In a landmark partnership, Stargate Norway plans to deliver renewable-powered,
sovereign AI infrastructure, marking OpenAI's first gigafactory initiative in
Europe

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 (https://www.nscale.com/)?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.