Portfolio Company Update-Vesari Inc

Tekcapital plc

08 September 2026

8 September 2026

Tekcapital plc

("Tekcapital" or the "Company")

Portfolio Company Update

Vesari Inc. Appoints Leading Enhanced Geothermal Systems Scientist

Dr. Robert K. Podgorney to its Science Advisory Board

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 for Vesari Inc. ("Vesari") which is developing technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI compute campus.

The Company is pleased to announce that Vesari has appointed Dr. Robert K. Podgorney, one of the most experienced enhanced geothermal systems ("EGS") scientists in the United States, to its Science Advisory Board.

Dr. Podgorney is a geothermal scientist with more than twenty-five years of experience in EGS research, reservoir modeling and field laboratory operations. He is EGS Lead at Idaho National Laboratory ("INL"), where he heads the laboratory's EGS research, development and strategy. He is Modeling & Simulation Lead and Co-Principal Investigator for Utah FORGE, the U.S. Department of Energy's flagship EGS field laboratory, and chaired its technical review committee, administering more than US$65 million in competitive EGS funding. He founded and led the 19-member Snake River Geothermal Consortium, a partnership spanning national laboratories, academia, industry, and federal and state agencies, and served as INL's Chief Computational Scientist. He is the lead developer of FALCON code, a coupled reservoir simulator used to model EGS stimulation and production.

Dr. Podgorney holds a Ph.D. in Geology from the University of Idaho, an M.S. in Hydrogeology from Wright State University and a B.S. in Geology from the University of Pittsburgh. He serves as International Chair for geothermal reservoir modeling at the International Partnership for Geothermal Technology and has served on the boards of the Geothermal Resources Council and the Idaho Clean Energy Alliance. He has authored numerous peer-reviewed publications on EGS reservoir simulation, induced seismicity and heat extraction modeling, and has briefed congressional delegations and the U.S. Congress Renewable Energy and Energy Efficiency Caucus on enhanced geothermal systems.

Clifford M. Gross, Ph.D., Executive Chairman of Tekcapital, commented:

"Dr. Podgorney is one of the most experienced enhanced geothermal systems (EGS) scientists in the United States, and we are honored to have him join Vesari's Science Advisory Board. He has spent his career taking EGS from numerical models to working field laboratories, and that combination of reservoir modeling depth and operational experience speaks directly to the geothermal foundation of Vesari's platform. His stewardship of the Department of Energy's flagship EGS programme gives him an unmatched view of what it takes to develop clean, firm power at scale. Our portfolio company Vesari Inc. has developed new technology to co-locate EGS power plants with hyperscalers to enable highly efficient, clean, behind-the-meter data centres. Next-gen geothermal is estimated to be able to meet between 55-64% of projected U.S. hyperscale data center demand growth by the early 2030s[1]."

Dr. Robert K. Podgorney added:

"Enhanced geothermal systems have reached the point where clean, firm baseload power can be developed at scale, and AI computing is exactly the kind of demand that justifies building it. I look forward to serving on Vesari's advisory board and providing insight into the reservoir engineering and subsurface energy behind Vesari's geothermal generation layer."

Vesari Science Advisory Board

Vesari is assembling a Science Advisory Board ("SAB") of distinguished scientists with deep expertise across the three technical pillars of its platform: geothermal energy; hyperscale power utilization and heat management; and low-Earth-orbit satellite laser data transmission. Together, these disciplines underpin Vesari's vision of clean, firm, and highly efficient, geothermal-powered, behind-the-meter computing infrastructure for the AI era. Dr. Podgorney joins the SAB alongside geothermal scientist Dr. Joseph N. Moore, whose appointment was announced on 17 July 2026, satellite communications expert Dr. Barry G. Evans, whose appointment was announced on 28 July 2026, and satellite communications researcher Professor Beatriz Soret, whose appointment was announced on 20 August 2026. Vesari's SAB is expected to provide insight and inform best practices for the development of its newly designed, proprietary, co-located, geothermal powered data centres.

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. 

On 6 August 2026 Tekcapital reported its 2026 H1 results. For the six months ended 30 June 2026 net assets rose to US$201.7 million, up from US$55.1 million at 31 December 2025, lifting net asset value per share to US$0.78 from US$0.27. The Company's investment portfolio was valued at US$191.4 million at the period end, compared with US$46.9 million at 31 December 2025, and generated US$145.5 million in portfolio returns and revenue for the first half of 2026, against US$6.1 million in the first half of 2025. Profit after tax was US$144.8 million, versus US$5.4 million in the prior half-year period, while operating expenses fell 7.3% to US$0.69 million, reflecting continued cost discipline.

About Vesari Inc.

Vesari Inc. is developing the technology for a fully integrated, behind-the-meter, geothermal-powered hyperscale AI 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.

For further information, please contact:

Tekcapital Plc	Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP	+44 (0) 20 3470 0470
(Nominated Adviser and Broker)
Matthew Johnson / Charlie Bouverat (Corporate Finance)
Flagstaff Strategic and Investor Communications	+44 (0) 20 7129 1474
Tim Thompson / Andrea Seymour / Fergus Mellon

Forward-Looking Statements and Risk Factors

This announcement contains forward-looking statements regarding the Company's and Vesari's objectives, strategy and plans. 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 appointment of members to Vesari's Science Advisory Board does not guarantee any particular technical, commercial or financial outcome, and Vesari's development programme remains at an early stage and is subject to significant risks and uncertainties. The Company does not undertake to update any forward-looking statements, except as required by law.

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