSE THESE\nDOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PIONEER, GREEN AI CLOUD AND\nTHE BUSINESS COMBINATION. Shareholders will be able to obtain copies of the\nRegistration Statement and the proxy statement/prospectus, without charge,\nonce available, on the SEC's website at www.sec.gov or by directing a request\nto: Pioneer Acquisition I Corp, 131 Concord Street, Brooklyn, NY 11201; or\nGreen AI Cloud, Inc., Corporation Trust Center, 1209 Orange Street,\nWilmington, New Castle County, Delaware 19801.\n\nParticipants in the Solicitation\n\nPioneer, Green AI Cloud and their respective directors and executive officers\nmay be deemed under SEC rules to be participants in the solicitation of\nproxies from Pioneer's shareholders in connection with the Business\nCombination. A list of the names of these directors and executive officers,\nalong with information about their interests in the Business Combination and\ntheir ownership of Pioneer's securities, is or will be included in filings\nwith the SEC relating to the Business Combination. Additional information\nabout the interests of the persons who may, under SEC rules, be deemed\nparticipants in the solicitation of proxies from Pioneer's shareholders in\nconnection with the Business Combination, including the names and interests of\nGreen AI Cloud's directors and executive officers, will be set forth in the\nproxy statement/prospectus included in the Registration Statement. You may\nobtain free copies of these documents from the sources described above.\n\nNo Offer or Solicitation\n\nThis press release shall not constitute a solicitation of a proxy, consent or\nauthorization with respect to any securities or in respect of the Business\nCombination. This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities pursuant to the Business\nCombination or otherwise, nor shall there be any sale of securities in any\njurisdiction in which such offer, solicitation or sale would be unlawful prior\nto registration or qualification under the securities laws of any such\njurisdiction. No offering of securities shall be made except by means of a\nprospectus meeting the requirements of Section 10 of the Securities Act of\n1933, as amended, or an exemption therefrom.\n\nNEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR\nDISAPPROVED THE BUSINESS COMBINATION DESCRIBED HEREIN, PASSED UPON THE MERITS\nOR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS, OR PASSED\nUPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY\nREPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.\n\nForward-Looking Statements\n\nThe information in this press release includes \"forward-looking statements\"\nwithin the meaning of the U.S. federal securities laws. Forward-looking\nstatements may be identified by words such as \"estimate,\" \"plan,\" \"project,\"\n\"forecast,\" \"intend,\" \"may,\" \"will,\" \"expect,\" \"continue,\" \"should,\" \"would,\"\n\"anticipate,\" \"believe,\" \"seek,\" \"target,\" \"predict,\" \"potential,\" \"seem,\"\n\"future,\" \"outlook\" or similar expressions that predict or indicate future\nevents or trends or that are not statements of historical matters, but the\nabsence of these words does not mean that a statement is not forward-looking.\nThese forward-looking statements include, but are not limited to, statements\nabout: the anticipated benefits and timing of completion of the Business\nCombination, including the expected closing during the second quarter of 2027;\nthe pre-money equity value of the Company and the anticipated pro forma\nenterprise value of the Combined Company; the expected use of proceeds to\nsupport development across existing and new data center sites and potential\nacquisitions; the Company's market opportunity and the potential growth of the\nAI data center market in the United States and Europe; the Company's strategy,\ndevelopment pipeline, outcomes and growth prospects, including its potential\nmulti-GW development pipeline and expansion into additional markets; the\nCompany's ability to compress deployment timelines and reduce reliance on\nconstrained utility interconnection queues; the company’s sustainability\ngoals and environmental attributes, including its use of renewable energy and\ncarbon footprint; trends in the Company's industry and markets and the\ncompetitive environment in which it operates; the Company's ability to access\nthe public capital markets and raise funds to support its