Bitzero Secures $2.6 Billion OneQode Lease for 110 MW Norway Data Center
Updated
Updated · OilPrice.com · Jul 8
Bitzero Secures $2.6 Billion OneQode Lease for 110 MW Norway Data Center
1 articles · Updated · OilPrice.com · Jul 8
Summary
$2.6 billion is the value of Bitzero’s binding 15-year lease with OneQode for the full 110 megawatts at its Namsskogan, Norway site, with commissioning targeted in the first half of 2027.
OneQode plans to deploy GPU clusters there for enterprise AI, large-language-model training and sovereign AI workloads, turning Bitzero’s secured Nordic power capacity into long-term contracted revenue.
More than 1 gigawatt of capacity across Norway, Finland and the U.S., plus roughly 3-4 cents per kilowatt-hour power costs, underpin Bitzero’s pitch as AI developers seek alternatives to constrained U.S. grids.
The report ties that demand shift to hyperscalers’ own power moves—Microsoft’s 20-year Three Mile Island deal, Amazon’s $650 million nuclear-adjacent campus buy, and Meta’s search for up to 4 gigawatts of new nuclear capacity.
The broader backdrop is a tightening AI power market: Goldman Sachs projects global data-center electricity demand could jump as much as 165% by 2030 versus 2023, while Norway has capped new data-center operators at 5 megawatts initially.
With a $2.6B deal, why is AI power provider Bitzero's valuation a fraction of its peers'?
While US towns reject data centers, why are Nordic regions becoming the world's AI powerhouses?
As tech giants build private nuclear plants, are they becoming the new utilities for the AI era?
Norway’s 110MW AI Data Center: Inside Bitzero and OneQode’s $2.6B Renewable-Powered HPC Partnership
Overview
In May 2026, Bitzero Holdings Inc. and OneQode Networks Pte. Ltd. announced a major agreement for next-generation AI and HPC deployments at Bitzero’s data center site in Norway. This site was chosen for its proven ability to handle energy-intensive workloads, abundant renewable hydroelectric energy, and naturally cool climate, all within one of Europe’s most cost-efficient and sustainable power markets. The location’s strategic importance for power-dense digital infrastructure and Bitzero’s tailored facilities make it ideal for advanced AI applications, highlighting Norway’s growing role as a hub for sustainable, high-performance computing.