Nscale has raised an additional $790 million in financing to reinforce the continued development of its AI data centre in Narvik, Norway.
The project is the largest AI infrastructure investment in the country.
The financing has been committed by ABN AMRO, DNB, Eksfin, Nordea and SEB. It includes an additional $790m uncommitted accordion feature to fund a further 115MW expansion at the Narvik AI data centre.
Nscale recently raised $2 billion in Series C funding – led by Aker ASA and 8090 Industries – and secured a $1.4bn delayed draw term loan. Former Deputy Prime Minister and Facebook executive Nick Clegg has also joined its board.
“Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services,” said Josh Payne, founder and CEO of Nscale.
The vertically integrated AI infrastructure company, based in London, is building the physical and digital foundation to train, deploy and scale AI ‘from cloud to edge’.
By owning and operating the full stack spanning energy, data centres, GPU compute and software, it aims to give AI natives, enterprises and governments efficiency, reliability and control.