Aker Finalizes Investment in Nscale and Joint Venture in Narvik

13 Oct 2025 18:04 CEST

Aker ASA ("Aker") has finalized subscription to shares in the previously
announced Series B financing round in Nscale Global Holdings Ltd. ("Nscale"). In
parallel, Aker and Nscale have completed the closing of the 50/50% joint venture
in Narvik, Northern Norway. The new company, "Aker Nscale", will deliver secure,
scalable, and energy-efficient infrastructure tailored for sovereign AI
workloads across Europe.

The joint venture has already gained strong commercial traction, anchored by the
previously announced five-year, multi-billion dollar off-take agreement with
Microsoft, alongside the Stargate Norway project with OpenAI. These partnerships
affirm the scale and strategic importance of the business, highlighting the
accelerating demand for clean, sovereign AI compute capacity.

The closing of Aker Nscale follows the fulfilment of all necessary conditions,
and the completion of Nscale's Series B financing round, in which Aker became a
9.3% owner on a fully diluted basis. Aker's 50% stake in Aker Nscale is
convertible into additional Nscale shares at a future IPO, positioning Aker to
benefit from long-term value creation and public market upside.

Øyvind Eriksen, President and CEO at Aker ASA, commented:

"This reflects the full scope of Aker's strategic commitment - through our
direct ownership in Nscale and our partnership in Narvik. Together, it gives us
a strong position in a fast-moving market, with a structure designed to capture
long-term upside. But this is also something bigger: we are finally realizing
Narvik's potential, placing Norway at the heart of a new industrial era, and
doing it in partnership with the most capable technology companies in the
world."

Aker Nscale will be headquartered at Fornebu, Norway, with operational teams in
Narvik. Kristian Røkke has been appointed Chief Executive Officer of the new
company. He commented:

"I want to thank the people of Narvik and Northern Norway for their unwavering
support and collaboration. Their commitment has been instrumental in turning a
bold vision into a real, operational foundation for sovereign AI infrastructure.
I've had the opportunity to work closely with local partners and municipalities,
and to witness first-hand the capabilities and dedication that define this
region. Aker Nscale is built on a clear and growing need: scalable, secure, and
energy-efficient compute capacity for European AI. I'm proud to lead this effort
and work alongside our teams, customers, and partners to realize its full
potential."

-ENDS-

Media contact:
Atle Kigen, Head of Media Relations and Public Affairs
+47 90 78 48 78
atle.kigen@akerasa.com

Investor contact:
Fredrik Berge, Head of Investor Relations
+47 45 03 20 90
fredrik.berge@akerasa.com

For more information about the companies, visit www.akerasa.com
and www.nscale.com

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