Swedish digital infrastructure firm EcoDataCenter announced on Tuesday that it has secured €600 million ($703.5 million) in debt financing from Deutsche Bank’s Private Credit and Infrastructure unit to accelerate its AI-focused data centre expansion.
The funding will be used to build large-scale facilities in Falun and Borlänge, north of Stockholm, aimed at handling compute-intensive AI workloads and next-generation high-performance computing.
CEO Peter Michelson, a former Ericsson executive, said the new financing provides a two-year runway, but suggested additional capital may be needed as demand for AI infrastructure accelerates.
“If we were to stop building tomorrow, we would be a highly profitable company… but we obviously have ambitions for much more than that,” Michelson told Reuters.
The deal follows €450 million raised earlier this year by EcoDataCenter’s owner Areim, bringing total financing since 2023 to €1.8 billion.
Sweden is becoming a European hub for AI data centres, with major expansions from Microsoft, Meta, and Alphabet driven by the country’s stable power grid and connectivity advantages.
EcoDataCenter, which opened its first site in 2019, counts clients such as DeepL and BMW. Last year, it partnered with CoreWeave to build one of Europe’s largest AI training clusters and now hosts a Nvidia Blackwell SuperPod for DeepL, underscoring its growing role in Europe’s AI infrastructure race.