Advances water-independent heat rejection capability and strengthens scalable balance-of-plant supply chain

Supports global deployment across water-constrained and remote environments

Water-independent cooling represents a key enabler of global deployment, addressing a primary siting constraint for energy infrastructure and expanding the addressable market for the SOLO™ platform.

NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) -- Terra Innovatum Global N.V. (NASDAQ:NKLR) ("Terra" or the "Company"), developer of the SOLO™ Micro-Modular Reactor, today announced that its wholly owned affiliate, Terra Innovatum S.r.L. has signed an agreement with SPG Dry Cooling for the supply of an Air-Cooled Condenser (ACC) to support the first-of-a-kind (FOAK) deployment of the SOLO™ microreactor.

20260518 NKLR SPG Dry Cooling - Image

The Air-Cooled Condenser is a critical component of the power conversion system, enabling efficient heat rejection without reliance on water-based cooling. This capability significantly expands deployment flexibility across water-constrained and remote environments, while supporting the scalability of the SOLO™ platform.

This agreement paves the way for potential future collaboration for the Supply of SPG Dry Cooling`s standardized BoxAir solution to enable efficient fleet scale deployment.

"This agreement reflects the realities of deploying advanced energy systems at scale," said Alessandro Petruzzi, Co-Founder, and Chief Executive Officer of Terra Innovatum. "By eliminating dependence on water-based cooling, the SOLO™ platform can be deployed across a significantly broader set of environments, unlocking global demand. At the same time, we are aligning with proven industrial partners to build a supply chain designed for standardization, and repeatable deployment."

Torsten Andersch, Executive Vice-President of SPG Dry Cooling, added, "As a global leader in air-cooled condenser systems, we leverage decades of expertise in delivering water-free heat rejection solutions across the most demanding environments. We are proud to support Terra Innovatum in the FOAK deployment of the SOLO™ microreactor and to play a key role in enabling water-efficient nuclear energy solutions."

This Supply agreement further strengthens Terra Innovatum's balance-of-plant strategy and supports its transition from FOAK execution to scalable NOAK commercialization.

ABOUT SPG DRY COOLING

SPG Dry Cooling is part of the Paharpur Group, a global leader with over 75 years of experience in wet and hybrid cooling solutions. Together, we combine more than 140 years of expertise across multiple continents to offer a comprehensive portfolio in dry, hybrid, and wet cooling technologies. With specialization in both fields.

For more than a century, we have provided exceptional quality equipment and service to the power generation and industrial plants in Biomass & Waste-To-Energy, gas, industry, solar and geothermal applications worldwide. We have nearly 260 GW installed over the globe.

SPG Dry Cooling is an innovation leader in the air-cooled condenser domain with our numerous patents and new product developments. With technology that provides true operating value to the owner, our commitment to the industry is to continue to innovate and introduce cutting edge products and systems.

SPG Dry Cooling and Paharpur Group has 6000 + professionals in design & engineering, manufacturing, project management and construction.

ABOUT TERRA INNOVATUM & SOLO™

Terra Innovatum's mission is to make nuclear power accessible. We deliver simple and safe micro-reactor solutions that are scalable, affordable and deployable anywhere 1 MWe at a time.

Terra Innovatum is a pioneering force in the energy sector, dedicated to delivering innovative and sustainable power solutions. Terra Innovatum plans to leverage cutting-edge nuclear technology through the SOLO™ Micro-Modular Reactor (SMR™) to provide efficient, safe, and environmentally conscious energy. With a mission to address global energy shortages, Terra Innovatum combines extensive expertise in nuclear industry design, manufacturing, and installation licensing to offer disruptive energy solutions. Committed to propelling technological advancements, Terra Innovatum and SOLO™ are dedicated to fostering prosperity and sustainability for humankind.

