Richard Hossfeld, Co-Chief Executive Officer Mr. Hossfeld is a Co-Chief Executive Officer & Director at SB Energy, Inc. and a Co-Chief Executive Officer at SB Energy Global LLC. He serves on the Board of Directors at SB Energy, Inc., ESS Tech Subsidiary, Inc., Breakthrough Energy Catalyst Foundation, and Electric Hydrogen Co.. Previously, he was an Independent Director at ESS Tech, Inc., a Partner at True North Venture Partners LP, and held various Vice President roles at MiaSolé, Inc. and First Solar, Inc.. He also served as a Co-Chief Executive Officer at SB Energy Corp. (United States) and Softbank Group International, and a Senior Vice President-Strategy & Investments at Softbank Energy Group. His background includes experience in renewable-energy strategy and investing.

Abhijeet Sathe, Co-Chief Executive Officer Mr. Sathe serves as Co-Chief Executive Officer of SB Energy. He has over three decades of engineering and renewable-energy experience, with previous leadership roles at SunEdison, SunPower, and GE.

Gaetan Frotte, Chief Financial Officer Mr. Frotte joined SB Energy Global, LLC in February 2023 as Chief Financial Officer. Before joining SB Energy, he spent over 16 years at NRG Energy (NYSE: NRG), where he held various leadership positions in corporate and project finance. During his career, Mr. Frotte has led a company through the public offering process and raised over $25 billion in financings. As interim CFO of NRG, he managed all finance functions during a period of significant financial and energy industry changes.

Ryan Bates, General Counsel Mr. Bates oversees legal and compliance functions at SB Energy as the company transitions into public markets.

Gianluca Signorelli, Head of Capital Markets Mr. Signorelli is the Head of Capital Markets at SB Energy. SB Energy has secured over $5 billion in project and corporate financing to date and has raised $19 billion in project financing since its founding in 2019.

1. Significant Capital Requirements and Long-Term Investment Horizon

   SB Energy requires substantial capital expenditure to develop its gigawatt-scale data center campuses and power generation assets, operating at a significant net loss in the first half of 2026. The company’s business model involves a very long-duration infrastructure bet, with a large portion of its $439 billion contracted backlog not expected to be recognized until 2034 or later. This necessitates continuous access to substantial financing and sustained investor conviction over an extended period to fund its operations and achieve profitability.

2. Dependence on the Growth and Stability of the AI Industry

   SB Energy's core mission is to serve as the "power backbone of the AI era," developing critical infrastructure for AI data centers and working with key partners like OpenAI and NVIDIA. The company's success is therefore heavily reliant on the sustained rapid growth and demand within the artificial intelligence industry. Any slowdown in AI adoption, technological shifts, or changes in relationships with major AI industry players could significantly impact demand for SB Energy’s services and its long-term revenue projections.

3. Complex Project Execution and Operational Risks

   The development, construction, and operation of multi-gigawatt data center facilities and associated power generation assets are complex undertakings. This exposes SB Energy to inherent project execution risks, including potential construction delays, cost overruns, challenges in securing necessary permits and interconnections, and operational complexities in managing vast infrastructure. Efficiently delivering major infrastructure projects on time and within budget, while ensuring reliability, is critical to the company's financial performance and reputation.

SB Energy (SBE) operates as an integrated data center and power infrastructure company in the United States, with a strategic focus on developing, constructing, and operating critical infrastructure. The company's core offerings include utility-scale solar power generation, battery energy storage systems (BESS), and the development and operation of gigawatt-scale data centers, particularly for artificial intelligence (AI) applications.

As of June 2026, SB Energy had approximately 2.2 GW of operational solar power and BESS projects in California and Texas. The company also boasts a project pipeline exceeding 20 GW of energy projects across the U.S. A significant part of its recent growth and future revenue is tied to data center development, with a contracted backlog of approximately $439 billion, largely from data centers. Notably, SB Energy has contracted 8 GW of capacity for OpenAI at its PORTS-Pike campus in Ohio, with initial phases slated for operation in 2028.

Currently, detailed addressable market sizes specifically for each of SB Energy's main products or services (utility-scale solar, battery energy storage, and data center development) in the U.S. are not available in the provided information.

Share Issuances

• NVIDIA committed to purchasing $1.5 billion in a new class of non-voting equity securities (Class N common stock) at the IPO price in a concurrent private placement, in addition to a $1.5 billion prepaid forward contract for Class N shares on August 17, representing a total investment of $3 billion from NVIDIA.
• OpenAI was issued warrants valued at approximately $5.5 billion, granting the right to purchase SB Energy shares at a nominal price of $0.01 each.
• SB Energy plans to issue up to $500 million worth of shares to Japanese investors as part of its preparations for a public listing.

Inbound Investments

• SoftBank, OpenAI, and NVIDIA are strategic investors in SB Energy.
• OpenAI and SoftBank each invested $500 million earlier in 2026 as part of the Stargate initiative.
• SB Energy received total funding of $1 billion from OpenAI and SoftBank in January 2026 for a Texas facility.

Outbound Investments

• SB Energy acquired Studio 151, a data center EPC and operations firm, in 2025 as part of its pivot towards AI infrastructure development.

Capital Expenditures

• SB Energy needs to raise approximately $178 billion in capital expenditure to build data centers in Texas and Ohio for its contracted backlog.
• Proceeds from the planned share issuance to Japanese investors (up to $500 million) are allocated for general operating expenses related to the development of data centers, power generation facilities, and associated infrastructure projects.
• The company is actively developing gigawatt-scale data center facilities, including the OpenAI-anchored Milam County (1.2 GW) and PORTS-Pike Technology Campus (9.2 GW natural gas plant) projects, alongside power generation assets.