Bitzero Signs $2.6B 15-Year Lease for 110MW at Norway Site
AIBZ•Bitzero holds 1GW of power capacity in Norway and the U.S., operating as a 132 kV grid operator at 3–4¢/kWh versus a U.S. average of 12¢. On May 5 it signed a binding letter to lease 110 MW in Norway for $2.6 billion over 15 years, implying $178 million annual revenue at 85% margin.
1. Strategic Grid Operator and Low-Cost Power
Bitzero has secured over 1 GW of permitted power capacity across four sites in Norway, Finland and the United States. At its Namsskogan, Norway facility the company operates as a licensed 132 kV grid operator, sourcing hydroelectric power at an all-in cost of 3–4¢/kWh versus approximately 12¢/kWh in the U.S.
2. Binding Letter for Namsskogan Lease
On May 5 Bitzero signed a binding letter with OneQode Networks Pte. Ltd. for a 15-year lease of the entire 110 MW at its Namsskogan site. The agreement implies total contracted revenue of $2.6 billion, annual revenue of $178 million and a net operating margin of 85%, with commissioning targeted in the first half of 2027 and lease term through 2042.
