Aker participates in Nscale s Series C funding round, with cash investment and roll up of joint venture stake

09 Mar 2026 08:55 CET

Oslo, Norway -- March 9, 2026 -- Reference is made to the announcement by
Nscale Global Holdings Ltd. ("Nscale") today regarding the completion of its
Series C funding round. Aker ASA ("Aker"), through a wholly owned subsidiary,
participated in the round alongside leading global investors.

* Aker increases its ownership in Nscale as the company scales its AI
infrastructure platform globally
* Aker's 50% Aker Nscale joint venture stake rolled up into Nscale,
simplifying structure and increasing direct exposure
* Combined cash investment and roll up expected to result in 27.3% of share
capital, or 23.9% ownership on a fully diluted basis

The Series C funding round is expected to raise about USD 2 billion in total
proceeds, including the previously announced SAFE, and values Nscale at
approximately USD 14.6 billion on a post-money basis. Aker's participation
includes a cash investment of USD 350 million.

As part of the Series C transaction, Aker's 50% ownership stake in the Aker
Nscale joint venture will be rolled up into Nscale and the previously
announced earn-out realized. Upon completion of the roll up, Nscale (directly
or through affiliates) will own 100% of the joint venture company, and the
joint venture agreement will terminate. The roll up replaces the previously
agreed mechanism under which Aker's joint venture stake could be converted
into Nscale shares at a future IPO and results in a simplified ownership
structure with increased direct exposure to Nscale, while preserving
continuity through Aker's role as a significant Norwegian long term owner.

Following completion of all elements of the transaction, consisting of the
cash investment, roll-up of the joint venture, and the earn-out fully
realized, Aker's ownership in Nscale is expected to increase from 9.3% to
about 23.9% on a fully diluted basis, or 27.3% of share capital, making Aker
the company's largest shareholder. Øyvind Eriksen, President and CEO of Aker
ASA, serves as Vice Chair of Nscale's Board of Directors.

Nscale's Boad of Directors will be further strengthened by the appointment of
three new directors: Sheryl Sandberg, Susan Decker, and Nick Clegg. The
additions bring extensive international experience across technology, policy,
operations, and governance, further enhancing the Board's breadth and
strategic capabilities.

"Our increased ownership in Nscale reflects strong conviction in the company's
strategy, execution capabilities, and long-term value creation potential as it
scales its AI infrastructure platform globally," said Øyvind Eriksen. "By
consolidating our joint venture stake into Nscale, we simplify the structure
and strengthen Aker's ability to participate fully in that expansion. Norway
remains a core part of Nscale's industrial footprint, and our ownership
supports continued development and delivery across Norway alongside the
company's international growth."

"This is the fourth industrial revolution; the world is changing at a rapid
pace. Over the next 5 years, Artificial Intelligence will be integrated into
every industry, every product, and every job. Accelerating drug discovery,
extending human life, autonomizing travel and robotics, lifting productivity,
and driving massive growth. This is leading to the largest infrastructure
buildout in human history," said Josh Payne, CEO and Founder of Nscale.
"Nscale is leading this buildout. We are building this foundation that the
market sits on, the engine of superintelligence."

With the Aker Nscale roll-up into Nscale, Kristian Røkke will transition from
his role as CEO of Aker Nscale into an advisor role to Nscale. In this
capacity, he will continue to support the company's development and execution
in Norway, ensuring continuity of operations and delivery on the ground and
long term alignment with Nscale's broader strategy.

"Kristian has played an important role in building Aker Nscale from its
inception and establishing a strong industrial foundation for Nscale in
Norway. His leadership and ability to execute in a fast moving environment has
been instrumental. We are pleased he will continue to contribute as an advisor
to Nscale, as the company enters its next phase of growth," said Øyvind
Eriksen.

Completion of the Series C remains subject to customary closing conditions.
Nscale's full release is available at www.nscale.com/newsroom

-ENDS-

About Nscale
Nscale is the global hyperscaler engineered for AI infrastructure. Through
vertically integrated AI solutions and modular, first-principles data center
design across Europe, North America, and beyond, Nscale delivers the compute
foundation for enterprise AI training, fine-tuning, and inference at scale.
For more information, see: www.nscale.com

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

Media contact, Nscale:
press@nscale.com

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

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2026-03-09 08:55
CET.

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