Aker

M&A Activity • Oct 13, 2025

Aker Finalizes Investment in Nscale and Joint Venture in Narvik

Aker Finalizes Investment in Nscale and Joint Venture in Narvik

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