Company Announcements

• Aker becomes one of Nscale's largest shareholders, alongside global leaders
• Series B round gives Aker a 9.3% ownership in Nscale on a fully diluted basis
• Aker's 50% stake in the Aker-Narvik joint venture can be converted into additional Nscale shares at a future IPO – positions Aker to benefit from long-term value creation and public market upside

OSLO, Norway , Sept. 25, 2025 /PRNewswire/ -- Nscale Global Holdings Ltd. ("Nscale"), a leader in sovereign-grade AI infrastructure, today announced the close of an oversubscribed USD 1.1 billion Series B funding round. Aker ASA ("Aker"), through a wholly owned subsidiary, participated alongside global investors in backing Nscale's hyperscale AI infrastructure vision. 

Aker's Series B commitment totals USD 285 million, consisting of both cash and a portion of the Narvik land portfolio contributed in-kind. The land will be transferred to the previously announced Aker-Nscale joint venture. Through this participation, Aker becomes one of Nscale's largest shareholders, with 9.3% ownership on a fully diluted basis. A potential future earn-out could further increase Aker's ownership to 12.2%.

Øyvind Eriksen, President and CEO of Aker ASA, will join Nscale's Board of Directors. Commenting on the investment, Eriksen said: 

 "AI is reshaping the global economy and redefining the value of renewable energy. With Nscale, we're backing infrastructure that's sovereign, scalable, and purpose-built to accelerate this transformation. Nscale's full-stack, GPU-first model gives it a real edge in execution. The scale and quality of this Series B round are a testament to Nscale's vision and momentum – and to the strength of our collaboration. Through both our investment and joint venture, we're making a significant, long-term commitment to building industrial relevance in the age of AI."

The Aker-Nscale joint venture is expected to close in Q4. It will be established through a combination of assets and capital contributions from both parties, including all sites in Aker's Narvik portfolio. Aker and Nscale will each hold 50% ownership in the JV. The partnership agreement is structured to allow Aker's JV stake to convert into additional Nscale shares at a future IPO, potentially unlocking significant value. OpenAI and Microsoft have been announced as the JV's first customers. 

‍About Nscale:

Nscale is the global hyperscaler engineered for sovereign-grade AI infrastructure, delivering compute to the generative AI market at scale. Through its fully vertically integrated suite of AI solutions and GW+ greenfield data centers across Europe and North America, Nscale enables customers to run efficient and scalable AI training, fine-tuning, and inferencing workloads. For further information, see www.nscale.com

About Aker:

Aker ASA is an industrial investment company headquartered in Fornebu, Norway. Founded in 1841, Aker builds and develops leading companies across energy, industrial software, renewables, and marine biotechnology. As the largest shareholder in several listed and privately held companies, Aker combines deep industrial expertise, financial strength, and capital markets insight to drive long-term value creation through active ownership. For further information, see www.akerasa.com

Media contact:
Atle Kigen, Head of Media Relations and Public Affairs
Tel: +47 90 78 48 78
E-mail: atle.kigen@akerasa.com

Investor contact:
Fredrik Berge, Head of Investor Relations
Tel: +47 45 03 20 90
E-mail: fredrik.berge@akerasa.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Fredrik Berge, Head of IR, Aker ASA, on September 25 2025, 08:58 CEST.

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