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Magnora ASA (“Magnora”) has entered the Norwegian data centre market through the
acquisition of a majority stake in Storespeed AS, a Norwegian data centre
operator, in partnership with Blix Group AS owner of Blix Solutions AS, a
sustainable Norwegian data center operator. The investment marks Magnora’s entry
into the rapidly expanding data centre industry, driven by growing demand from
artificial intelligence (AI) and digital infrastructure.
Storespeed operates a co-location data centre in Halden, Norway, with an
installed capacity of approximately 1 MW, with a significant potential for
expansion up to 5MW at existing premises. Following the transaction, Magnora
will own 75% of the company, Blix Group 5%*, and the founders, existing
shareholders 20%.
The investment includes a limited financing facility to support Storespeed’s
sales, marketing, and project development activities. With low fixed costs and
scalable infrastructure, Storespeed is positioned for profitable growth.
Founded by Mr. John Amundsen, Storespeed has a strong operational track record
and a portfolio of strategically located development projects. The company
represents a carve-out from a former subsidiary of one of Norway’s largest
utilities, with operations dating back to the mid-2000s. The Halden facility has
delivered nearly two decades of uninterrupted service and is now being
positioned to capture growth opportunities in the evolving Nordic data centre
landscape, particularly those driven by AI, digitalization, and demand for local
computing capacity.
“Local data centre operators such as Storespeed play a critical role in
providing redundancy, sovereign cloud capabilities, and local physical presence,
enabling secure, low-latency alternatives to global cloud providers,” says Mr.
Erling Magnus Solheim, head of data center Magnora, Norway.
Mr. Amundsen is highly regarded across the industry, with a background that
includes senior roles in the Norwegian defence sector, the development of the
national TETRA network, Digiplex, Skagenfiber, and international mobile
telephony ventures. His expertise complements Magnora’s capabilities and aligns
well with the company’s culture and long-term strategy.
“Constructing a new data center typically requires investments exceeding NOK 80
million per megawatt of installed capacity. Magnora’s entry into Storespeed
provides substantial operational leverage at a relatively low cost, enabling
participation in the current and future growth of the data centre and AI
markets,” says Mr. John Amundsen
“The transaction strengthens Magnora’s position as a developer of data
centre-ready properties and supports collaboration with landowners, partners,
and customers. The business provides strong synergies with Magnora’s existing
portfolio of land assets suited for both green electrification and data centre
development. Magnora’s expertise in real estate, site development, environmental
permitting, grid connection, and project execution will be key to advancing its
ambitions in this sector. Storespeed represents a strategic step in Magnora’s
evolution as a data centre developer,” says Magnora CEO Mr. Erik Sneve
Looking ahead, Magnora anticipates that future data centre projects may be
required to contribute new renewable electricity to the grid in order to obtain
development permits, an area where the company’s current assets offer a clear
competitive advantage.
Magnora will maintain its asset-light strategy in the data centre segment,
focusing on selling projects at or before the ready-to-build stage. The company
will continue to pursue strategic partnerships and acquisitions to strengthen
its position in this rapidly growing industry.
The transaction is subject to pending closing conditions.
*Blix Group has been offered an option from Magnora to buy 5% of Magnora’s
holding. Magnora may end up with 70% after options are exercised. Contact:
datacenter@magnoraasa.com or erling.magnus.solheim@magnoraasa.com
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) is a renewable energy and digital infrastructure group
focused on developing and operating projects in wind, solar, battery storage,
and data centres. Magnora has active operations across Europe and Africa through
its portfolio companies: Magnora DC AB, Storespeed AS, Hafslund Magnora Sol AS,
Magnora Offshore Wind AS, Magnora Germany, Magnora Italy Srl, Magnora Solar PV
UK, Magnora South Africa, and AGV. The company also receives earn-out revenues
from former portfolio companies Helios Nordic Energy and Evolar. Magnora is
listed on the main list of the Oslo Stock Exchange under the ticker MGN.
ATTACHMENTS
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https://kommunikasjon.ntb.no/ir-files/17847805/18674515/6465/Download%20announce
ment%20as%20PDF.pdf
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