Bitzero Holdings and OneQode Networks have signed a binding letter for a 15-year lease contract for 110 MW of capacity at the Bitzero data center in Namsskogan, Norway. The agreement, still pending final documentation and several technical, legal, and financial conditions, is intended to deploy large-scale GPU infrastructure for AI workloads, HPC, training, inference, and sovereign AI projects.
This figure puts Norway back on the European radar for AI infrastructure. The country combines abundant hydroelectric power, a cold climate, available land, and electrical regions with prices that, at times, have been highly competitive compared to other European markets. This mix is increasingly attractive to companies not only seeking GPUs but also electric capacity, cooling, connectivity, and an operational model capable of bringing high-performance clusters into production.
A $2.6 Billion Deal, but Still Conditional
According to Bitzero’s announcement, OneQode would secure the full 110 MW of initial capacity at the Norwegian data center for a 15-year term. The company estimates that the contract could generate around $2.6 billion in accumulated revenue over the lease’s lifespan, excluding annual adjustments, energy costs, and the phased deployment schedule.
Additionally, Bitzero estimates an 85% net operating margin for the site, with an implied value of $151 million annually if the capacity were fully occupied from the start. The company wisely notes that this is an illustrative estimate. The final agreement depends on technical, legal, and financial due diligence, final room design, necessary permits, credit guarantees, and signing of the definitive documents.
This nuance is important. We are not looking at an already fully filled GPU facility but at a large-scale capacity reservation that could begin materializing in the first half of 2027. OneQode plans to deploy capacity in phases, which is logical for a project of this size: securing accelerators, cooling systems, electrical equipment, low-latency networks, and operational personnel requires coordination and realistic timelines.
The deal aligns with Bitzero’s strategy of evolving from energy-intensive infrastructure, traditionally tied to blockchain and high-performance computing, toward data centers focused on AI and HPC. The company operates four locations in North America and Scandinavia, presenting its Namsskogan plant as a high-density asset powered by hydroelectric energy and situated in the NO4 electric region.
Why OneQode is Interested in Namsskogan
OneQode defines itself as a global provider of high-performance digital infrastructure, combining cloud computing, low-latency networks, and sovereign solutions. Its business has been closely linked to optimized connectivity for latency-sensitive applications such as gaming, trading, real-time services, and distributed enterprise infrastructure. With this agreement, the company aims to make a leap toward more power-intensive AI deployments.
Matthew Shearing, founder and CEO of OneQode, summarizes it clearly: the bottleneck in AI is no longer just acquiring GPUs. Energy, network, cooling, land, deployment capacity, and operational model are also critical. This statement reflects the current market reality well: many companies can finance chips, but not all have quick access to locations with tens or hundreds of megawatts available under suitable conditions for high-density operations.
Namsskogan offers several favorable ingredients. Bitzero describes its facility as a 50,000 m² data center located in the NO4 region, initially offering 110 MW with potential for expansion. The company highlights proximity to networks, the cold climate, and the use of hydroelectric power. For AI workloads, these factors matter because the operating costs of a cluster depend not only on GPU prices but also on continuous consumption, cooling, and the ability to maintain high utilization over years.
The Norwegian electrical context also helps explain its attractiveness. Statistics Norway reported that in 2025, spot prices in northern Norway, in the NO4 region, were very low throughout much of the year, especially from January to October, with monthly averages between 2 and 10 øre per kWh. This doesn’t guarantee future prices or eliminate risks, as Norway is subject to hydrological variability, grid constraints, and regulatory changes. Still, it explains why data center developers see certain areas of the country as competitive locations for AI.
Norway Gains Ground in European AI Infrastructure
The Bitzero and OneQode announcement isn’t in a vacuum. Norway has been aiming to position itself as a destination for data centers powered by renewable energy. The increasing demand for AI is accelerating this opportunity, though competition for electrical capacity and grid resources is also intensifying.
Recent years have seen notable projects in the country, from renewable-powered data centers to large-scale AI-focused plans. The logic is similar: if Europe wants to reduce dependence on infrastructure outside its borders, it needs its own capacity for training, inference, storage, and sovereign deployments. The Nordic countries offer low-carbon energy and favorable climate conditions, but they must demonstrate they can combine these advantages with connectivity, permits, equipment supply, and local acceptance.
For Bitzero, securing a 110 MW contract with a single potential client would be a significant validation of its shift toward AI. For OneQode, ensuring capacity in Norway for 15 years could give it a European base for selling high-performance infrastructure to enterprises, governments, and clients with sovereignty requirements. It also allows integrating computing and its own network, which could be a differentiator where latency, location, and data control are as important as raw power.
The real challenge will be in execution. A 110 MW AI data center isn’t built solely on a signed agreement. Final technical design, securing transformers, electrical systems, cooling, connectivity, high-density racks, GPUs, maintenance, and support are all needed. The actual costs of energy, network availability, and demand evolution must also be closely monitored. The AI market moves swiftly, but physical assets operate on much more rigid timelines.
The agreement exemplifies a broader transition. Years ago, much of the energy-intensive infrastructure in cold regions was associated with bitcoin mining. Now, the same arguments—low-cost energy, cold climate, modular deployment—are shifting toward AI and HPC. The difference is that AI clients often demand more connectivity, reliability, security, density, and more complex technical integration.
If Bitzero and OneQode turn this binding letter into a definitive contract, Namsskogan could become a key piece on the European AI map. Not for its size compared to the continent’s hyperscale campuses but for the type of demand it represents: clients seeking large blocks of renewable power to deploy GPUs and AI services with a balance of performance, energy cost, and territorial control.
Frequently Asked Questions
What have Bitzero and OneQode signed?
They signed a binding letter for a 15-year lease of 110 MW capacity at the Bitzero data center in Namsskogan, Norway.
How much is the deal worth?
Bitzero estimates around $2.6 billion in revenue over the contract’s duration, excluding annual adjustments, energy costs, and real deployment timelines.
When would deployment start?
Initial commissioning is expected in the first half of 2027, with phased deployment.
Why is Norway attractive for AI data centers?
Because of its hydroelectric power, cold climate, land availability, and competitive regional prices, although future energy and grid availability will remain critical factors.
via: bitzero