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 on-site solar energy and residential battery storage.

Under the agreement, OpenWorld will serve as advisor, structuring agent and services provider, with its OpenWorld Enterprise platform used to finance and operate the network. Meridian, founded by Josh Raffaelli, holds purchase rights to Tesla Powerwall residential battery storage systems for the program.

The planned network would place compute nodes at participating homes, with larger installations at schools, hospitals and commercial campuses. AI providers would pay to run inference workloads on the network without requiring new data centers, grid connections or water-based cooling. The initial deployment targets 10,000 homes.

Participating homeowners would receive monthly hosting payments and lower-cost electricity, with household energy needs taking priority over computing workloads. Commercial hosts would receive a share of site revenue and backup power.

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

The term sheet is non-binding, and the proposed transaction remains subject to due diligence, execution of definitive documentation and satisfaction of applicable conditions. OpenWorld cautioned that there is no assurance the transaction will be completed on the described terms or at all.