business; and the\nexpected continuation of the Company's management team in leading the Combined\nCompany. These statements are based on various assumptions, whether or not\nidentified in this press release, and on the current expectations of the\nmanagement of Green AI Cloud and Pioneer, and are not predictions of actual\nperformance. These forward-looking statements are provided for illustrative\npurposes only and are not intended to serve as, and must not be relied on by\nany investor as, a guarantee, an assurance, a prediction or a definitive\nstatement of fact or probability. Actual events and circumstances are\ndifficult or impossible to predict and will differ from assumptions, and many\nare beyond the control of Green AI Cloud and Pioneer.\n\nThese forward-looking statements are subject to risks and uncertainties,\nincluding: the occurrence of any event, change or other circumstances that\ncould give rise to the termination of the Business Combination Agreement; the\nrisk that the Business Combination disrupts the Company's current plans and\noperations; the inability of the parties to recognize the anticipated benefits\nof the Business Combination; the ability to maintain the listing of Pioneer's\nsecurities on Nasdaq and to obtain or maintain the listing of the Combined\nCompany's securities on Nasdaq following the Business Combination; costs\nrelated to the Business Combination; changes in business, market, financial,\npolitical and legal conditions; the Company's limited operating history and\nlack of history operating as a public company; the Company's ability to\ndevelop its sites and convert legacy industrial sites into AI-ready,\npower-enabled data center infrastructure on anticipated timelines and budgets;\nthe availability and cost of renewable power and of AI hardware accelerators,\nincluding GPUs; the Company's ability to attract and retain enterprise\ncustomers; the risk that the Company's technology and infrastructure,\nincluding its liquid-cooling and heat-recovery systems, may not operate as\nexpected; the company’s ability to achieve its sustainability goals as\nexpected; the methodologies, assumptions and third-party data underlying the\nCompany’s environmental-related statements, which may change or differ from\nthose used by others; capital market, interest rate and currency exchange\nrisks; uncertainty or changes with respect to laws and regulations, including\nin Sweden and the European Union, and with respect to taxes, trade conditions\nand the macroeconomic and geopolitical environment; data protection or\ncybersecurity incidents and disruptions in the electrical power grid at or\nnear the Company's data centers; the Company's dependence on its senior\nmanagement; the risk that the Business Combination may not be completed in a\ntimely manner or at all, including by Pioneer's business combination deadline\nof June 20, 2027, and the potential failure to obtain an extension of such\ndeadline if sought by Pioneer; the failure to satisfy the conditions to the\nconsummation of the Business Combination, including approval by Pioneer's\nshareholders; the outcome of any legal proceedings that may be instituted\nagainst Green AI Cloud, Pioneer or others following announcement of the\nBusiness Combination; the risk that Pioneer's public shareholders could elect\nto have their shares redeemed, leaving the Combined Company with insufficient\ncash to execute its business plans; the risk that an active market for the\nsecurities of the Combined Company may not develop; and those risk factors\ndiscussed in documents of Pioneer and Green AI Cloud filed, or to be filed,\nwith the SEC, including the Registration Statement. If any of these risks\nmaterialize or the assumptions prove incorrect, actual results could differ\nmaterially from the results implied by these forward-looking statements.\n\nThere may be additional risks that neither Pioneer nor Green AI Cloud\npresently knows or that Pioneer and Green AI Cloud currently believe are\nimmaterial that could also cause actual results to differ from those contained\nin the forward-looking statements. In addition, forward-looking statements\nreflect the expectations, plans or forecasts of Pioneer and Green AI Cloud\nregarding future events and views as of the date of this press release.