Financial boost set to accelerate EcoDataCenter growth

Swedish operator EcoDataCenter has successfully raised €170 million (US$185.5m) in debt financing from a consortium of banks to accelerate Nordic expansion

“This funding is a critical component of our growth strategy and a testament to the exciting journey we are on with the support of significant partners from global capital markets”, Peter Michelson, CEO at EcoDataCenter.

This comes as EcoDataCenter, a pioneering force in sustainable data centres, obtained  €170 million (US$185.5m) to be strategically deployed to enhance the capabilities of its campus in Falun, Sweden — EcoDataCenter 1 — which, in turn, EcoDataCenter hopes will strengthen its position as a sustainability leader in the data centre industry. 

EcoDataCenter’s boost with emerging technologies

“For years, there has been talk of relocating computational capacities to the Nordics. With the rise of AI and HPC, we are witnessing this transition, and we believe this is merely the start,” Michelson added.

Founded in 2014, EcoDataCenter started construction on EcoDataCenter 1 began in 2017 and opened in 2019. In the same year, EcoDataCenter acquired data centre operator Fortlax and its data centres, located in the Swedish municipality of Piteå. Months later it acquired two data centres from fashion giant H&M in Stockholm.

Among EcoDataCenter’s high-profile clients are the BMW Group, which joined in 2020, followed by AI-driven translation service DeepL a year later.

With sustainability at the core of the business, EcoDataCenter began building again in 2022, expanding in Falun. This time, focusing even more on the use of wooden structure, which is in keeping of its commitment to being dedicated to building data centres in the most sustainable way possible to support the world's increased need for digitalisation.

In April 2022, EcoDataCenter became the first data centre to give its customers a monthly report on their Scope 1,2 and 3 emissions.

CEO Michelson took over the role at the helm of the company from Dan Andersson on October 1. 

The appointment came at a crucial time for EcoDataCenter, as the company — through its owner Areim — raised an investment of €448m (US$486m) to enable the company’s expansion. The ongoing growth of AI has increased the demand for its services, EcoDataCenter said.

EcoDataCenter has launched its next major investment, EcoDataCenter 2 in Östersund. The operator now has four sites in three different locations, which offer unique opportunities based on the different requirements and needs of its client base.

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