Magnora Data Center ASA: Grid connection agreed for the Hämeenlinna data center project near Helsinki

24.8.2026 07:00:04 CEST | Magnora Data Center ASA | Non-regulatory press
releases

Magnora Data Center ASA (MDATA) has entered into a network connection agreement
for its Hämeenlinna data center project near Helsinki, Finland. Connection is
scheduled for Q1 2029, with potentially even faster process allowing for
connection already in H2 2028. Separately, MDATA has signed a Letter of Intent
(LOI) with the local utility regarding district heating, back-up power and
additional electricity for the project.

In less than eight months, MDATA has secured an attractive project, building
permit, a firm grid connection agreement, and the LOI for district heating,
back-up power and additional electricity.

"We are very pleased with this fast-track development which would not have been
possible without the support from and co-operation with the municipality and
local partners. The MDATA team which has developed a number of powered land
projects over the last years is now applying its experience to advance the
Hämeenlinna project in close co-operation with local stakeholders." says Erik
Sneve, executive chairman at Magnora Data Center ASA.

The initial plan was to develop a 120 MW project on the site. However, based on
an analysis of the project and discussions with partners we have decided to
develop a significantly larger project with a multi-site campus with more
electricity over the next years after the initial phase.

CONTACTS

 * Erik Sneve, Chairman of the Board, Magnora Data Center ASA, es@magnoraasa.com


ABOUT MAGNORA DATA CENTER ASA

Magnora Data Center focuses on developing medium to large-scale data center
projects, and on operating data center capacity through our subsidiary
Storespeed. We assess a wide range of opportunities before selecting or
initiating projects. For our development projects, the strategy is to exit when
projects reach ready-to-build or near-ready stages - bringing in operators,
hyperscalers or infrastructure investors to take projects through construction
and operations. For Storespeed, we operate and grow the asset directly, with
co-location, AI hosting and sovereign cloud as core services. Growth is
primarily organic, driven by a pragmatic and disciplined approach to project
selection and execution.

The group's revenue model combines project sales og milestone payments with
recurring revenues from Storespeed operations. Project sale revenues may
fluctuate based on market conditions and timing, while underlying value creation
remains steady, driven by a growing project portfolio, grid applications,
permitting progress, and the build-out of operational capacity. Magnora Data
Center was during the spring of 2026 established as a separate group but still
with Magnora ASA as a parent company, and building on Magnora's track record of
value creation in renewables and infrastructure since 2019.

Magnora Data Center is listed on Euronext Growth Oslo, with ticker MDATA.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17850865/19034841/15742/Download%20announc
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ikasjon.ntb.no/ir-files/17850865/19034841/15742/Download%20announc\
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