Oslo, 25 April 2025
Arctic Core AS, a wholly owned subsidiary of Lokotech Group AS, has signed a
partially binding Letter of Intent (LOI) for the joint development of the
Kautokeino site.
The LOI includes certain binding provisions, granting the partner exclusivity
until June 2025 to conduct limited due diligence, perform site visits, and
finalize decisions regarding the structure and organization of the joint
venture.
The agreement outlines a lease model consisting of a fixed base lease and a
variable component based on actual power consumption, structured over a 5 +
5-year term.
Arctic Core is currently collaborating with the local grid operator to assess
the potential for increasing the site's initial planned capacity from 2 MW to at
least 5 MW.
If finalized, the partnership would represent a significant milestone in Arctic
Core's expansion in Northern Norway.
The U.S. company involved, one of the largest contributors to PowerPool's global
hashrate, brings substantial operational expertise and industry credibility to
the collaboration. Under the terms of the agreement, the partner will
independently finance and build the required on-site infrastructure, including
electrical and security systems. Operations are expected to commence after
September 2025, subject to progress in infrastructure development.
"This is a strategic milestone for Arctic Core and the Kautokeino site," said
Ola Stene-Johansen, CEO of Lokotech Group AS. "We are pleased to welcome a
proven and committed blockchain partner with a strong presence in PowerPool. We
look forward to supporting their continued growth in Norway and within our
mining pool."
Arctic Core continues to pursue opportunities to acquire or lease additional
sites, with the objective of building a portfolio of strategically located data
centers. This expansion highlights Arctic Core's commitment to supporting
international clients in establishing operations in Norway-renowned for its
abundant, affordable, and renewable electricity.