\nPioneer and Green AI Cloud anticipate that subsequent events and developments\nwill cause their assessments to change, and while they may elect to update\nthese forward-looking statements at some point in the future, Pioneer and\nGreen AI Cloud specifically disclaim any obligation to do so. Readers are\nreferred to the most recent reports filed with the SEC by Pioneer. Readers are\ncautioned not to place undue reliance on any forward-looking statements, which\nspeak only as of the date made, and Pioneer and Green AI Cloud undertake no\nobligation to update or revise the forward-looking statements, whether as a\nresult of new information, future events or otherwise, except as required by\nlaw.\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX7zVJNB-20261008","title":"Pioneer Acquisition I Corp Enters Into Business Combination Agreement with Green AI Cloud, a Clean Energy Super Compute AI Platform in Europe","author":"Globe Newswire","ticker":"PACH","created":"2026-10-08T20:52:17.058Z","tickers":["PACH"],"exchange":"NASDAQ","article_body":"Green AI Cloud, Inc. (the “Company”), a clean energy super compute AI\nplatform in Europe, is positioned where accelerating AI data center demand\nmeets a scarcity of power-secured capacity.\n\nThe Company is a pioneer in clean energy compute and its data centers are\ndesigned to run on renewable energy (solar, hydro and wind power). Excess heat\nfrom its operations can be converted into a heated liquid for industrial\nproduct manufacturing or into regional district-heating infrastructure,\nbelieved to result in a net-negative CO2 footprint.\n\nThe proposed business combination values the Company at a pre-money equity\nvalue of $300 million.\n\nBROOKLYN, N.Y. and STOCKHOLM, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Green AI\nCloud, Inc. (“Green AI Cloud” or the “Company”), an AI infrastructure\ncompany focused on designing, building, and operating high-performance AI data\ncenters with a focus on environmental sustainability and data sovereignty, and\nPioneer Acquisition I Corp (Nasdaq: PACH) (“Pioneer”), a publicly traded\nspecial purpose acquisition company, today announced that they have entered\ninto a definitive agreement (the “Business Combination Agreement”) for a\nbusiness combination (the “Transaction” or the “Business Combination”)\nthat would result in Green AI Cloud becoming a publicly traded company\nexpected to list on the Nasdaq Stock Market LLC (“Nasdaq”).\n\nBACKGROUND\n\nGreen AI Cloud, based in Stockholm, Sweden, is building a differentiated\ndigital infrastructure platform for the AI era through a vertically integrated\napproach to AI-ready data center development. The Company’s approach aims to\ncombine adaptive reuse of existing real estate, sustainable super compute AI\nusing only renewable energy (solar, hydro and wind power), and integrated\npower infrastructure to support large-scale compute deployments for enterprise\nAI customers. The Company’s data centers are designed to run on 100%\nrenewable energy. They utilize tailored liquid-cooling systems, waste heat\nfrom the AI servers can be recovered into the regional district-heating\ninfrastructure, believed to result in a net-negative carbon footprint. The\nCompany’s platform provides access to top-tier NVIDIA AI hardware\naccelerators. Enterprise customers can now train Generative Transformer\n(GPT)-class models on the platform with the promise of equivalent carbon\noffsets through Green AI Cloud’s uniquely sustainable and\n“carbon-intelligent” cloud.\n\nCurrently, Green AI Cloud has operating and development activity in three\nstrategic locations in Sweden. These sites have the potential to support a\nmulti-gigawatt (“GW”) development pipeline over time while enabling\nenvironmental redevelopment and community partnership programs in legacy\nindustrial markets and providing a foundation for expansion into additional\nmarkets as AI data center demand continues to grow and power availability,\nsite readiness, and speed of deployment become increasingly important.   The\nCompany’s current portfolio comprises a mix of live, contracted and planned\ncapacity across several sites. Each site is engineered to meet customer demand\nfor a secure AI compute environment that cannot be met by large co-location\ndata centers.\n\n“This Transaction marks an important milestone for Green AI Cloud and we\nbelieve it reflects the strength of our strategy to build AI-ready\ninfrastructure where power availability, speed, and execution matter most,”\nstated Jacob Bostrom, Founder and Chief Executive Officer of Green AI Cloud.