HIVE Digital Technologies Ltd (TSX:HIVE, NASDAQ:HIVE, FRA:YO0, BVC:HIVECO) announced that it has received approval from the Boden Municipal Council to acquire the Big Boden 32-megawatt data center in Sweden from Bodens Utvecklings AB, a facility that has housed the company’s Swedish operations since 2018.
The acquisition, which remains subject to customary closing conditions, would allow HIVE to transition from leasing the site to owning it outright.
HIVE said it has invested more than 960 million Swedish kronor (about $100 million) in the Boden region over the past eight years through local contractors and renewable energy purchases, while paying more than 575 million kronor in taxes to Swedish authorities.
“Sweden, Paraguay, Canada: the thread connecting all of our operations is the same. The communities that host our infrastructure are partners in what we are building,” HIVE executive chairman Frank Holmes said in a statement.
“Boden has been an exceptional partner for nearly eight years, and this acquisition is our commitment to continue earning that relationship,” Holmes said. “Clean power, local investment, and long-term presence: that is how technology can genuinely advance human progress.”
Johanna Thörnblad, HIVE’s country site president for Sweden, said the purchase underscores the company’s long-term strategy to build sovereign artificial intelligence computing infrastructure in the country.
“We chose Boden in 2018 because the municipality understood, before most did, what sustainable digital infrastructure could look like,” Thörnblad said.
The company said it plans to upgrade the facility to Tier III infrastructure standards following the closing, with support for enterprise-scale AI and high-performance computing workloads, including NVIDIA’s latest GPU architectures.
Béatrice Öman, mayor of Boden Municipality, described the deal as “an investment in Boden’s future.” “HIVE has already shown that they want to be a long-term player here, and through this deal, the company is creating conditions for continued development in the municipality,” Öman said. “It strengthens both our business community and Boden’s position as a place for technologically advanced establishments.”