It is anticipated that SOLO™ will be available globally within the next three years. Conceptualized in 2018 and engineered over six years by experts in nuclear safety, licensing, innovation, and R&D, SOLO™ addresses pressing global energy demands with a market-ready solution. Built from readily available commercial off-the-shelf components, the proven licensing path for SOLO™ enables rapid deployment and minimizes supply chain risks, ensuring final cost predictability. Designed to adapt with evolving fuel options, SOLO™ supports both LEU+ and HALEU, offering a platform ready to transition to future fuel supplies.

SOLO™ will offer a wide range of versatile applications, providing CO2-free, behind-the-meter, and off-grid power solutions for data centers, mini-grids serving remote towns and villages, and large-scale industrial operations in hard-to-abate sectors like cement production, oil and gas, steel manufacturing, and mining. It also has the ability to supply heat for industrial applications and other specialized processes, including water treatment, desalination and co-generation. Thanks to its modular design, SOLO™ can easily scale to deliver up to 1GW or more of CO2-free power with a minimal footprint, making it an ideal solution for rapidly replacing fossil fuel-based thermal plants. Beyond electricity and heat generation, SOLO™ can also contribute to critical applications in the medical sector by producing radioisotopes essential for oncology research and cancer treatment.

To learn more, visit: https://investors.terrainnovatum.com/. Follow us on X: https://x.com/TerraInnovatum and LinkedIn: https://www.linkedin.com/company/terra-innovatum-solo/.

FORWARD LOOKING STATEMENTS

This press release includes "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, opinions and projections prepared by Terra Innovatum's management. Any statements made in this press release that relates to future expectations, plans, outcomes or performance of Terra Innovatum are statements of Terra Innovatum alone. Forward-looking statements generally relate to future events or future financial or operating performance, including pro forma and estimated financial information, and other "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). The recipient can identify forward-looking statements because they typically contain words such as "outlook," "believes," "expects," " will," "projected," "continue," "increase," "may," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negatives or variations of these words or other comparable words and/or similar expressions (but the absence of these words and/or similar expressions does not mean that a statement is not forward-looking). These forward-looking statements specifically include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity and market share, expected timing for regulatory approvals and commercialization and the potential success of Terra Innovatum's strategy and expectations. No forward-looking statement in this press release related to Terra Innovatum should be attributed to, nor relied upon as being endorsed by, SPG Dry Cooling or any of its affiliates. Forward-looking statements, opinions and projections are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of Terra Innovatum's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. SPG Dry Cooling makes no representation or warranty, express or implied, as to the accuracy, completeness or achievability of any such forward-looking statement. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Terra Innovatum's control. These uncertainties and risks may be known or unknown. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Terra Innovatum; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; Terra Innovatum's ability to manage future growth; Terra Innovatum's ability to develop new products and services, bring them to market in a timely manner, and make enhancements to its platform; the effects of competition on Terra Innovatum's future business; and the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries and other risks and uncertainties described under the heading "Risk Factors" in documents Terra Innovatum files from time to time with the Securities and Exchange Commission. If any of these risks materialize or the Terra Innovatum's assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements contained herein. In addition, forward-looking statements reflect Terra Innovatum's expectations and views as of the date of this presentation. Terra Innovatum anticipates that subsequent events and developments will cause its assessments to change. However, while Terra Innovatum may elect to update these forward-looking statements in the future, each of them specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on the forward-looking statements, which speak only as of the date they are made.

CONTACTS

Giordano Morichi

Founding Partner, Chief Business Development Officer & Investor Relations

Terra Innovatum Global N.V.

E: g.morichi@terrainnovatum.com

W: www.terrainnovatum.com

Investor Relations

Simon Willcocks

Alliance Advisors IR

E: investors@terrainnovatum.com

Media Relations

Fatema Bhabrawala

Alliance Advisors IR

E: TerraIR@allianceadvisors.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/828ba825-25af-43dd-9031-4901de5c5229

Terra Innovatum Secures Water-Independent Cooling Solution for SOLO™ Reactor Through Supply Agreement with SPG Dry Cooling