IREN enters Europe with acquisition of Spanish AI data center developer Nostrum
The deal gives IREN a Spain-based AI data center pipeline, about 490 MW of secured grid-connected power and a team of more than 50 employees.
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Summary
IREN said it is entering Europe through the acquisition of Ingenostrum, S.L., or Nostrum Group, a Spanish AI data center developer. The deal adds about 490 MW of secured grid-connected power, a Spain-based AI data center pipeline and a team of more than 50 employees. The move broadens IREN’s infrastructure footprint beyond its roots in Bitcoin mining as it shifts toward AI infrastructure. IREN shares rose nearly 4% on Monday to about $62 after the announcement.
Terms & Concepts
- AI data center: Facility designed to support intensive artificial intelligence computing workloads.
- grid-connected power: Electricity capacity that is secured and linked to the power grid for future use.
- MW: Megawatts, a unit used to measure electrical power capacity.