Full Press Release Details
Shortlists AI Tenants for 41.5MW Norway AI Data Center After Receiving Multiple Bids
tenant(s) expected to further improve data center economics for VivoPower beyond its current annual $31 million in revenues and $10 million
in EBITDA-transaction expected to be finalized by June 30, 2026
list follows the completion of a lease bidding process, which fielded firm proposals that were stronger and broader than anticipated
also received and evaluated unsolicited offers to acquire the asset at a premium to VivoPower's acquisition price, which were rejected
considers strategic value to be materially higher, given the asset has amongst the lowest power costs for data centers in Europe and
41.5MW with a further 40MW expected to be energizable within 18 to 24 months, subject to regulatory approval
UK / OSLO, NORWAY - May 21, 2026 - VivoPower PLC (NASDAQ: VIVO) ("VivoPower" or the "Company"),
a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today announced
that following the completion of its acquisition of the Mo i Rana data center on April 21, 2026, the Company has completed a formal
competitive RFP (request for proposal) selection process to evaluate prospective tenants and has now short listed selected AI operator
tenants. The selection process has been conducted in a manner consistent with the Company's Power-to-X strategy to ensure the highest
and best use case for its power infrastructure assets.
List Process Overview
management team has worked closely with external partner advisors to identify tenants whose commercial terms, operational requirements,
and strategic fit best serve the interests of VivoPower shareholders. Multiple formal offers were received, including offers to acquire
all or part of the asset at a material premium to VivoPower's acquisition price. The acquisition offers were rejected on the basis
that the Company believes there is materially higher value to transitioning to dedicated AI digital infrastructure to powered shell level
and leasing it out to AI operators for 10+ years.
process evaluated candidates based on the following criteria:
is now working to finalize the transaction with the selected AI operator(s), with a target for agreement by June 30, 2026.
i Rana is a fully operational 41.5MW data center facility located in the Mo i Rana industrial precinct in northern Norway. The site is
powered by 100% renewable hydroelectric energy at a cost below US$0.035/kWh - among the lowest power costs for data centers in
Europe and the world. An additional 40MW of expansion capacity has the potential to be energized within the next 18 to 24 months subject
to regulatory approval, which would bring the total site capacity to over 80MW.
founded in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning B Corporation with data center and powered land infrastructure
across Norway, Finland, and the United Arab Emirates. The Company's mission is to be the independent, trusted partner for sovereign
nations that develop and operate sustainable data center infrastructure, ensuring sovereign control over power, data, and national intelligence.
In doing so, VivoPower helps sovereign nations bridge the gap between their energy assets and their AI ambitions by providing the Power-to-X
infrastructure necessary to build and control their own domestic intelligence hubs.
communication includes certain statements that may constitute "forward-looking statements" for purposes of the U.S. federal
announcement contains forward-looking statements including, but not limited to, the Company's ability to maintain or improve current
EBITDA levels, the potential for operational efficiencies, the successful positioning of the Mo i Rana site for AI compute applications,
the outcome and timing of the tenant selection process, the Company's ability to enter into agreements with prospective tenants
on favorable terms, the potential expansion of site capacity, and the Company's ability to successfully integrate the acquired
operations and realize anticipated efficiencies and financial results. These statements are "targets" and "projections"
only. Actual results may differ materially due to risks including: (i) fluctuations in input prices; (ii) delays in AI hardware procurement;
(iii) regulatory delays affecting capacity expansion; (iv) the timing and outcome of the RFP process; (v) the Company's ability
to secure and retain tenants; (vi) changes in power availability or pricing; (vii) general market volatility; and (viii) the Company's
ability to successfully integrate the acquired operations and realize anticipated efficiencies.
statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events
or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue,"
"could," "estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predict," "project," "should," "target",
"would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance
hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements
are based on VivoPower's management's current expectations or beliefs and are subject to risk, uncertainty, and changes in
circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic,
business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower's business.
These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting
interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general
economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower's filings with the United
States Securities and Exchange Commission. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
release may contain non-GAAP financial measures, including EBITDA. The Company believes these measures provide useful information but
should not be considered in isolation or as a substitute for GAAP financial measures. A reconciliation to the most directly comparable
GAAP measure is not available without unreasonable effort.