VivoPower PLC has selected a global AI industry leader as its preferred long-term tenant for its operational data center in Mo i Rana, northern Norway, the Nasdaq-listed company announced on June 29, 2026.

The identity of the counterparty and the material commercial terms of the lease will be disclosed in a further announcement expected in the near term, subject to the execution of legal documentation.

Selection From a Competitive Field

VivoPower said the preferred tenant was chosen from a competitive field of prospective AI tenants following a process that evaluated candidates across five criteria: commercial terms, financial strength and credit quality, operational alignment, strategic fit, and optionality for capacity expansion. The company said the selected counterparty was assessed as superior across all five criteria.

The announcement follows a shortlist announcement made by VivoPower on May 21, 2026, which indicated the company had narrowed down prospective tenants before arriving at a single preferred counterparty.

VivoPower described the selected party as a global AI industry leader but provided no further identifying details, stating that disclosure is contingent on completion of legal agreements.

Talks Extend Beyond Mo i Rana

VivoPower disclosed that bilateral discussions with the preferred tenant have extended beyond the Mo i Rana data center itself.

The company said additional arrangements are under negotiation that relate to its wider powered land and data center development pipeline and, if completed, would be expected to deepen the relationship with the selected counterparty across multiple jurisdictions. VivoPower did not specify which jurisdictions or assets are involved in those additional discussions.

The company said it expects to make a further announcement in the near term that will disclose both the identity of the counterparty and the material commercial terms of the lease, as well as any additional strategic arrangements, once legal agreements are executed.

The Mo i Rana Facility

The Mo i Rana data center is described by VivoPower as a fully operational facility with a current capacity of 41.5 megawatts. It is located in northern Norway and powered entirely by renewable hydroelectric energy at a cost below USD 0.05 per kilowatt-hour, which VivoPower characterized as among the lowest energy costs in Europe.

The site also holds permitted expansion capacity of an additional 40 megawatts, which VivoPower said may be energized within 18 to 24 months, subject to regulatory approval. If that expansion proceeds, it would take the total site capacity above 80 megawatts.

Lease Structure and Strategic Framing

VivoPower described the lease under negotiation as a long-duration structure, and said the preferred tenant was selected in part on the basis of its alignment with that structure. The company positions itself as a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications.

The selection of a preferred tenant represents a significant step in VivoPower's efforts to commercialize the Mo i Rana asset, though the company was explicit in its announcement that no binding agreement has yet been reached.

VivoPower cautioned that there can be no assurance a long-term lease will be entered into with the preferred tenant, or what the final terms of such a lease might be, until definitive legal documentation is executed by both parties.

Risks and Uncertainties

VivoPower outlined several risk factors that could affect the outcome of negotiations. These include the possibility of failing to reach a definitive agreement with the selected counterparty, the counterparty failing to satisfy obligations under any eventual agreement, and the company's potential inability to source asset-level financing on acceptable terms.

Additional risks cited include regulatory delays or adverse determinations affecting capacity expansion at Mo i Rana or other sites, changes in power availability or grid access in Norway, and adverse developments in the broader AI infrastructure market that could affect the creditworthiness or operational plans of the selected tenant.

The company also cited currency, geopolitical, and macroeconomic factors affecting its Norwegian operations and those in other jurisdictions as potential variables.

VivoPower stated it undertakes no obligation to update or revise forward-looking statements except as required by applicable law and noted that nothing in the announcement should be construed as creating an obligation to make a further disclosure within any specified timeframe beyond what law or regulation may require.

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