The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) and certain other enacting measures ("UK MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain and disclosed in accordance with the Company's obligations under Article 17 of UK MAR.

15 July 2026

Tekcapital plc

("Tekcapital" or the "Company")

Portfolio Company Update

Vesari Inc. Secures Eleven Patent Applications to Enhance the Efficiency of

Behind-the-Meter, Geothermal-Powered AI and Launches Capital Market Strategy

Tekcapital plc (AIM: TEK), the UK intellectual property investment group focused on creating valuable products that can improve people's lives, is pleased to provide an update on its fifth portfolio company, Vesari Inc. ("Vesari" - www.vesari.ai), which is developing the technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus.

Further to the Company's announcement of 22 May 2026 regarding the formation of Vesari, the Company is delighted to confirm that the eleven non-provisional U.S. patent applications comprising Vesari's intellectual property portfolio (the "Patent Portfolio") have been filed with the United States Patent and Trademark Office ("USPTO") and assigned to Vesari. The Company will update the market in respect of the patent application process as appropriate. 

The Patent Portfolio

The Patent Portfolio is focused on increasing the efficiency of behind-the-meter, geothermal-powered hyperscale AI data centres. Rather than protecting a single innovation, the eleven applications together provide coverage across the full integrated compute stack, spanning geothermal power integration and islanded electrical architecture; cooling and waste-heat recovery; energy-aware workload orchestration and reservoir co-optimisation; low-Earth-orbit ("LEO") satellite connectivity; and the carbon-free commercial layer. The Company believes this integrated IP coverage supports Vesari's objective of providing a material efficiency and value uplift versus conventional geothermal-powered compute.

The eleven applications and their USPTO application numbers are summarised below:

Application numbers and filing details as recorded with the USPTO; assignment to Vesari Inc.  

Efficiency Focus

Vesari's architecture is designed as a closed-loop system integrating power generation, cooling, compute orchestration and commercial monetisation into a single operating framework. The Company believes the principal advantage lies not in any single efficiency gain in isolation, but in the compounding interaction of these integrated systems, forming a reinforcing feedback loop between power, cooling, compute, pricing and power utilisation. The Patent Portfolio is intended to protect the mechanisms through which these gains are achieved.

Path to Public Markets

Separately, Vesari has begun preliminary discussions with U.S.-based investment bankers regarding a potential reverse merger into a listed shell, or a de-SPAC transaction, together with a concurrent financing, as a faster means of obtaining listed-company status and capital-markets access to fund its commercialisation programme.

These discussions are at an early, exploratory stage. There can be no certainty that any transaction will proceed, nor as to its structure, terms, timing or valuation. Any material developments will be announced by the Company in accordance with its regulatory obligations and without delay.

Louis Castro, Tekcapital Director, commented:

"AI is the fastest growing technology sector in the world. To meet its promise and continue its exponential growth requires abundant clean energy that neither increases the cost of electricity nor damages the environment."

"Filing and assigning Vesari's eleven patent applications is an important milestone that puts the intellectual property foundation for the business in place. The portfolio is squarely focused on improving the efficiency of behind-the-meter, geothermal-powered compute, which we believe is where significant value in this emerging sector will be created. We are also encouraged that Vesari has opened early conversations with U.S. investment bankers on a potential route to the public markets, and we look forward to updating shareholders as this work progresses."

About Tekcapital plc

Tekcapital creates value from investing in new, university and corporate developed discoveries that can enhance people's lives. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM symbol: TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.

About Vesari Inc.

Vesari Inc. is developing the technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus for 24/7 carbon-free compute. Its patent-pending, protected architecture is designed to improve the efficiency and economics of AI infrastructure, independent of the public grid. For more information, please visit www.vesari.ai.

Tekcapital holds 51% of the common stock of Vesari Inc.

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

Forward-Looking Statements and Risk Factors

This announcement contains forward-looking statements regarding the Company's and Vesari's objectives, strategy and plans, including in relation to the Patent Portfolio and any potential reverse merger or de-SPAC transaction. Such statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control, and actual results may differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. The Patent Portfolio has been filed but has not yet been examined or granted. There can be no assurance that the applications will result in the grant of patents, or that the scope of any patents granted will be sufficient to provide meaningful commercial protection. Prior to grant, third parties may independently develop or challenge the underlying intellectual property. Any potential reverse merger, de-SPAC or financing referred to above is at a preliminary stage, is subject to numerous conditions, and may not proceed on the terms described or at all.