Bitdeer Technologies Group (BTDR) Investor update summary

Strategic partnership and contract overview

• Announced a 16-year colocation lease at Tydal campus, Norway, valued at $4.7 billion, with an eight-year renewal option raising potential value to $8 billion over 24 years.

• Lease covers 121 IT MW in two phases, starting December 2026 and March 2027, with two additional data halls planned for late 2027.

• Volta, as tenant, partners with Dell Technologies, NVIDIA, JPMorgan, and others to create a leading AI data center for a major AI lab.

• Volta's obligations are backed by a $1.3 billion credit backstop from JPMorgan and another top-tier institution, with no shareholder dilution.

• Lease includes 3% annual rent escalators, tenant termination option after 10 years, and serves as a template for future deals.

Operational and environmental advantages

• Tydal campus is fully energized, enabling rapid deployment and addressing global power bottlenecks for AI developers.

• Connected to Norway's hydropower grid and wind farm, offering reliable, competitively priced, zero-carbon baseload power.

• Infrastructure includes advanced redundancy, battery storage, efficient hydrocooling, and a PUE of 1.1.

• Carrier-neutral connectivity with redundant fiber and partnerships with Telenor and NT Telecom.

• Commitment to local community includes job creation and exporting waste heat for sustainable business development.

Financial structure and capital plans

• Lease rate starts at $160/kW/month, escalating to an average of $202/kW/month over 16 years, with electricity costs fully reimbursed by the tenant.

• Expected average annual revenue of $2.4 million per IT MW, totaling $290 million per year, with an NOI margin of about 90%.

• Remaining CapEx for Tydal is $500 million, or $4 million per IT MW, funded by planned debt financing.

• Additional debt financing and project bond financing expected to cover Tydal build-out and future AI/HPC projects.

• Bitdeer retains 100% ownership of the Tydal campus, with no equity securities or warrants issued in the transaction.