Bitzero and OneQode Sign Binding Letter for 110MW, 15-Year Lease for AI Deployment at Norway Site

CSE: BITZ.U | OTCQB: BTZRF | FSE: 000

Overview

Bitzero Holdings Inc. (CSE: BITZ.U | OTCQB: BTZRF | FSE: 000) announced the signing of a binding letter with OneQode Networks Pte. Ltd. for a 15-year lease covering the full 110MW initial power capacity at Bitzero's data centre site in Namsskogan, Norway. The deal is expected to generate approximately US$2.6 billion in total revenue over the lease lifetime, with an expected site net operating income margin of 85%.

According to the press release, OneQode will deploy GPU infrastructure across the full 110MW capacity in phases, with initial commissioning targeted for the first half of 2027. The facility will support enterprise AI, AI training and inference, and sovereign AI workloads.

Key Highlights

• Binding letter signed for 15-year lease covering 110MW of capacity at Bitzero's Norway data centre in Namsskogan
• Approximately US$2.6 billion in total expected revenue over the lease lifetime, excluding annual escalation clauses, power cost pass-throughs, and phased deployment timing
• Expected site net operating income margin of 85%
• Implied annual revenue of approximately US$151 million at full capacity (illustrative)
• GPU deployment across the full 110MW in phases, with initial commissioning targeted for H1 2027
• Norway site powered by hydroelectric energy in the NO4 region, described as one of Europe's most cost-efficient sustainable power markets
• Workload types include enterprise AI, AI training and inference, and sovereign AI

Strategic Context

Mohammed Bakhashwain, Founder and CEO of Bitzero, described the agreement as a validation of the company's infrastructure-first strategy, stating that it demonstrates the ability to deliver large-scale, sustainable capacity tailored to the performance and compliance requirements of enterprise AI operators.

Matthew Shearing, Founder and CEO of OneQode, stated that the Norway site provides the scale, sustainability, and network performance required for next-generation AI workloads, and that Bitzero's infrastructure aligns with OneQode's mission to deliver low-latency, high-performance compute at scale.

Bitzero operates three additional data centre sites across Scandinavia and North America, including its Kokemaki, Finland campus with planned capacity of up to 1GW.

Conditions to Completion

• Satisfactory technical, legal, and financial due diligence
• Detailed data hall design agreement
• Necessary consents and approvals
• Credit support terms
• Execution of definitive transaction documents

What to Watch Next

• Execution of definitive transaction documents following completion of due diligence
• Initial commissioning timeline for H1 2027
• Phased GPU deployment progress at the Norway site
• Updates on Bitzero's broader Scandinavian and North American data centre portfolio, including the 1GW Finland campus

About Bitzero Holdings Inc.

Bitzero Holdings Inc. is a publicly listed company on the CSE (BITZ.U), OTCQB (BTZRF), and FSE (000). The company develops and operates sustainable data centre infrastructure across Scandinavia and North America, with facilities powered by renewable energy sources. Bitzero's platform supports enterprise AI, training and inference, and sovereign AI workloads.

Read the full press release here.

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