Aker Nscale joint venture partners with OpenAI on Stargate Norway
Shares in Norwegian industrial investment group Aker rose 8.2% in early European trade on Wednesday after the company announced that its portfolio company Nscale had signed a $45 billion contract for AI computing capacity at the Monarch site in West Virginia. Nokia, another Nscale investor, saw its shares rise 4.9% in morning Helsinki trading.
Aker announced the agreement in a statement released late Wednesday, according to the Wall Street Journal.
Nscale is a UK-based AI infrastructure provider that builds and operates data centers, according to Aker’s statement. The company is backed by Nvidia, Dell, Nokia, and Aker as investors.
Beyond the direct investment, Aker and Nscale operate a joint venture called Aker Nscale. That joint venture is collaborating with OpenAI, maker of ChatGPT, on a renewable energy-powered AI data center project known as Stargate Norway, Aker said.
The Wall Street Journal report did not identify the customer behind the agreement.