OpenWorld, Inc. (NASDAQ: OPNW) announced it has entered into a non-binding term sheet with Meridian to establish a tokenized financing program of up to $1 billion to fund a distributed AI computing network powered by solar energy and Tesla Powerwall battery storage.

Under the term sheet, OpenWorld will serve as advisor, structuring agent and services provider for the program. Its OpenWorld Enterprise platform would finance, coordinate and monitor the network. Tesla Powerwall batteries, solar panels and AI computing equipment would serve as collateral within the financing structure.

Meridian, a privately held Delaware limited liability company, claims exclusive rights to a reserved inventory of more than 160,000 Tesla Powerwall systems that qualified for federal clean-energy tax credits before those credits were discontinued. The program's initial deployment is planned for 10,000 homes, with GPU-equipped computers at participating residences and larger installations at schools, hospitals and commercial campuses.

AI providers would pay to run trained models on the network without requiring new centralized data centers, additional grid connections or water-based cooling. Participating homeowners would receive monthly hosting payments and lower-cost electricity, with household energy needs taking priority over computing workloads.

Test installations are scheduled to begin in the fourth quarter of 2026, with the first commercial site targeted for the first quarter of 2027.

"By bringing computing equipment to homes and commercial properties through solar generation and Tesla Powerwall storage, we can build AI capacity closer to the power source instead of waiting years for a grid connection," said Matt Shaw, CEO and Chairman of OpenWorld.

OpenWorld disclosed that certain officers and directors hold interests in Meridian. If a definitive transaction is completed, Meridian founder Josh Raffaelli is expected to join OpenWorld's board of directors. Additional details on these relationships are included in the company's Current Report on Form 8-K. Tesla, Inc. is not a party to the term sheet. The agreement remains non-binding, and no definitive agreements have been executed.