Norwegian Investment Firm Joins AI Gold Rush in the Arctic

A stunning winter landscape featuring the Northern Lights (Aurora Borealis) dancing across a dark blue night sky in vibrant green ribbons. The scene shows a snow-covered mountainous terrain with a distinctive rocky peak in the background. In the foreground, scattered pine trees dot the snowy landscape, creating a beautiful contrast against the white snow. The moonlight or natural light illuminates the snow, making it appear bright against the dark surroundings.

Norwegian Investment in AI

Norwegian industrial investment firm Aker has announced plans to build an AI “factory” in the Arctic. The facility will be located in the Norwegian coastal town of Narvik, which lies within the Arctic Circle. Aker’s president and CEO, Øyvind Eriksen, stated that the site already had access to power and was ready for construction to commence.

Eriksen provided limited details on the facility’s purpose, stating it will “serve as a catalyst for industrial development, job creation, and export revenues.” He added that “AI and data centres are becoming foundational to global business, and northern Norway is uniquely positioned to benefit,” due to the region’s abundant, affordable hydropower and clean energy.

AI in the Nordic Region

The Nordic region is fast becoming a global hotspot for AI data infrastructure. Google has committed to expanding its Hamina campus in southern Finland, while Amsterdam-based Nebius is tripling GPU capacity at its Mäntsälä site in Sweden. Microsoft has also invested in its cloud and AI capacity across its three data centres in Sweden.

Big Tech aside, the Nordics are also sprouting their own homegrown AI players, including Finland’s Silo AI, which was bought by chipmaker AMD. With Aker now investing in AI, the region’s remote edges could be turning into ground zero for Europe’s next tech race.