\n“We believe the opportunity is being driven not only by rising AI demand,\nbut also by the growing scarcity of power-secured capacity and the need for\nfaster, more flexible deployment models. As a public company, we anticipate\naccess to the public capital markets will enhance our ability to accelerate\ndevelopment across our existing portfolio, expand into additional strategic\nmarkets, and continue building a leading infrastructure platform for the\nglobal AI economy in partnership with the communities in which we operate.”\n\n“We have been deeply impressed by both the ambition of the Green AI Cloud\nstrategy and the progress the leadership team has already made in bringing\nthat strategy to life. We believe the Company has built a platform that speaks\ndirectly to where the market is today, with a focus on power access,\naccelerated deployment, and AI-ready infrastructure. We believe the business\nis well positioned for its next chapter as a public company and look forward\nto supporting that next phase of growth and helping build long-term\nshareholder value,” stated Mitchell Creem, Chief Executive Officer of\nPioneer Acquisition I Corp.\n\nMARKET OPPORTUNITY & CATALYSTS\n\nThe U.S. data center market is experiencing a period of sustained expansion,\nwith projected growth of more than 10% annually from $126 billion in 2025 to\n$277 billion by 2033. The global AI data center market size is projected to\ngrow from USD 471.59 billion in 2026 to USD 2,023.52 billion by 2032, growing\nat a CAGR of 27.5% from 2026 to 2032. Industry growth is being driven by AI\nworkloads rather than traditional enterprise demand. Supply of suitable AI\ndata center capacity remains tight, leasing activity is expected to remain\nelevated, and power availability has become a primary bottleneck in site\nselection.\n\nThe European data center market alone was valued at $52.02 billion in 2025 and\nis forecasted to hit $139.90 billion by 2031, expanding at a compound annual\ngrowth rate (CAGR) of 17.93%. Cumulative structural data center investments in\nEurope are expected to total €176 billion between 2026 and 2031.\n\nGreen AI Cloud aims to deliver AI-ready capacity quickly in an environment\nwhere demand is accelerating and both power-secured and thermally capable\ncapacity remain constrained. The business model aims to combine adaptive reuse\nof legacy industrial sites and 100% renewable energy, which the Company\nbelieves can compress deployment timelines from years to months and reduce\nreliance on constrained utility interconnection queues.\n\nTRANSACTION SUMMARY\n\nThe Transaction values Green AI Cloud at a pre-money equity value of $300\nmillion and implies a pro forma enterprise value of approximately $525\nmillion, assuming no redemptions by existing Pioneer public shareholders.\n\nExpected proceeds are intended to support development across existing and new\ndata center sites, as well as potential acquisitions. The Transaction is\nexpected to provide Green AI Cloud with additional access to the public\ncapital markets to support site development, future expansion, and broader\nstrategic flexibility as demand for AI-ready infrastructure continues to grow.\n\nFollowing closing, Green AI Cloud’s existing management team is expected to\ncontinue leading the combined company following the Transaction (the\n“Combined Company”), and Pioneer shareholders are expected to roll over\n100% of their equity into the public company, assuming no redemptions. The\nTransaction has been approved by the boards of directors of both Green AI\nCloud and Pioneer and is anticipated to close during the second quarter of\n2027, subject to customary closing conditions, including approval by\nPioneer’s shareholders.\n\nPrior to executing the Business Combination Agreement, the board of directors\nof Pioneer obtained a fairness opinion that the Business Combination was fair\nfrom a financial point of view to Pioneer’s shareholders.\n\nA summary of the material terms of the Transaction, including a copy of the\nBusiness Combination Agreement and other related documents, will be included\nin a Current Report on Form 8-K to be filed by Pioneer with the U.S.\nSecurities and Exchange Commission (the “SEC”). Additional information\nabout the proposed Business Combination will be described in the registration\nstatement on Form S-4, which Pioneer and Green AI Cloud will file with the\nSEC.