Oslo, Norway - 31 July 2025 - Nscale Global Holdings Ltd. ("Nscale"), Aker ASA ("Aker") and OpenAI today announced the launch of Stargate Norway: an advanced AI infrastructure project in Narvik, Northern Norway. Powered entirely by renewable energy, the facility will target to deliver 100,000 NVIDIA GPUs by the end of 2026, with ambitions to scale significantly in the years ahead. Stargate Norway will be designed to provide secure, scalable, and energy-efficient infrastructure for sovereign AI workloads across Europe, fully aligned with European regulatory frameworks. The initiative is led by global AI infrastructure provider Nscale, in partnership with Aker and OpenAI.

Stargate Norway is planned to deliver 230MW of capacity, with ambitions to expand by an additional 290MW - positioning it among the most significant AI infrastructure investments in Europe. The project marks OpenAI's first data centre initiative on the continent and the inaugural European site under its "OpenAI for Countries" programme.

The facility will be located in Kvandal, just outside Narvik - a region characterised by abundant hydropower, low local electricity demand, and limited transmission capacity. These conditions result in power prices well below the European average, complemented by a cool climate and established industrial infrastructure, making Narvik an ideal location for large-scale data operations. 

Stargate Norway is projected to generate significant activity and a long-term operational presence in the Narvik region. The project will also collaborate with local and regional academic institutions to advance AI research and development, supporting the growth of regional expertise and innovation in Northern Norway.

"Announcing Stargate Norway and delivering one of the first European AI Gigafactory to market is a strategic milestone for the region and boosts its role in the global AI landscape," said Josh Payne, CEO of Nscale. "Sovereign, scalable and sustainable infrastructure is now essential to remain competitive. We're proud to partner with Aker, drawing on the team's extensive experience and impressive track record, to deliver a new generation of AI economic and productivity growth in Europe. Together, we are combining OpenAI's leading models with Nscale's vertically integrated AI cloud, to provide the sustainable infrastructure necessary to support public benefit, build industrial resilience and enable long-term regional innovation."

The site will be designed and built by Nscale, leveraging its experience in delivering sovereign-grade AI infrastructure across Europe. It will be owned by a 50/50 joint venture between Nscale and Aker, to be formed through wholly owned subsidiaries of Aker following the planned merger with Aker Horizons. Completion of the joint venture is subject to agreed-upon closing conditions.

In parallel, Nscale and Aker will begin preparatory steps and mobilise resources for construction activities. Both parties have committed approximately USD 1 billion to the initial 20MW phase of the project, including upwards of USD 250 million in equity on a 100% basis, where each partner will contribute equally. The Kvandal site alone has the potential to scale tenfold in future phases as customer contracts are secured. OpenAI welcomes the opportunity to be an initial offtaker with the option to scale over time under its "OpenAI for Countries" programme.

"Norway has a proud history of turning clean, renewable energy into industrial value, powering global industries like aluminium and fertiliser," said Øyvind Eriksen, President & CEO of Aker. "Today, artificial intelligence and advanced data operations represent the next wave of value creation. Northern Norway, with its surplus of clean energy, available capacity, and industrial readiness, is the ideal launchpad for this transformation. With Stargate Norway, we're creating new jobs, activity, and long-term opportunities in Narvik and the region. For Aker, this is a natural evolution of our industrial platform. As data centres shift from cost centres to value-generating assets, Norway's energy advantage becomes a catalyst for the next generation of digital industry. We're proud to help drive this development alongside Nscale, OpenAI, and local stakeholders."

"Europe needs more compute to realize the full potential of AI for all Europeans - from developers and researchers to startups and scientists - and we want to help make that happen," said Sam Altman, CEO of OpenAI. "I've always said we'd love to bring Stargate to Europe if the conditions are right, and we think we've found that in Narvik with clean, affordable energy, ideal climate, and great partners in Nscale and Aker. Stargate Norway will help provide the compute power to drive the next wave of AI breakthroughs and economic progress for Europe, in Europe."

The consortium behind Stargate Norway has made long-term sustainability a core principle of the project. The facility will run entirely on renewable power and is expected to incorporate closed-loop, direct-to-chip liquid cooling to ensure maximum cooling efficiency. Additionally, excess heat from the GPU systems will be made available to support low-carbon enterprises in the region.

As OpenAI customers, Aker and Nscale will benefit from local access to models and AI services delivered via sovereign infrastructure. They will also offer priority access to Norway's AI ecosystem, enabling homegrown startups and researchers to leverage world-class compute resources. Surplus capacity is expected be made available to public and private sector users across the UK, Nordics, and Northern Europe, supporting regional demand and contributing to the broader development of Europe's AI ecosystem.    

An announcement video featuring remarks from Sam Altman (OpenAI), Øyvind Eriksen (Aker), Josh Payne (Nscale), and Jensen Huang (NVIDIA) is now available. Watch the full video here: https://qcnl.tv/p/ibfrFnPcQraFxwbZSpXzVQ

-ENDS-

Notes to Editors:

Wikborg Rein Advokatfirma AS and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisers to Aker in the transaction, with Citigroup acting as financial adviser.
Bull & Co Advokatfirma AS, Milbank LLP, and Winston & Strawn LLP are serving as legal advisers to Nscale, with Goldman Sachs acting as financial adviser.

About Nscale

Nscale is the global hyperscaler engineered for sovereign-grade AI infrastructure, delivering compute to the generative AI market at scale. Through its fully vertically integrated suite of AI solutions and GW+ greenfield data centres across Europe and North America, Nscale enables customers to run efficient and scalable AI training, fine-tuning, and inferencing workloads.

About OpenAI

OpenAI is a leading research and deployment company with a mission to ensure artificial intelligence benefits all of humanity.

About Aker

Aker ASA ("Aker") is an industrial investment company headquartered in Fornebu, Norway. Founded in 1841, Aker develops industrial front-runners and creates long-term shareholder value through active ownership. The company is listed on the Oslo Stock Exchange and is majority-owned by TRG, a company controlled by Aker's Chairman, Kjell Inge Røkke. Aker's portfolio spans energy, industrial software, renewables, marine biotechnology, and seafood. It is the largest shareholder in several listed and privately held companies, combining deep industrial expertise with financial strength and capital market insight to support the development and performance of its portfolio companies.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Laila Hop, Paralegal, Aker ASA, on July 31, 2025, 07:00 CEST.