VivoPower PLC (NASDAQ:VIVO, FRA:51J) announced that it has selected a preferred long-term tenant for its AI data center in Mo i Rana, northern Norway, marking a step toward securing an anchor customer for the project.
The company said on Monday that it is working with the unnamed counterparty to finalize legal documentation and expects to provide a further update in the near term once agreements have been executed.
According to VivoPower, the preferred tenant is a global AI industry leader selected from a competitive field of prospective customers.
The company said the tenant ranked highest across its previously disclosed evaluation criteria, including commercial terms, financial strength, credit quality, operational alignment with the project's long-duration lease structure, strategic fit, and potential for future capacity expansion.
Negotiations have expanded beyond the Mo i Rana data center to include potential agreements covering its broader powered land and AI data center development pipeline. If completed, those arrangements would deepen the relationship with the selected counterparty across multiple jurisdictions.
The company said it will disclose the identity of the preferred tenant, along with the material commercial terms of the lease and any additional strategic arrangements, after the legal documentation has been finalized.