Data Center Startup Fossefall Launches in Norway

A new data center startup has launched in Norway, aiming to launch “AI factories” in Scandinavia. The company aims to develop “AI factories” powered by surplus renewable energy (namely hydroelectric) in the Nordics.

The company is reportedly initially targeting developments at 11 sites in Norway and an unknown number in Sweden. Its first projects are due to launch by the end of 2026.

Among the company’s investors is Norwegian tech entrepreneur Stian Rustad, founder of accounting startup 24SevenOffice and Done AI. Alongside Rustad and the company’s executive team, investors in Fossefall include investment firm Ravenger Establishment.

“I’m strongly convinced that the next wave of value creation will come from clean, high-performance AI infrastructure,” Rustad said. “Fossefall combines industrial ambition with real technological depth, and that’s why I’m all in.”