SOO GREEN HVDC LINK AND ONE NUCLEAR SIGN LETTER OF INTENT TO EXPLORE DELIVERING FIRM NUCLEAR ENERGY AND CAPACITY TO PJM

(NASDAQ:ONEN) ONE Nuclear Energy Inc. and SOO Green HVDC Link have signed a Letter of Intent (LOI) to collaborate on exploring the potential for sourcing nuclear energy and capacity into the PJM Interconnection via SOO Green's 2,100-megawatt underground High Voltage Direct Current (HVDC) transmission line. The LOI establishes a framework for both parties to work together on potential nuclear generation and transmission opportunities, with any future commercial arrangements subject to negotiation, definitive agreements, and applicable development, regulatory, and financing requirements. SOO Green anticipates completing its permitting by the end of this year. The SOO Green project is a 2,100 MW HVDC underground transmission line that will run 350 miles from Mason City, Iowa, to Yorkville, Illinois, primarily along existing Canadian Pacific Railway corridors, thereby avoiding new overhead corridors and the use of eminent domain. The project is designed to connect the MISO and PJM grids and deliver affordable, reliable power to approximately 1.5 million Illinois homes. Construction could begin as early as 2028, with commercial operations targeted for 2032. The project is expected to boost the regional economy by $3.2 billion during construction and support thousands of skilled union jobs. Project partners include Siemens Energy, Jingoli Power, PPL Corporation, and Prysmian Group. ONE Nuclear's planned Iowa project has a development target of up to 1,000 MW and is included in SOO Green's menu of power supply options for prospective transmission customers. A December 2025 resource adequacy report from Illinois agencies warns of potential power shortfalls beginning in northern Illinois by 2029 and statewide by 2031 if action is not taken. PJM capacity prices are projected to reach $732/MW-day in 2033 and $872/MW-day in 2034. SOO Green adds 2,100 MW of controllable transfer capability directly into the ComEd service territory in northern Illinois, where the earliest shortfall risk is projected. The LOI includes certain exclusivity provisions relating to nuclear generation development. SOO Green and ONE Nuclear remain separate and independent projects, and SOO Green will continue to operate as an open-access transmission facility available to a broad range of generation resources and offtakers.