Ugna acquires 100% of shares in Krefter AS

Ugna AS, led by Oliver Horvei, has completed the acquisition of data centre company Krefter AS. This acquisition incorporates all plots, projects and infrastructure in Lalm, Gudbrandsdalen into Ugna’s expanding Nordic portfolio.

Horvei co-founded Krefter AS in 2021 alongside data centre developer Grandtechnick Pte Ltd, aiming to establish a hyperscale data centre for international clients in Lalm, Vågå municipality. However, due to disagreements over the strategic direction of Krefter, Horvei and several team members departed the project in 2022.

“With the acquisition of Krefter AS, I am presented with the opportunity to realise the project according to the original plans. Apart from transitioning heavy industry to renewable energy, we aim to repurpose excess heat to generate greater value and local employment,” stated Oliver Horvei, CEO of Ugna.

He noted that extensive upgrades to the existing infrastructure in Lalm, including fibre, power and network redundancy, as well as necessary concession planning, are crucial for creating a product that meets current market demands for data centres. Ugna is also exploring additional adjacent land to accommodate energy-intensive industries and sectors that can use the surplus heat from the established centres.

“There are many unresolved issues and complex processes that need to be addressed, particularly in terms of regulation and concession, but our extensive experience in a burgeoning industry affords us a competitive edge,” Horvei added.

Beyond the projects in Lalm, Ugna is developing strategically significant, circular-economy projects at various locations across the Nordics.

“All our establishments are focused on efficient resource use and harnessing surplus heat in secondary industries like aquaculture and greenhouses,” Horvei concluded.