Iron Horse Acquisition II Corp. Announces ELECTRA AI Selected by TapFin to Power Battery Intelligence for Lenders, OEMs, and Operators

BOSTON & BOCA RATON, Fla. & MUMBAI, India--(BUSINESS WIRE)--Aug 4, 2026--

ELECTRA AI ("ELECTRA"), the AI Brain for Batteries™ platform, and Iron Horse Acquisition II Corp. (Nasdaq: IRHO) ("Iron Horse") today announced that TapFin, India's AI-native battery data intelligence platform, has selected EVE-Ai Battery Fleet Analytics to strengthen the battery-level intelligence TapFin delivers to lenders, OEMs, operators, and sustainability ecosystem players.

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TapFin turns telemetry, battery health, and utilization data into actionable intelligence across the asset lifecycle. With EVE-Ai Battery Fleet Analytics, TapFin adds a research-grade battery-science layer — continuous State of Health (SoH) and Remaining Useful Life (RUL) analytics, fault detection, and operational guidance.

"India is one of the most dynamic EV markets in the world, and TapFin is building exactly the intelligence layer the ecosystem needs. Embedding our battery analytics into their platform means lenders, OEMs, and operators can make sharper, more confident decisions about the assets they finance and run," said Fabrizio Martini, CEO and Co-Founder at ELECTRA AI.

Deployment is underway.

About ELECTRA AI

ELECTRA AI is the leading AI-driven cleantech and B2B software company, accelerating the world's transition to electrification by unlocking the full potential of battery technology. ELECTRA AI builds the AI Brain for Batteries™ platform, a unified intelligence layer that enables battery systems to be monitored, optimized, and controlled across their full lifecycle. By combining Agentic AI, Physical AI, Physics-informed Battery Modeling with Large Quantitative Models (LQMs), ELECTRA AI transforms batteries from passive hardware into intelligent, adaptive, and increasingly autonomous assets.

ELECTRA AI powers battery intelligence across every major battery-powered sector, including Energy Infrastructure (BESS for grid, renewables, and data centers), autonomous systems (robotics, humanoid, space assets), and e-mobility, helping make electrification safer, more resilient, and more economically productive. ELECTRA AI was co-founded in 2015 by Fabrizio Martini, inspired by work conducted as a Principal Investigator on NASA projects.

ELECTRA AI has entered into a definitive business combination agreement with Iron Horse Acquisition II Corp. (Nasdaq: IRHO). The combined company is expected to list on Nasdaq in the second half of 2026 under the ticker AIBR. More information is available at https://www.electrabrain.ai/investors/.

About Iron Horse Acquisition II Corp.

Iron Horse Acquisition II Corp. (Nasdaq: IRHO) ( www.ironhorseacquisitions.com ) is a special purpose acquisition company co-founded by CEO and Chairman Jose Antonio Bengochea and CFO Bill Caragol. Iron Horse completed its initial public offering in December 2025, raising gross proceeds of approximately $230 million. Iron Horse was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, with a particular focus on companies in the AI, media, and technology sectors.

About TapFin

TapFin is India's AI-native battery data intelligence, risk management, and lifecycle management platform for lenders, OEMs, operators, and sustainability ecosystem players. Learn more at https://tapfin.in/.

Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iron Horse’s or Electra’s future financial or operating performance. For example, statements regarding the anticipated timing of closing, expectations regarding the combined company’s business, and potential benefits of the transaction are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential,” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Iron Horse and Electra and their respective management teams, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the BCA; (ii) the outcome of any legal proceedings that may be instituted against Iron Horse, Electra, the combined company, or others following the announcement of the transaction; (iii) the inability to complete the transaction due to the failure to obtain approval of the stockholders of Iron Horse or to satisfy other conditions to closing; (iv) changes to the proposed structure of the transaction that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the transaction; (v) the ability to meet Nasdaq’s continued listing standards following the consummation of the transaction; (vi) the risk that the transaction disrupts current plans and operations of Electra as a result of the announcement and consummation of the transaction; (vii) the ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (viii) costs related to the transaction; (ix) changes in applicable laws or regulations; and (x) the possibility that Electra or the combined company may be adversely affected by other economic, business, and/or competitive factors. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Iron Horse nor Electra undertakes any duty to update these forward-looking statements, except as required by law.

