Fossefall

About Fossefall

Fossefall is a Norwegian company established in the summer of 2025 to develop Europe's sovereign AI infrastructure by leveraging the Nordic region's surplus renewable energy. The company was co-founded by CEO Øyvind Vesterdal, who previously served as CEO of the data center firm Earth Wind and Power and held roles at the investment firm Valinor and renewable energy company Norsk Solar. Fossefall aims to address the increasing demand for high-performance AI computation while ensuring digital sovereignty and sustainability for European enterprises. The company's core business is building and operating 'AI factories'—next-generation data centers engineered specifically for high-density AI and machine learning workloads, rather than general data storage. These facilities are designed from the ground up for optimized power, cooling, and connectivity, powered primarily by low-cost, renewable Nordic hydropower. This strategy is intended to provide a competitive alternative to AI capacity in other regions, where electricity prices can be significantly higher. Fossefall plans to develop up to 500 megawatts (MW) of AI capacity by 2030, with 11 sites under negotiation and development across Norway and Sweden. As a key milestone, Fossefall announced its first major commercial agreement in November 2025 with the U.S. AI company Seekr Technologies Inc. This multi-year deal establishes Seekr as an anchor client, reserving capacity and creating a framework for a revenue-sharing AI cloud service offering. As part of the partnership, Fossefall will utilize Seekr’s Enterprise AI platform, SeekrFlow™, as the operating system for training and deploying AI solutions within its factories. Shortly after its launch, Fossefall acquired the Fyresdal Datacenter from Norsk Data AS to establish its first operational AI factory in Norway, accelerating its market entry. The company has secured another binding agreement with Seekr, valued at $12 million over three years, for prioritized access to future AI capacity. Fossefall's business model centers on owning and operating the AI infrastructure and selling compute capacity to clients such as AI companies, research institutions, and enterprises with stringent requirements for data sovereignty and security. Investors in the company include Norwegian tech entrepreneur Stian Rustad (founder of 24SevenOffice), investment firm Ravenger Establishment, and its strategic partner, Seekr. Done.ai also holds a minority stake of approximately 2.4%.