VivoPower Completes $41M Acquisition of Cowa's Norway Data Center Assets

Why It Matters

The deal delivers immediate EBITDA profitability and gives VivoPower a low‑cost, green‑energy data center poised for the booming AI‑compute market, enhancing its competitive edge and investor appeal.

Key Takeaways

• VivoPower closed $41M acquisition of Norway data center.
• Acquired facility generates $31M annual revenue.
• Pro forma EBITDA contribution $10M, achieving group profitability.
• Facility offers 41.5MW capacity, expandable to over 80MW.
• Hydropower cost $0.035/kWh enables low-cost AI compute.

Pulse Analysis

The global demand for AI‑driven workloads is reshaping the data‑center landscape, with operators racing to secure power‑intensive sites that combine low energy costs and sustainability. Europe’s Nordic region, especially Norway, offers a unique blend of abundant hydroelectric power and cool climates, reducing both electricity expenses and cooling requirements. VivoPower’s acquisition taps into this advantage, positioning the company to meet the escalating need for green‑powered compute capacity while differentiating itself from peers reliant on higher‑cost grid electricity.

Financially, the $41 million transaction adds a $31 million revenue stream and $10 million of pro‑forma EBITDA, instantly moving VivoPower into EBITDA profitability on a group level. The asset’s 41.5 MW of fully energized capacity, coupled with a potential 40 MW expansion, creates a scalable platform for higher‑margin AI services. At an electricity price of roughly $0.035 per kilowatt‑hour—well below industry averages—the facility can offer competitive pricing to AI tenants, improving utilization rates and cash flow stability.

Strategically, the acquisition signals VivoPower’s shift from deal‑making to asset optimization, aligning with broader trends where data‑center owners integrate renewable energy to attract environmentally conscious tech firms. Investors are likely to view the EBITDA breakthrough as a validation of the company’s powered‑land model, while the pending AI tenant discussions could unlock further upside. As regulatory approvals for the expansion materialize, VivoPower stands to double its capacity, reinforcing its foothold in the sustainable digital‑infrastructure market and setting a template for future growth through similar renewable‑backed assets.

Deal Summary

VivoPower PLC announced the closing of its $41 million acquisition of operating subsidiaries of Cowa that own a 41.5MW renewable hydroelectric-powered data center in Mo i Rana, Norway. The transaction, first announced on Dec. 30, 2025, is now fully funded and completed, giving VivoPower annualized revenues of $31 million and $10 million EBITDA from the asset.