Marwynn Holdings Signs Non-Binding MOU with Grenada National Resort to Evaluate Solar-Powered AI Data Center Campus

NexaCore Technologies to lead feasibility work on a proposed solar power plant, battery storage, and AI data center in Grenada; MOU sets an indicative project scale of approximately US$500 million, subject to feasibility, financing, approvals, and definitive agreements

IRVINE, Calif., Oct. 28, 2026 (GLOBE NEWSWIRE) -- Marwynn Holdings, Inc. (NASDAQ: MWYN) ("Marwynn" or the "Company") today announced that it has entered into a non-binding Memorandum of Understanding (the "MOU") with Grenada National Resort (the "Resort") to evaluate the development of the NexaCore AI & Renewable Energy Infrastructure Campus, a proposed solar power plant and artificial intelligence ("AI") data center on land within or associated with the Resort in Grenada. Marwynn's wholly-owned subsidiary, NexaCore Technologies, Inc. ("NexaCore"), will lead project development, technology implementation, and day-to-day execution under Marwynn's oversight.

The MOU gives NexaCore, which Marwynn formed in April 2026 to develop AI computing infrastructure and technical services, a specific site and a land partner to evaluate. The proposed campus would pair on-site solar generation and battery storage with GPU-based computing capacity, with the solar plant intended to supply the data center's power needs and, where commercially viable, sell surplus energy. The campus is intended to serve regional and international customers and may become a base for Marwynn's broader international business. The Resort, which represents a government-supported tourism and investment project in Grenada, intends to contribute or otherwise make land available for the project and to help coordinate with Grenadian authorities, utilities, and regulators.

"Power supply is the hardest constraint in AI infrastructure. In Grenada, we have a land partner and a site where we can evaluate building generation and computing capacity together, sized to each other from the start," said Ms. Yin Yan, CEO of Marwynn Holdings, Inc. "The MOU gives us 24 months of exclusivity to test that model through land, grid, and connectivity studies before we commit capital."

Scope of Potential Cooperation

The MOU sets out a broad framework that the parties intend to refine through feasibility work and definitive agreements. Final capacity, site configuration, and commercial structure will be determined after technical and feasibility studies. The areas under evaluation include:

Solar power generation and energy storage

• Development, financing, construction, ownership, and/or operation by NexaCore of a solar photovoltaic generation facility in Grenada as a commercial infrastructure asset.
• Battery energy storage and energy management systems to balance solar output with the data center's power demand.
• Substations, interconnection facilities, and transmission infrastructure are coordinated with local utilities and subject to their approval.
• Sales of power not needed by the data center through offtake arrangements or other commercial structures, where viable and agreed with the relevant parties.
  
  

AI and high-performance computing

• GPU and high-performance computing infrastructure, which Marwynn may source directly or through NexaCore from leading technology providers, subject to commercial availability, financing, customer requirements, and definitive technology arrangements.
• AI training and inference capacity, cloud and hosting services, and data storage for regional and international customers.
• Cybersecurity, cooling systems, and supporting technology infrastructure suited to international commercial operations.
• An integrated design in which the solar plant and data center operate as complementary parts of one renewable-powered platform, while Marwynn keeps the flexibility to structure and operate each component separately where commercially appropriate.
  
  

Site, connectivity, and supporting infrastructure

• Identification and reservation of land within or associated with the Resort, including review of acreage, boundaries, title, permitted use, development rights, access, and utilities.
• Telecommunications and international connectivity planning, with the Resort's facilitation.
• Grid, interconnection, access roads, and related site infrastructure.
• Potential shared infrastructure between the campus and the wider Resort development, subject to technical and commercial feasibility.
  
  

Government coordination, permits, and incentives

• Coordination with relevant ministries, agencies, regulators, and utilities, with the Resort using commercially reasonable efforts to facilitate such coordination.
• Assistance with applications for permits, licenses, and approvals.
• Coordination on investment incentives, concessions, or other benefits that may be available to the project under Grenadian law.
• Support with workforce, immigration, and specialized personnel planning.
  
  

Any governmental approval, incentive, or commitment for the project remains subject to Grenadian law and action by the competent authority. The MOU does not represent that the Resort can bind the Government of Grenada or any governmental authority.

Local participation, training, and technology transfer

• Local employment and procurement, including participation by qualified Grenadian businesses and professionals, where commercially reasonable.
• Workforce development is tied to campus construction and operations.
• Training, technology transfer, and collaboration with local institutions in AI, data center operations, renewable energy, and other advanced technologies.
  
