Tech Giant Invests NOK 274 million at Mo Industrial Park

The international tech company Bitfury invests in Mo Industrial Park and initially aims to create more than 30 local jobs. In the longer term, the company hopes to further expand its activities.

The news were announced at a press conference with Mo Industrial Park and Bitfury’s CEO Valery Vavilov this morning.

High North News reported before the weekend that the tech company is looking to establish Norway’s largest tech center so far in Mo Industrial Park.

The company is to invest some NOK 274 million (USD 35 million) in infrastructure related to the data center.

Investor: - Optimal match

Vavilov says that Norway is an extraordinary country as far as innovation goes, and that Norway is also a geographically important area for block chain technology growth.

At the press conference, the CEO also praised Norwegian authorities for their focusing on creating a reasonable tax system for foreign investors.

- Norway is an optimal match for Bitfury’s focus on creativity, innovation and growth, Vavilov says.

- We look forward to identifying new customer relations and shaping the products and solutions they need for their companies to operate more securely and efficiently, he adds.

Minister of Trade and Industry, Torbjørn Røe Isaksen, also attended the opening today and he is very pleased with the new establishment.

- We are very pleased that the Bitfury Group has chosen to establish its new data centre in Norway, in Mo i Rana. Data as a resource will become increasingly important for business as well as society in general. This represents a significant economic opportunity for Norwegian companies. The data centre industry is rapidly growing and provides Norway with opportunities for economic growth and new jobs, the Trade and Industry Minister said prior to the press conference.

Industry leader: - Will mean a lot

Arve Ulriksen, Managing Director of MIP, is grateful that the negotiations about the establishing led to a result.

- This will mean a lot for developing the data center industry in the Helgeland region. It is also a strong signal that Nordland County is among the most competitive locations in the world for this kind of activity, thanks to our stable climate, land areas available, high industrial competence and a significant hydropower surplus, Ulriksen says.

According to Mo Industrial Park, Bitfury is leading the business on a global scale when it comes to development of regulations, standards and best practice in block chain technology. The company offers a series of services related to block chain technology and will initially be located at two different locations in MIP.

The data center’s average efficiency when it comes to power use (PUE) will be 1.05 or less. This will, according to MIP, make the center one of the most energy efficient centers in the world. Bitfury’s annual electric power consumption will be 350 GWh based on 100 % renewable hydropower supplied by Helgeland Kraft.