\n\nADVISORS\n\nMannheimer Swartling Advokatbyrå AB is serving as legal counsel to Green AI\nCloud, and Winston Taylor LLP is serving as legal counsel to Pioneer.\n\nAbout Green AI Cloud\n\nGreen AI Cloud is a European Cloud Service Provider (“CSP”) offering Super\nCompute AI for the largest AI models available. Green AI Cloud delivers\nsuperior cost efficiency while being among the most sustainable CSPs in Europe\n– fully capitalizing on its location in Sweden that gives access to green\nenergy, carbon offset facilities and data center infrastructure.\n\nAbout Pioneer Acquisition I Corp\n\nPioneer Acquisition I Corp. is a blank check company formed for the purpose of\neffecting a merger, amalgamation, share exchange, asset acquisition, share\npurchase, reorganization or similar business combination with one or more\nbusinesses. Our team has broad sector knowledge and brings a combination of\noperating, investing, financial and transactional experience.\n\nAdditional Information and Where to Find It\n\nPioneer and Green AI Cloud intend to file relevant materials with the SEC,\nincluding a registration statement on Form S-4 (as may be amended, the\n\"Registration Statement\"), which will include a proxy statement of Pioneer and\na prospectus in connection with the Business Combination, referred to as a\nproxy statement/prospectus. The definitive proxy statement and other relevant\ndocuments will be mailed to shareholders of Pioneer as of a record date to be\nestablished for voting on the Business Combination. SHAREHOLDERS OF PIONEER\nAND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE\nREGISTRATION STATEMENT, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS AND ANY\nAMENDMENTS THERETO, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER\nRELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH\nPIONEER'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS\nSHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, BECAUSE THESE\nDOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT PIONEER, GREEN AI CLOUD AND\nTHE BUSINESS COMBINATION. Shareholders will be able to obtain copies of the\nRegistration Statement and the proxy statement/prospectus, without charge,\nonce available, on the SEC's website at www.sec.gov or by directing a request\nto: Pioneer Acquisition I Corp, 131 Concord Street, Brooklyn, NY 11201; or\nGreen AI Cloud, Inc., Corporation Trust Center, 1209 Orange Street,\nWilmington, New Castle County, Delaware 19801.\n\nParticipants in the Solicitation\n\nPioneer, Green AI Cloud and their respective directors and executive officers\nmay be deemed under SEC rules to be participants in the solicitation of\nproxies from Pioneer's shareholders in connection with the Business\nCombination. A list of the names of these directors and executive officers,\nalong with information about their interests in the Business Combination and\ntheir ownership of Pioneer's securities, is or will be included in filings\nwith the SEC relating to the Business Combination. Additional information\nabout the interests of the persons who may, under SEC rules, be deemed\nparticipants in the solicitation of proxies from Pioneer's shareholders in\nconnection with the Business Combination, including the names and interests of\nGreen AI Cloud's directors and executive officers, will be set forth in the\nproxy statement/prospectus included in the Registration Statement. You may\nobtain free copies of these documents from the sources described above.\n\nNo Offer or Solicitation\n\nThis press release shall not constitute a solicitation of a proxy, consent or\nauthorization with respect to any securities or in respect of the Business\nCombination. This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities pursuant to the Business\nCombination or otherwise, nor shall there be any sale of securities in any\njurisdiction in which such offer, solicitation or sale would be unlawful prior\nto registration or qualification under the securities laws of any such\njurisdiction. No offering of securities shall be made except by means of a\nprospectus meeting the requirements of Section 10 of the Securities Act of\n1933, as amended, or an exemption therefrom.\n\nNEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR\nDISAPPROVED THE BUSINESS COMBINATION DESCRIBED HEREIN, PASSED UPON THE MERITS\nOR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS, OR PASSED\nUPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY\nREPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.