VivoPower Begins Construction on 42MW Norway Data Center, Spins Off 2.2GW Non-Nordic AI Portfolio

VivoPower has commenced the first phase of construction at its 42MW Mo i Rana data center in northern Norway, marking a significant step in the company's pivot toward AI computing infrastructure while simultaneously advancing plans to unlock value from its broader asset portfolio through a separate listing.

The initial construction works will include demolishing existing structures, enabling works, and constructing the main building superstructure. Local Mo i Rana contractors have been engaged to deliver these works ahead of the facility's mechanical and electrical fit-out, for which VivoPower has already conducted a tender review process. The company said it has selected what it described as "a global AI industry leader" as its preferred AI tenant for the facility, though it declined to disclose the tenant's identity.

The facility is a former cryptocurrency mining site that VivoPower acquired from Cowa in April. Bitfury originally constructed the site in 2018. According to VivoPower, the data center conversion is being completed with the aim of capturing waste heat from its cooling systems for reuse. The company said it is working directly with a local district heating provider and European specialist firms to evaluate how the heat can be used, including supplying district heating services and heat-intensive industries.

"We have deliberately engaged with the local construction supply chain, and we are delighted to be working with Mo i Rana firms such as Øijord & Aanes, IMTAS and TH Blikk. Their skills and local knowledge will be invaluable as we move from site works towards the mechanical and electrical fit-out phase. We remain committed to delivering on a ready-for-service (RFS) date as expeditiously as possible but without compromising quality and safety given the long-duration nature of the infrastructure asset being built," said Shane Whelan, chief real estate officer at VivoPower.

The company did not specify a completion date for the construction works.

Alongside the start of construction, VivoPower announced the formation of a new, separately listed AI infrastructure firm that will manage its non-Nordic AI data center portfolio and pipeline. The new company will be headquartered in Singapore and funded through a targeted pre-IPO institutional and sovereign investment round, followed by a planned primary listing on the London Stock Exchange and a secondary listing on the Abu Dhabi Securities Exchange.

According to VivoPower, the new entity will house the firm's non-Nordic AI data center infrastructure portfolio, which the company claims comprises more than 2.2GW of assets and development opportunities located primarily across the United Arab Emirates, Oman, Saudi Arabia, Malaysia, and the Philippines. The portfolio includes ready-to-build assets, secured powered-land positions, MoU-stage sites, and prospective sites.

"The Board has approved the establishment of a separately listed Platform to hold and independently capitalize the non-Nordic AI data center portfolio which our team has assembled through long-standing sovereign and government relationships across the GCC and ASEAN regions," said Kevin Chin, executive chairman and CEO of VivoPower. "At present, this comprises in excess of 2.2GW of assets and development opportunities located primarily across the United Arab Emirates, Oman, Saudi Arabia, Malaysia, and the Philippines. We believe this strategy and structure best matches these assets with the right sovereign and institutional capital, which may unlock incremental value for VivoPower shareholders. This is by virtue of VivoPower retaining de facto control of the Platform and preserving shareholder exposure to the non-Nordic upside, without VivoPower having to fund the associated construction capital expenditure."

The dual announcements underscore VivoPower's strategic shift toward AI computing infrastructure. Founded in 2014 and listed on the Nasdaq since 2016, the company operates across the UK, Australia, North America, Europe, the Middle East, and Southeast Asia, with operations spanning electric mobility, renewable power applications, and digital asset infrastructure. The Mo i Rana project represents the company's flagship Nordic data center effort, while the proposed Singapore-headquartered spinoff is designed to attract sovereign and institutional capital from the Gulf and Southeast Asian regions without burdening VivoPower's balance sheet with the associated construction capital expenditure.