VivoPower PLC has approved the creation of a new, independently capitalized AI infrastructure company to house its non-Nordic data center portfolio and pipeline spanning the Gulf Cooperation Council and Southeast Asian regions, with the new entity targeting listings on both the London Stock Exchange and the Abu Dhabi Securities Exchange.

A New Vehicle for GCC and ASEAN Assets

The Nasdaq-listed company, which describes itself as a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, announced on August 17 that its Board of Directors had approved the establishment of the separate platform.

The new entity, referred to as the AI Infrastructure Platform, will be headquartered in Singapore and will hold a portfolio and pipeline exceeding 2.2 gigawatts of assets and development opportunities located primarily across the United Arab Emirates, Oman, Saudi Arabia, Malaysia, and the Philippines.

VivoPower said the portfolio was assembled through proprietary relationships established over decades via direct sovereign, government, and strategic-partner engagement across the GCC and ASEAN regions.

The company credited these sovereign and government relationships as the foundation of a pipeline it now intends to scale through a dedicated, independently capitalized vehicle with matched capital commitments.

Capital Structure and Listing Plans

The Platform will pursue a pre-IPO institutional and sovereign investment round as a precursor to a planned primary listing on the London Stock Exchange and a secondary listing on the Abu Dhabi Securities Exchange.

VivoPower said the dual-listing structure is designed to enable access to institutional, sovereign, strategic, and Sharia-compliant AI infrastructure capital most closely aligned with assets in the UAE, Oman, Saudi Arabia, Malaysia, and the Philippines.

Proceeds from the pre-IPO round and subsequent listings will be used to fund the construction of the Platform's assets, removing any future capital expenditure obligation from VivoPower itself in relation to the non-Nordic portfolio. The company stated explicitly that VivoPower will carry no funding commitment for the Platform's portfolio and pipeline going forward.

Existing VivoPower shareholders will not receive shares in the Platform as part of the transaction. However, VivoPower said shareholders will retain their economic exposure to the non-Nordic portfolio indirectly through the company's retained anchor shareholding in the new entity.

Control Without Construction Cost

Despite transferring the financial burden of construction to the Platform, VivoPower said it will maintain de facto control of the new entity. That control will be exercised through a combination of an anchor shareholding position, board representation, and group-company governance linkage.

The company characterized this arrangement as preserving VivoPower shareholders' exposure to non-Nordic AI infrastructure upside without any potential dilution to existing VivoPower shareholders.

The structure represents a deliberate effort to separate operational and geopolitical risk associated with sovereign markets in the GCC and ASEAN into a ring-fenced vehicle, while allowing VivoPower to benefit from any value creation in those markets through its retained stake.

Portfolio Maturity and Tiered Classification

VivoPower outlined a four-tier classification system for the assets within the Platform's portfolio, reflecting varying levels of site maturity and contractual certainty.

The most advanced category consists of Ready-to-Build assets, which carry power connection agreements along with all relevant building permits and approvals. Below that tier sit secured powered-land positions, defined as sites with signed land access agreements and either grid connection or firm grid allocation.

The third tier comprises memorandum-of-understanding stage sites, where signed MOUs cover land, grid, or offtake terms but remain subject to definitive documentation.

The fourth and least advanced tier consists of prospective sites, described as assets under active evaluation and negotiation that have not yet been contractually secured.

VivoPower said that a detailed megawatt-by-jurisdiction breakdown across the UAE, Oman, Saudi Arabia, Malaysia, and the Philippines will be disclosed at an appropriate future time.

Nordic Operations Remain the Core Focus

VivoPower was explicit that its Nordic strategy and existing Nordic platform are entirely unaffected by the establishment of the new entity. The company's 42-megawatt AI data center platform asset located in Mo i Rana, Norway, remains the priority focus of the VivoPower parent company, which it described as sharpening into a Nordic-focused AI data center infrastructure pure-play following the separation.

The Mo i Rana facility is the anchor of VivoPower's Nordic portfolio, and the company indicated it also holds a broader Nordic-based pipeline, though no further detail on Nordic pipeline scale was provided in the announcement.

Strategic Logic Behind the Separation

VivoPower articulated several strategic rationales for the separation beyond simply offloading construction costs. The company said the Platform structure is intended to unlock significant demand from GCC, ASEAN, and other capital pools for assets located in non-Nordic markets, arguing that a Singapore headquarters combined with London and Abu Dhabi listings is specifically designed to match the non-Nordic portfolio with capital sources that are native to or closely aligned with those markets.

The company also said the structure fortifies its alignment with existing sovereign and government relationships by providing a dedicated vehicle through which those relationships can be developed and scaled with committed capital.

VivoPower added that an independent valuation achieved through the pre-IPO and listing process would serve to monetize potential value for VivoPower shareholders by allowing institutional and sovereign investors in relevant markets to ascribe what it described as greater value to assets and pipeline in their native markets.

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