Cryptomine and HPC data center firm Bitzero has signed an energy deal in Norway.

The company last week announced it had secured a new 10MW power purchase agreement (PPA) at its data center site in Namsskogan, Norway. The provider was not named.

The company said the deal locks in power at approximately $0.02 per kWh. The new total blended cost of $0.03–0.035 per kWh for the 40MW site a “notable improvement” from the previously announced ~$0.04 per kWh, according to the firm.

“Energy efficiency is the single most important driver of competitiveness in our industry,” said Mohammed Bakhashwain, Bitzero president and CEO. “Securing long-term, stable, low-cost power positions us to protect margins, scale responsibly, and maintain one of the most cost-effective digital infrastructure footprints. With Bitcoin trading at lower levels, our ability to operate efficiently and at a lower breakeven gives us a clear advantage over other operators who face higher power costs and tighter margins.”

Founded in 2021, the Vancouver-based company recently joined the Canadian Securities Exchange. The firm is backed by Shark Tank star Kevin O’Leary.

Bitzero’s Norway 1 facility, in Namsskogan, Norway, offers 40MW capacity across 14,000 cryptomining rigs. Bitzero says this is currently being expanded to 110MW and potential to reach 325MW. It has also leased a 5MW site in nearby Røyrvik, known as Norway 2.

In North Dakota, US, the company purchased a former missile base, the Stanley R. Mickelsen Safeguard Complex at Nekoma, commonly known as “The Pyramid,” in 2022, and now runs a 2.5MW data center on the site, with 30MW of capacity “prepped for rapid deployment.” The 184-acre site could eventually offer up to 300MW, and Bitzero believes it is ideal “for hyperscale compute and sensitive data storage.”

Bitzero also has a site in development in Finland.