No Offer or Solicitation

This press release does not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction, and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Additional Information about the Business Combination and Where to Find It

In connection with the proposed business combination, Iron Horse and Electra have filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which includes a proxy statement/prospectus, and certain other related documents, to be used at the meeting of stockholders to approve the proposed business combination. INVESTORS AND SECURITY HOLDERS OF IRON HORSE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO, AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ELECTRA, IRON HORSE, AND THE BUSINESS COMBINATION. The definitive proxy statement will be mailed to shareholders of Iron Horse as of a record date to be established for voting on the proposed business combination and other proposals. Investors and security holders will also be able to obtain copies of the Registration Statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s website at www.sec.gov, or by directing a request to: Loeb & Loeb LLP.

Participants in the Solicitation

Iron Horse, Electra, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Iron Horse’s stockholders in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination are contained in the Registration Statement.

Electra AI + TAPFIN

BRUSSELS (AP) — Spanish Prime Minister Pedro Sanchez’s migration policies have come under withering criticism as leaders from across the European Union meet Tuesday following last week’s rush of migrants to the Spanish territory of Ceuta in North Africa.

The sudden arrival of 72,000 migrants on Thursday and Friday sparked a humanitarian crisis in Ceuta and reignited the immigration debate in the 27-nation bloc, though most of the migrants soon went back. More than 80 migrants died, including some who drowned or were trampled in a stampede to cross a breakwater barrier, according to Spanish and Moroccan authorities.

Open letters from 22 EU leaders, and a quick retort from Sanchez, have exposed a roiling debate inside the EU pitting migration hawks against the progressive Spanish leader who has challenged consensus within the bloc on migration as well as NATO spending, Gaza and Israel.

Sanchez's government has dismissed the attacks as politically motivated, saying most of the migrants were pushed back from Ceuta within hours in “close coordination with the Moroccan authorities and with very little support from other European states.”

Regardless of the Tuesday meeting's outcome, Europe is displaying a deeply damaging disunity as it faces security threats from Moscow, instability with Washington and economic tension with Beijing, said Alicia García-Herrero, chief economist for Asia Pacific and Middle East for the financial firm Natixis.

“Europe has shown weakness again,” she said. “Massive weakness.”

EU leaders quickly pounced on Sanchez once videos from Ceuta went viral. Many blamed the incident on his government's progressive policies and publicly rallied for new border checks at sea, air and land ports of entry.

Italian Premier Giorgia Meloni issued the most blunt criticism of Sanchez, as well as announcing that Italy would enforce air and sea border controls with Spain.

Yet Cueta’s remote geographical position meant “there was almost zero risk that people (would) really arrive in Spain and then move on to Italy,” said analyst Matteo Villa at the Italian Institute for Political Studies in Milan. He said that just 2% of migrants arriving in Europe make it to Italy.

Nando Sigona, a professor at the University of Birmingham, said that Meloni detested a move Sanchez presided over in July to grant legal status to about 1 million longtime residents, and is eager to portray his approach as a failure.

Sanchez fired back in an online post that called Meloni’s position on Ceuta “contrary to European law, humanitarian law, and the principles of solidarity that bind us together.” He said that Italy has allowed in twice the number of migrants as Spain since 2021, with Spain receiving 234,000 to Italy’s 478,000.

But the criticism was EU-wide, with Meloni signing a joint letter with 21 other leaders from Finland to Malta that pointed to a July Spanish court ruling as the “trigger” for “this attack on our migration and asylum system.”

Spain’s Supreme Court had ruled that migrants arriving by sea could not be summarily deported without due process — unlike those who cross by land or climb Ceuta’s border fence — because they had not crossed a physical barrier.

Sanchez said that the ruling had been intentionally misconstrued by migrant smugglers to persuade thousands of people to swim around the border fence.

The Socialist leader replied in his own letter by recalling that Spain had taken in migrants who arrived at eastern European nations from Belarus in 2021 and at the southern Italian island of Lampedusa in 2023.