  

"When we formed NexaCore in April, we described it as a measured step that would grow with the capital and equipment available to us," said Ms. Yan. "Grenada is the first site where we can put that plan to work. We intend to develop the campus in phases, size each phase according to feasibility studies and financing support, and use it to serve AI customers in regional and international markets."

Key Terms of the MOU

• Indicative scale: the parties contemplate an aggregate project scale of approximately US$500 million across the solar and data center components, with no predetermined split between them. The figure is a planning estimate only. It is not a commitment by Marwynn or NexaCore, and any actual investment will depend on feasibility and may be materially less than, or materially different from, that amount.
• Land: the Resort intends to contribute, grant, lease, license, or otherwise make land available. The form and value of the land contribution, and any ownership or economic interest the Resort receives, will be determined only after legal, technical, and valuation due diligence. No value is assigned to the land under the MOU.
• Project structure: Marwynn is the contracting party. Marwynn, directly or through NexaCore, may carry out the project through subsidiaries, affiliates, special-purpose vehicles, or joint ventures, and may bring in strategic investors, technology partners, infrastructure funds, and lenders.
• Commercial control: subject to Grenadian law and definitive agreements, Marwynn, through NexaCore, retains responsibility for technology, capital allocation, financing, partners, customers, suppliers, operators, and expansion strategy. The land contribution is not a sovereign or governmental guarantee of Marwynn's obligations.
• Exclusivity: during the MOU term, the Resort will not negotiate with third parties for a solar plant, AI data center, or similar infrastructure project on or in connection with the Resort without Marwynn's consent.
• Intellectual property: each party keeps its pre-existing intellectual property. Rights to anything developed jointly for the project will be addressed in definitive agreements.
• Term: 24 months, unless extended or superseded by definitive agreements. Either party may terminate on 30 days' written notice, and Marwynn may terminate immediately if it determines the project is not commercially or technically feasible.
  
  

Next Steps

NexaCore plans to begin technical, commercial, environmental, land and title, site, energy, connectivity, and financial evaluations to determine the final scope and viability of the project, with the Resort providing site access, available project information, and introductions to relevant authorities and utilities. The scope, capacity, capital allocation, and timing of each phase may be adjusted based on feasibility results, financing, market conditions, customer demand, and land availability. The project may be financed through a combination of project-level equity, strategic and institutional investors, infrastructure funds, project and equipment financing, capital markets transactions, and other sources. Any binding obligations relating to land, funding, or construction will be set out only in definitive agreements, and there is no assurance that definitive agreements will be signed or that the project will proceed.

About Marwynn Holdings, Inc.

Marwynn Holdings, Inc. (NASDAQ: MWYN) is a diversified holding company. Through its subsidiaries, the Company seeks to invest in and operate businesses that leverage advanced technologies to drive operational efficiency and market growth.

About NexaCore Technologies, Inc.

NexaCore Technologies, Inc. is a wholly-owned subsidiary of Marwynn Holdings, Inc., formed in April 2026 to develop AI computing infrastructure and technical support services. NexaCore's planned focus includes high-density data center environments with liquid-cooling systems for large-scale GPU clusters, and managed cloud and infrastructure-as-a-service offerings for enterprise AI customers.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward-looking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the Company's control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the non-binding nature of the MOU and the risk that the parties do not enter into definitive agreements on acceptable terms or at all; the results of feasibility, environmental, land, title, and valuation due diligence; the Company's ability to obtain financing for the project on acceptable terms or at all, and the dilution that may result from any equity financing; the risk that the actual investment in the project is materially less than, or materially different from, the indicative US$500 million figure; the ability to obtain permits, approvals, incentives, grid interconnection, and land rights from governmental authorities and utilities in Grenada; the availability and cost of GPU, solar, storage, and other equipment; demand for AI computing capacity and the Company's ability to secure customers; risks associated with operating in a foreign jurisdiction; the risk that the proposed mission and AI-focused business infrastructure of NexaCore may not be realized as planned; potential changes in the legislative and regulatory environment applicable to AI technologies, data governance, energy, or digital infrastructure; the ability to manage growth; the ability to identify and integrate future acquisitions; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of business due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth under the heading "Risk Factors" in documents filed by the Company with the Securities and Exchange Commission ("SEC"), including the Company's latest annual report on Form 10-K, filed with the SEC on July 30, 2026, as amended on September 22, 2026, and as revised or updated in subsequent filings, including current reports on Form 8-K. The forward-looking statements are based on information available to the Company on the date hereof. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Investor Relations Contact:
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