Fossefall enters next phase of growth following successful NOK 500 million Series A closing
Fossefall, a Norwegian developer and operator of critical AI infrastructure, today announced the successful close of its Series A funding round. The company raised NOK 500 million at a post-money valuation of NOK 2.5 billion, attracting significant interest from leading investors across the United States and Europe.
Fossefall is developing a scalable pipeline of AI factories across Norway, Sweden, and Finland, targeting up to 1,000 megawatts of capacity by 2030. The company currently has over 50 locations in the pipeline. The proceeds will primarily be used to fund the equity component of the Fyresdal AI factory in Norway and to support working capital for advancing the broader project portfolio.
The investor group reflects a deliberate strategy: Nordic ownership combined with access to leading AI technology and competence. With the closing of Series A, we are positioned to build sovereign, scalable infrastructure while maintaining control of critical assets and local value creation.
The round was oversubscribed and brings together a Nordic-majority investor base, combining industrial and technology investors from Norway and Sweden with a U.S.-based AI technology investor.
By combining renewable energy, land, data centers and advanced AI compute into one integrated ecosystem, Fossefall is creating infrastructure that is both commercially attractive and strategically important for Europe.
The completion of the Series A-round marks a defining milestone for Fossefall and demonstrates broad investor confidence in our vision of building Europe’s leading Nordic-controlled AI infrastructure platform. Our ambition is to create a new generation of strategic infrastructure that delivers attractive long-term returns while strengthening Europe's AI capabilities, creating skilled jobs and generating lasting economic value for the regions where we invest.
Fossefall has engaged Arctic Securities and CBRE as financial advisors and has initiated a process to explore strategic alternatives including the potential to raise a Series B funding round to develop the significant pipeline of AI factories. Haavind acted as legal counsel.
