GridAI Signs Deal to Acquire Pronghorn for Wyoming AI Power

GridAI Technologies announced on November 13, 2026, that it had signed a definitive share-exchange agreement to acquire Pronghorn Resources, aiming to use the Wyoming natural gas producer’s assets for dedicated AI data-center power, with initial delivery targeted at 300 MW in 2027.

Pronghorn operates in Wyoming’s Powder River Basin. GridAI reports gross natural gas production approaching 100 million cubic feet per day, approximately 3,200 producing wells, more than 450 miles of owned gathering and pipeline infrastructure, and nearly one million acres of mineral and leasehold interests. Pronghorn also produces nearly 14 million gallons of water daily and has a combined direct and contracted full-time workforce of 190. Its existing energy infrastructure represents approximately $1.7 billion in historical capital expenditure.

From Gas Assets to AI Power

GridAI intends to build behind-the-meter natural gas-fired generation, meaning power dedicated to hyperscale campuses, in phases. Grid-connected or grid-supported infrastructure could supplement that generation. The company says the approach is intended to reduce reliance on conventional utility interconnection timelines while supporting later expansion toward multi-gigawatt AI campuses. Multiple sites in two Wyoming counties have been identified for utility-scale power and data-center campuses, with access to land, existing energy infrastructure and regional high-capacity fiber.

GridAI estimates that current gas output could fuel up to approximately 600 MW of gas-fired generation. That figure is an indicative fuel-to-power calculation, not installed generating capacity, and depends on generator efficiency, operating conditions and the continuity of deliverable gas volumes. The distinction is central to the acquisition: Pronghorn supplies fuel and infrastructure, while the generation required for the initial delivery target remains to be built. Well workovers, rehabilitation and planned drilling are intended to increase production as power requirements expand.

Chief Executive Jason Sawyer described a commercial model combining continued gas production and sales with long-term power-supply agreements, water supply and potential ownership interests in data-center campuses GridAI helps develop, with phased expansion aligned to customer commitments, financing and project approvals. The upstream business retains standalone commercial value while those opportunities are pursued, giving the acquisition an operating component beyond the development plan.

Share-Exchange Terms and Longer-Term Options

Pronghorn’s members would exchange all outstanding membership units for 1,247,887 GridAI common shares and up to 129,504 newly designated Series I convertible preferred shares, subject to adjustment. Conversion requires GridAI stockholder approval, Nasdaq approval for listing the conversion shares and compliance with a beneficial-ownership limitation. The issued shares carry 30-month lock-up agreements, and Pronghorn’s members would receive the right to designate one GridAI director at closing. The transaction is anticipated to close on or before November 22, 2026.

A related agreement with Sigma9 Capital would assign GridAI exclusive Wyoming development rights involving 1st American Nuclear Co., covering its Bridge Power platform and EAGL-1 240 MWe small modular reactor platform, effective when the Pronghorn acquisition closes. GridAI would issue Sigma9 794,109 common shares and 82,411 Series I convertible preferred shares for those rights, subject to adjustment.

Bridge Power is intended to start with commercially available generation and add nuclear capacity alongside operating assets later. Any advanced nuclear deployment depends on commercial availability and regulatory approvals, and GridAI says its immediate focus remains natural gas generation. The company also intends to evaluate carbon capture and underground geological storage, activities that would require geological evaluation, reservoir characterization, permits, engineering and commercial feasibility.

The acquisition would give GridAI an operating fuel business and many of the physical inputs for AI campus development in one transaction. The central execution test is whether it can turn that resource base into financed, permitted generation and customer agreements on its stated timetable; owning the fuel and land does not itself establish deliverable power capacity.