Data centers powering artificial intelligence consumed about 670,000 barrels of oil equivalent per day in 2024, according to the International Energy Agency, and that figure is projected to more than double to 1.5 million barrels of oil equivalent daily by 2030 as electricity demand surges toward 945 terawatt-hours. The IEA estimates data centers drew roughly 415 terawatt-hours from global grids last year, a load that is expected to strain power infrastructure already facing four-year grid connection wait times, transformer shortages, and transmission bottlenecks. Bitzero Holdings Inc., backed by Kevin O'Leary, has positioned itself ahead of this trend by securing over one gigawatt of low-cost, renewable power capacity across Norway, Finland, and North Dakota, and on May 5th it announced a 15-year lease deal with OneQode Networks for the full 110-megawatt capacity of its Namsskogan, Norway site, marking its entry into the large-scale AI data center infrastructure market. The agreement, valued at roughly $2.6 billion over its term, is structured at about $135 per kilowatt per month with a 3% annual escalator, potentially generating $176 million to $178 million in annual revenue at full utilization. Bitzero's all-in energy cost of 4.3 cents per kilowatt-hour, including taxes and grid fees, gives it a significant cost advantage as hyperscalers like Nvidia, Amazon, and Meta Platforms drive hundreds of billions of dollars into AI infrastructure that increasingly depends on access to reliable, low-cost power.
Bitzero Holdings Inc.Secured a 15-year lease deal for 110 MW capacity, generating $176-178M annual revenue, with low-cost power advantage.
Signed a 15-year lease with Bitzero for 110 MW capacity, securing long-term data center capacity.