\n\nForward-Looking Statements\n\nThe information in this press release includes \"forward-looking statements\"\nwithin the meaning of the U.S. federal securities laws. Forward-looking\nstatements may be identified by words such as \"estimate,\" \"plan,\" \"project,\"\n\"forecast,\" \"intend,\" \"may,\" \"will,\" \"expect,\" \"continue,\" \"should,\" \"would,\"\n\"anticipate,\" \"believe,\" \"seek,\" \"target,\" \"predict,\" \"potential,\" \"seem,\"\n\"future,\" \"outlook\" or similar expressions that predict or indicate future\nevents or trends or that are not statements of historical matters, but the\nabsence of these words does not mean that a statement is not forward-looking.\nThese forward-looking statements include, but are not limited to, statements\nabout: the anticipated benefits and timing of completion of the Business\nCombination, including the expected closing during the second quarter of 2027;\nthe pre-money equity value of the Company and the anticipated pro forma\nenterprise value of the Combined Company; the expected use of proceeds to\nsupport development across existing and new data center sites and potential\nacquisitions; the Company's market opportunity and the potential growth of the\nAI data center market in the United States and Europe; the Company's strategy,\ndevelopment pipeline, outcomes and growth prospects, including its potential\nmulti-GW development pipeline and expansion into additional markets; the\nCompany's ability to compress deployment timelines and reduce reliance on\nconstrained utility interconnection queues; the company’s sustainability\ngoals and environmental attributes, including its use of renewable energy and\ncarbon footprint; trends in the Company's industry and markets and the\ncompetitive environment in which it operates; the Company's ability to access\nthe public capital markets and raise funds to support its business; and the\nexpected continuation of the Company's management team in leading the Combined\nCompany. These statements are based on various assumptions, whether or not\nidentified in this press release, and on the current expectations of the\nmanagement of Green AI Cloud and Pioneer, and are not predictions of actual\nperformance. These forward-looking statements are provided for illustrative\npurposes only and are not intended to serve as, and must not be relied on by\nany investor as, a guarantee, an assurance, a prediction or a definitive\nstatement of fact or probability. Actual events and circumstances are\ndifficult or impossible to predict and will differ from assumptions, and many\nare beyond the control of Green AI Cloud and Pioneer.\n\nThese forward-looking statements are subject to risks and uncertainties,\nincluding: the occurrence of any event, change or other circumstances that\ncould give rise to the termination of the Business Combination Agreement; the\nrisk that the Business Combination disrupts the Company's current plans and\noperations; the inability of the parties to recognize the anticipated benefits\nof the Business Combination; the ability to maintain the listing of Pioneer's\nsecurities on Nasdaq and to obtain or maintain the listing of the Combined\nCompany's securities on Nasdaq following the Business Combination; costs\nrelated to the Business Combination; changes in business, market, financial,\npolitical and legal conditions; the Company's limited operating history and\nlack of history operating as a public company; the Company's ability to\ndevelop its sites and convert legacy industrial sites into AI-ready,\npower-enabled data center infrastructure on anticipated timelines and budgets;\nthe availability and cost of renewable power and of AI hardware accelerators,\nincluding GPUs; the Company's ability to attract and retain enterprise\ncustomers; the risk that the Company's technology and infrastructure,\nincluding its liquid-cooling and heat-recovery systems, may not operate as\nexpected; the company’s ability to achieve its sustainability goals as\nexpected; the methodologies, assumptions and third-party data underlying the\nCompany’s environmental-related statements, which may change or differ from\nthose used by others; capital market, interest rate and currency exchange\nrisks; uncertainty or changes with respect to laws and regulations, including\nin Sweden and the European Union, and with respect to taxes, trade conditions\nand the macroeconomic