Termination of joint development agreement

On 2 September Orcadian (AIM:ORCA) announced that it had entered into a non-exclusive, joint development agreement with an American developer of offshore data centre infrastructure. Over the last month Orcadian has learned a lot from its engagement with the potential partner and others. Both companies have now agreed to terminate the agreement, as the development scope and timeline for Earlham did not align with the potential partner’s near-term deployment priorities. The exclusivity option described in the Company’s announcement of 2 September 2026 was never exercised, no exclusivity fee was agreed or paid, and no amounts are payable by either party as a result of the termination. The Company retains all of its rights in licence P2680, which remains 100 per cent. Orcadian.

The work undertaken during the period has advanced the Company’s understanding of the Earlham Gigagrid concept, and Orcadian continues to engage with a number of other potential partners on the project.

The Earlham Gigagrid concept is intended to provide power and infrastructure to support the deployment of offshore compute, disconnected from the UK grid, and is designed to minimise Scope 3 emissions. The concept remains at an early stage and is subject to the concept select and validation work still to be undertaken.

The Company will provide further updates in due course.

Steve Brown, Orcadian CEO, said:

“This particular agreement has not progressed, but the work we did together has materially advanced our understanding of what an offshore compute development at Earlham would require.

“Our view of the opportunity is undiminished, and we continue to engage with a number of other potential partners.”

Brown, Chief Executive Officer.

For further information on the Company please visit the Company’s website: https://orcadian.energy

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