Morocco's government views the situation as a predictable result of the court ruling, said a high-ranking diplomat who spoke on condition of anonymity to discuss a highly sensitive issue.

He said it “sent a clear message to migrants: ‘Come. If you arrive, you’ll be protected.’ That outcome should have been anticipated by Ceuta’s authorities.”

Blame has been pointed the other way, however, with Spain’s Defense Minister Margarita Robles on Monday demanding Rabat investigate the local failure to stop tens of thousands of migrants from leaving the kingdom.

Gil Arias, who served as deputy executive director of the EU’s border agency Frontex from 2006-2016 and also worked for Spain’s interior and migration ministries, said he has “absolutely no doubt” Morocco not only knew of, but was likely directly or indirectly complicit in the Ceuta crisis.

“This doesn’t happen simply due to a passive attitude or omission from Morocco,” Arias, who retired in 2020, told The Associated Press. “There was an invitation or it was encouraged.”

The Moroccan diplomat rejected using force to tackle the migration phenomenon.

“We are not Europe’s police.”

Many right-wing politicians have won elections across the EU by promising to crackdown on migration — and they claim to have done so with the European Migration and Asylum Pact that grants capitals greater abilities to surveil, detain and deport migrants to so-called “safe countries” like Morocco or “return hubs” outside the bloc.

Data from Frontex shows migration to the EU peaked in 2015 with 1.8 million people, the majority of whom crossed via the Balkans or the eastern Mediterranean. Since then numbers have dramatically fallen: In the first half of 2026, crossings fell by 37% to around 49,000 people.

“Fewer boats are setting out towards Europe, and that is the result of sustained cooperation with our partners in the region,” said Frontex Executive Director Hans Leijtens.

But Ceuta shows there's still an underlying migration problem that the EU has not tackled, said Michele LeVoy, director of the Brussels-based Platform for International Cooperation on Undocumented Migrants.

“On Ceuta, political games are being played over the lives of people on both sides of the border,” she said.

Greek Prime Minister Kyriakos Mitsotakis said the crisis has exposed a need in the EU to develop an emergency mechanism when “migration is weaponized,” he wrote in a Tuesday op-ed in Politico that attempted to make peace between European politicians.

“The deliberate instrumentalization of migration by state and nonstate actors seeking to test Europe’s resilience, undermine its cohesion and extract political concessions” requires new legal and operational tools to “defend its external borders, deter those who seek to exploit its openness and respond to this new reality firmly, lawfully and collectively,” Mitsotakis wrote.

Wilson reported from Barcelona, Spain, and Barry from Milan. Associated Press writers Renata Brito in Barcelona, Akram Oubachir in Fnideq, Morocco, and Derek Gatopoulos in Athens contributed to this report.

A migrant who crossed from Morocco into Spain holds a sign reading, in Spanish, "asylum" as he lines up for food distribution on a beach in the Spanish enclave of Ceuta, Monday, Aug. 3, 2026. (AP Photo/Bernat Armangue)

Migrants who crossed from Morocco into Spain line up for food distribution on a beach in the Spanish enclave of Ceuta, Monday, Aug. 3, 2026. (AP Photo/Bernat Armangue)

Migrants who crossed into Spain from Morocco sit outside the temporary immigrant stay center (CETI) in the Spanish enclave of Ceuta, Sunday, Aug. 2, 2026. (AP Photo/Bernat Armangue)

Migrants who crossed into Spain are escorted by Spanish soldiers towards the Spanish-Moroccan border for their return to Morocco from the Spanish enclave of Ceuta, Sunday, Aug. 2, 2026. (AP Photo/Bernat Armangue)

Migrants who crossed into Spain are escorted by Spanish soldiers towards the Spanish-Moroccan border for their return to Morocco from the Spanish enclave of Ceuta, Sunday, Aug. 2, 2026. (AP Photo/Antonio Sempere)

Migrants who crossed into Spain from Morocco gather on a beach in the Spanish enclave of Ceuta, Sunday, Aug. 2, 2026. (AP Photo/Antonio Sempere)