and geopolitical environment; data protection or\ncybersecurity incidents and disruptions in the electrical power grid at or\nnear the Company's data centers; the Company's dependence on its senior\nmanagement; the risk that the Business Combination may not be completed in a\ntimely manner or at all, including by Pioneer's business combination deadline\nof June 20, 2027, and the potential failure to obtain an extension of such\ndeadline if sought by Pioneer; the failure to satisfy the conditions to the\nconsummation of the Business Combination, including approval by Pioneer's\nshareholders; the outcome of any legal proceedings that may be instituted\nagainst Green AI Cloud, Pioneer or others following announcement of the\nBusiness Combination; the risk that Pioneer's public shareholders could elect\nto have their shares redeemed, leaving the Combined Company with insufficient\ncash to execute its business plans; the risk that an active market for the\nsecurities of the Combined Company may not develop; and those risk factors\ndiscussed in documents of Pioneer and Green AI Cloud filed, or to be filed,\nwith the SEC, including the Registration Statement. If any of these risks\nmaterialize or the assumptions prove incorrect, actual results could differ\nmaterially from the results implied by these forward-looking statements.\n\nThere may be additional risks that neither Pioneer nor Green AI Cloud\npresently knows or that Pioneer and Green AI Cloud currently believe are\nimmaterial that could also cause actual results to differ from those contained\nin the forward-looking statements. In addition, forward-looking statements\nreflect the expectations, plans or forecasts of Pioneer and Green AI Cloud\nregarding future events and views as of the date of this press release.\nPioneer and Green AI Cloud anticipate that subsequent events and developments\nwill cause their assessments to change, and while they may elect to update\nthese forward-looking statements at some point in the future, Pioneer and\nGreen AI Cloud specifically disclaim any obligation to do so. Readers are\nreferred to the most recent reports filed with the SEC by Pioneer. Readers are\ncautioned not to place undue reliance on any forward-looking statements, which\nspeak only as of the date made, and Pioneer and Green AI Cloud undertake no\nobligation to update or revise the forward-looking statements, whether as a\nresult of new information, future events or otherwise, except as required by\nlaw.\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-10-08T20:52:17.138246169Z","server_sent_at_ms":1791492737138},"received_at":"2026-10-08T20:52:17.309Z","source_url":null},"analysis":{"id":"153317","press_release_id":"164913","analysis_json":{"industry":{"label":"Financial Exchanges & Data","sector":"Financials"},"redFlags":["Deal subject to Pioneer shareholder approval and customary closing conditions; not guaranteed to close","Redemption risk could leave the combined company with insufficient cash","Target has a limited operating history; deal window subject to SPAC deadline of June 20, 2027","Sustainability claims (net-negative CO2) rely on company methodologies and assumptions"],"eventType":"m_and_a","narrative":"Pioneer Acquisition I Corp (Nasdaq: PACH) signed a definitive business combination agreement with Green AI Cloud, a Stockholm-based renewable-energy AI data center platform, at a $300 million pre-money equity valuation.\n\nThe deal implies roughly $525 million in pro forma enterprise value assuming no redemptions, with Pioneer shareholders rolling over 100% of their equity and closing expected in Q2 2027 subject to shareholder approval.\n\nGreen AI Cloud operates three sites in Sweden with a potential multi-gigawatt pipeline, running NVIDIA AI hardware on 100% renewable energy with waste-heat recovery; access to public markets is intended to fund site development and expansion.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Green-energy AI data center SPAC deal: PACH takes Green AI Cloud public at ~$525M EV with multi-GW Sweden pipeline."