Fossefall sets up Luxembourg-based vehicle to fund Nordic GPUaaS
The new platform will enable investments of several billion EUR over the next three years, with projects developed in the Nordics, under Nordic majority ownership.
As demand for AI compute grows and Europe pushes for sovereign digital infrastructure, access to power, permitting and grid capacity are emerging as the key constraints for scaling AI. The Nordics are structurally well positioned to address this, providing a strong foundation for building scalable AI capacity.
Fossefall’s new Luxembourg-based vehicle is specifically designed to fund the company’s GPUaaS platform, enabling capital to be deployed into bankable, contracted GPU capacity across its Nordic pipeline, while infrastructure is developed through dedicated project structures.
Øyvind Vesterdal, CEO of Fossefall said:
“Our focus is to connect long-term institutional capital with a bankable pipeline of Nordic AI infrastructure projects, enabling Europe to build sovereign, secure and scalable AI capacity. Luxembourg, as a hub for European and US capital, is the natural choice for this vehicle”.
The company recently reached an important milestone in its Nordic expansion by laying the foundation for large-scale AI infrastructure in a Swedish region, Jokkmokk. The project is structured as a long-term investment with a planned capacity of up to 200 MW and is one of more than 10 projects under development across the Nordics.
Vesterdal added:
" AI infrastructure will be central to Europe’s competitiveness, driven by long-term control, energy resilience, and sustainable local value creation.”
Fossefall develops and operates AI factories, integrating data centre infrastructure with advanced GPU-based AI compute within a single platform. By controlling a larger share of the value chain, the model supports the development of bankable AI infrastructure assets, while driving local job creation, tax revenues, and greater long-term investment in host regions.
