Published: April 25, 2024
Following its latest fundraise, the renewables-powered data centre will more than double the capacity of its Falun site.
In November 2023, sustainable data centre EcoDataCenter announced it had raised €170m in debt financing from a consortium of banks. The funding, which will primarily be used to expand its site in Falun, Sweden, follows on from the close of the Areim DC Fund in June – a €447m pot of capital from EcoDataCenter’s owner Areim.
“Over 2023, we raised about €600m all in all,” Josefina Xanthou, CFO of EcoDataCenter, tells EMEA Finance. “During this process we worked very closely with Areim in both equity and debt raising. We’re a scale-up company at the moment and will continue to look into further fundraising.”
Founded in 2014, EcoDataCenter is seeking to become the leading data centre company in the Nordics. It currently operates five data centres across three sites, having opened the doors to its Falun site, EcoDataCenter1, in 2019. The company has also started work on a pioneering new project called EcoDataCenter2, sited in Östersund, which will become operational in 2026 and scale up to a 150MW capacity by 2033.
Following its planned expansion, EcoDataCenter1 will more than double its capacity to 45MW, thus becoming one of the largest data centres in Sweden. The expansion is slated for completion in Q2 2025, with the first phase completing in Q3 this year. It comes at a time of growing demand for EcoDataCenter’s services, fuelled in part by the astronomical rise of artificial intelligence and the addition of a major new client.