EcoDataCenter secures €600m for expansion
Author: Joe Peck
Swedish sustainable data centre operator EcoDataCenter has raised €600 million (£518 million) in debt financing from Deutsche Bank Private Credit and Infrastructure to support the continued growth of its data centre operations.
The funding will be used to expand its campuses in Falun and Borlänge, Sweden, where the company is developing facilities focused on high-performance computing and artificial intelligence (AI) workloads.
Financing to drive AI data centre growth
EcoDataCenter has been expanding rapidly over the past two years. In 2024, it partnered with AI provider CoreWeave to build one of Europe’s largest AI clusters in Falun, and later that year it acquired the former Kvarnsveden paper mill in Borlänge to convert the site into additional data centre capacity.
With the latest funding, EcoDataCenter and its owner, Areim, have now secured a total of around €1.8 billion (£1.5 billion) since 2023.
Peter Michelson, CEO of EcoDataCenter, says, “AI infrastructure is a new base industry and we are building one of Europe’s most exciting companies in the sector. We are proud of the trust placed in us and look forward to continuing our journey towards becoming Europe’s leading player in high-performance data centres.”
Johan Rydmark, CFO of EcoDataCenter, adds, “Our platform attracts partnerships with world-leading companies and we have a proven ability to deliver the scale and flexibility our customers demand.
“The fact that we can attract financing of this magnitude is a testament to the strength of our business model and the confidence the market has in our team and strategy.”
EcoDataCenter opened its first site in Falun in 2019 and has since expanded its footprint to meet growing demand for compute-intensive workloads. Its customer base includes organisations such as BMW, DeepL, and CoreWeave.
LionTree Advisors acted as financial advisor and White & Case LLP served as legal counsel for the transaction.
For more from EcoDataCenter, click here.
