Arctic Core - Conditional lease agreement
Arctic Core AS, a wholly owned subsidiary of Harmonychain AS, has today entered
into a conditional lease agreement on a commercial plot in Øksnes municipality
for the development of a data center. The agreement is conditional on, among
other things, that necessary permits are granted, and that the necessary studies
After initial discussions with the grid company, it has been indicated that a 5
MW power supply will be possible in the short term after the necessary
investments have been made. The goal is to be able to gradually increase this to
The rental price is variable, and depends on power consumed. Arctic Core also
has a purchase option on the plot at the end of the lease period.
We are seeing an increasing demand for renewable energy from our customers. Many
potential customers require green energy, and Harmonychain's strategy is to be
able to offer the most environmentally friendly blockchain validation. This is
also reflected in Lokotech's investment in the world's most energy efficient
chip in its niche.
As always, we consider reusing waste heat from the data centers, often in
collaboration with local partners, to further improve the environmental profile.
In Øksnes, with a well-established fishing industry, the use of waste heat into
this industry will then also be an opportunity. Other synergies will also be
If a sublease agreement is entered into, a separate notice to this effect will
be published. It is assumed that Harmonychain AS will have little or no
financial effect in 2022, but is in line with our strategy of establishing 5-10
such centers in the long term.