},"keyFigures":{"dealValueUsd":300000000,"customDimensions":{"rollover":"Pioneer shareholders expected to roll over 100% of their equity","expected_closing":"second quarter of 2027","pre_money_equity_value":"$300 million","pro_forma_enterprise_value":"approximately $525 million"}},"quotedText":"The Transaction values Green AI Cloud at a pre-money equity value of $300\nmillion and implies a pro forma enterprise value of approximately $525\nmillion, assuming no redemptions by existing Pioneer public shareholders.","namedEntities":{"people":[{"name":"Jacob Bostrom","role":"Founder and CEO of Green AI Cloud"},{"name":"Mitchell Creem","role":"CEO of Pioneer Acquisition I Corp"}],"products":["NVIDIA AI hardware accelerators"],"companies":[{"name":"Pioneer Acquisition I Corp","ticker":"PACH","relationship":"SPAC acquirer / filer"},{"name":"Green AI Cloud, Inc.","relationship":"merger target"},{"name":"Mannheimer Swartling Advokatbyrå AB","relationship":"legal counsel to Green AI Cloud"},{"name":"Winston Taylor LLP","relationship":"legal counsel to Pioneer"}],"dollarAmounts":[{"amount":"$300 million","context":"pre-money equity value of Green AI Cloud"},{"amount":"$525 million","context":"implied pro forma enterprise value"},{"amount":"$126 billion","context":"projected U.S. data center market in 2025"},{"amount":"$277 billion","context":"projected U.S. data center market by 2033"},{"amount":"$52.02 billion","context":"European data center market value in 2025"},{"amount":"$139.90 billion","context":"projected European data center market by 2031"},{"amount":"€176 billion","context":"cumulative European data center investments 2026-2031"}]},"materialImpact":{"score":4,"reasoning":"Definitive business combination agreement taking SPAC PACH public via merger with Green AI Cloud at a $300M pre-money valuation / ~$525M pro forma EV — an M&A-grade event for the filer, though subject to shareholder approval and redemption risk."},"tickerRelevance":{"others":[],"primary":"PACH"},"globalImportance":45,"audienceRelevance":35,"eventTypeSecondary":[],"importanceComponents":{"dealValue":"$525M pro forma EV (sub-$1B)","tickerTier":"small-cap SPAC","eventGravity":"spac_business_combination_announcement","retailFavoriteBoost":"modest — AI infrastructure theme"}},"event_type":"m_and_a","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"Pioneer Acquisition I Corp (Nasdaq: PACH) signed a definitive business combination agreement with Green AI Cloud, a Stockholm-based renewable-energy AI data center platform, at a $300 million pre-money equity valuation.\n\nThe deal implies roughly $525 million in pro forma enterprise value assuming no redemptions, with Pioneer shareholders rolling over 100% of their equity and closing expected in Q2 2027 subject to shareholder approval.\n\nGreen AI Cloud operates three sites in Sweden with a potential multi-gigawatt pipeline, running NVIDIA AI hardware on 100% renewable energy with waste-heat recovery; access to public markets is intended to fund site development and expansion.","key_figures":{"dealValueUsd":300000000,"customDimensions":{"rollover":"Pioneer shareholders expected to roll over 100% of their equity","expected_closing":"second quarter of 2027","pre_money_equity_value":"$300 million","pro_forma_enterprise_value":"approximately $525 million"}},"named_entities":{"people":[{"name":"Jacob Bostrom","role":"Founder and CEO of Green AI Cloud"},{"name":"Mitchell Creem","role":"CEO of Pioneer Acquisition I Corp"}],"products":["NVIDIA AI hardware accelerators"],"companies":[{"name":"Pioneer Acquisition I Corp","ticker":"PACH","relationship":"SPAC acquirer / filer"},{"name":"Green AI Cloud, Inc.","relationship":"merger target"},{"name":"Mannheimer Swartling Advokatbyrå AB","relationship":"legal counsel to Green AI Cloud"},{"name":"Winston Taylor LLP","relationship":"legal counsel to Pioneer"}],"dollarAmounts":[{"amount":"$300 million","context":"pre-money equity value of Green AI Cloud"},{"amount":"$525 million","context":"implied pro forma enterprise value"},{"amount":"$126 billion","context":"projected U.S. data center market in 2025"},{"amount":"$277 billion","context":"projected U.S. data center market by 2033"},{"amount":"$52.02 billion","context":"European data center market value in 2025"},{"amount":"$139.90 billion","context":"projected European data center market by 2031"},{"amount":"€176 billion","context":"cumulative European data center investments 2026-2031"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-08T20:52:24.442Z","global_importance":45,"audience_relevance":35,"importance_components":{"dealValue":"$525M pro forma EV (sub-$1B)","tickerTier":"small-cap SPAC","eventGravity":"spac_business_combination_announcement","retailFavoriteBoost":"modest — AI infrastructure theme"}},"durationMs":7101,"modelName":"glm-5.3-flashx"}}