#Norway #Aker ASA #Narvik #Nscale AI #Narvik Project

Aker Completes Investment in Nscale and Joint Venture in Narvik

Aker ASA, the respected Norwegian investment company, has successfully completed its investment into Nscale Global Holdings Ltd., marking a substantial step in the flourishing AI infrastructure sector. The completion of the Series B financing round was announced recently, following the strategic initiative to enhance technology capabilities in Europe. Aker's involvement now positions it as a significant stakeholder, with a 9.3% ownership on a fully diluted basis.

In tandem with this investment, Aker and Nscale have launched a new joint venture called Aker Nscale, which operates on a 50/50 basis. Located in Narvik, Northern Norway, Aker Nscale is set up to provide secure, scalable, and energy-efficient infrastructure specifically designed for sovereign AI workloads across the European landscape.

The joint venture is already demonstrating strong commercial viability. This stems from a previously announced five-year agreement with Microsoft, worth multiple billions of dollars, and collaborative work on the Stargate Norway project with OpenAI. Both partnerships highlight the critical demand for reliable and environmentally friendly AI computing capabilities, underscoring the strategic importance of these initiatives within the fast-evolving technology sector.

The formation of Aker Nscale is a direct consequence of meeting all requisite conditions, along with the successful closure of Nscale's Series B financing round. Aker's strategic position grants it substantial benefits from future equity opportunities, including a potential conversion of its stake into additional shares during an IPO.

Øyvind Eriksen, the President and CEO of Aker ASA, expressed optimism regarding this partnership. He noted, "This reflects the full scope of Aker's strategic commitment – through direct ownership in Nscale and our partnership in Narvik. Together, it gives us a strong position in a fast-moving market, designed to capitalize on long-term growth opportunities. This is not just a business venture, but a realization of Narvik's potential, placing Norway at the forefront of a new industrial era in collaboration with leading global technology firms."

Headquartered at Fornebu, Norway, Aker Nscale's operation teams will be situated in Narvik. Kristian Røkke has been appointed as the CEO of the newly formed company. Røkke acknowledged the overwhelming support from the local community in Narvik and Northern Norway, which has been instrumental in transforming visionary ideas into tangible operations that cater to sovereign AI infrastructure needs.

"Aker Nscale is built on a clear and growing necessity for scalable, secure, and energy-efficient compute capacity for AI applications in Europe. I'm proud to lead this initiative and collaborate with our teams, clients, and partners to unlock its full potential," stated Røkke, highlighting the ambitious goals of the venture.

The establishment of Aker Nscale not only represents a significant advancement in AI technologies but also underscores a commitment to sustainable development practices, leveraging the geopolitics of Northern Norway to cater to an evergreen market that demands sophistication in artificial intelligence infrastructure. With a foundational focus on energy efficiency and security, Aker Nscale is poised to make remarkable strides in the AI landscape.

For more information about this significant development in the AI sector, interested parties can reach out to both Aker ASA and Nscale Global through their official platforms. This partnership promises to be a game changer, not just for Norway, but for the entire European technology market, intertwining local capabilities with global ambitions.