Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit 99.1
Singapore,
August 4, 2026
Bitdeer
Announces $4.7 Billion, 16-Year AI/HPC Data
Center Lease for Tydal, Norway Campus
Transaction
Highlights
| ● | Approximately
$4.7 billion in contracted revenue over the initial 16-year base-term, with the potential
to reach a total contract value of $8.0 billion through a one-time 8-year lease extension. |
| ● | Tenant
is a subsidiary of Volta; the entire 121 IT MW will be configured to run NVIDIA
GPUs for the end customer, a leading AI lab. |
| ● | Credit
backstop is anticipated to be arranged by affiliates of J.P. Morgan and another top-tier
global financial institution via Letters of Credit, totaling approximately $1.3 billion
and subject to customary conditions. |
| ● | Tydal,
Norway AI Data Center expected to be among Norway’s largest and most efficient AI
data centers upon completion. With a PUE of approximately 1.1 and running on 100% renewable
energy, it sets a compelling standard for data center performance, at scale. |
SINGAPORE,
August 4, 2026 (GLOBE NEWSWIRE) – Bitdeer AI, part of Bitdeer Technologies Group (NASDAQ: BTDR), (“Bitdeer” or
the “Company”), an emerging AI cloud service, AI infrastructure provider and NVIDIA Cloud Partner, announced today that it
has executed a 16-year colocation lease and services agreement through its subsidiary, Tydal Data Center AS (“TDC”) with
Volta Tydal AS, a subsidiary of Volta, an NVIDIA Cloud Partner. Volta’s customer at the Tydal site will be a leading AI lab, with
Dell Technologies as the technology provider.
Under
the agreement, TDC will deliver 121 IT megawatts (MW), supported by an estimated 133 gross MW, at its Tydal campus in Norway. The agreement
represents approximately $4.7 billion in contracted revenue over the initial 16-year base term. An 8-year renewal option increases the
potential total contract value to approximately $8.0 billion over 24 years. The lease is structured as a modified gross arrangement with
an average payment of approximately $202/kW/month over the first 16 years, with electricity costs reimbursed by the tenant on a pass-through
basis.
Volta’s
obligations are anticipated to be supported by a credit backstop in the form of Letters of Credit arranged by affiliates of J.P. Morgan
and another top-tier global financial institution, totaling approximately $1.3 billion and subject to customary conditions.
Management
Commentary
“Tydal
Data Center combines one of Norway’s strongest energy locations - with dual grid connectivity and renewable local hydropower, with the
world’s most advanced AI infrastructure. We are thrilled to join forces with Volta in building a new generation of high-performance AI
infrastructure, delivering leading-edge energy efficiency while creating opportunities for energy reuse and a circular economy. Our ambition
is to establish Norway as a leading destination for sustainable AI computing by combining world-class technology with local expertise
and renewable energy.”
—
Haakon Bryhni, Chairman, Tydal Data Center AS
“This
agreement is a key milestone in Bitdeer’s evolution as a global AI infrastructure platform. Bitdeer is delighted to be partnering
with Volta, Dell Technologies, NVIDIA, J.P. Morgan, and their partners to provide one of the largest AI data centers in Norway. This
project will incorporate leading-edge NVIDIA GPU technology and frontier models from a leading AI lab into a data center that is powered
exclusively through highly reliable, carbon-free energy sources. Bitdeer has been present in Norway since 2018 and is very proud to be
leading the effort to bring AI data centers at scale to Norway and Europe.”
—
Michael G. Potter, Chief Financial Officer, Bitdeer Technologies
“Compute
is becoming the defining infrastructure asset class of our generation. This partnership demonstrates what is possible when institutional
infrastructure capital is combined with world-class physical infrastructure and leading AI technology. By combining Bitdeer’s exceptional
data centre platform with Volta’s capital formation capabilities, compute platform and relationships across the AI ecosystem, we are
creating one of Europe’s largest AI factories. Together, we are helping establish Norway as a global hub for AI infrastructure and accelerating
our ambition to build The Utility of Compute™.”
—
Ricard Boada, Co-Founder and CEO, Volta
Key
Transaction & Financial Highlights
Contract
Economics
| ● | Total
contract value: Approximately $4.7 billion over the initial 16-year base term; Tenant has
a no fee termination right at 10 years |
| ● | Tenant’s
Renewal option: 8-year extension increases potential total contract value to approximately
$8.0 billion over 24 years |
| ● | Modified
gross lease: 16-year average rate of approximately $202/kW/month total; electricity costs
fully reimbursed by tenant |
| ● | Revenue
per IT MW: Expected average annual revenue of $2.4 million per IT MW over 16 years |
| ● | NOI
Margin: Estimated NOI Margin of approximately 90% |
| ● | Escalators:
3% annual increases on both lease and services agreement |
Capacity,
Delivery & Expansion
| ● | 121
IT MW of contracted critical load; supported by an estimated 133 gross MW of capacity |
| ● | Two
equal-sized phases across 4 data halls: Phase 1 target commencement December 31, 2026; Phase
2 target commencement March 31, 2027 |
| ● | Bitdeer
is developing two additional data halls, totaling 47 MW gross (out of the 180 gross MW total
campus capacity) for future AI / HPC use cases in second half of 2027 |
Credit
Support & Other
| ● | Institutional-grade
Credit Support: Volta’s obligations are anticipated to be backed by Letters of Credit
arranged by affiliates of J.P. Morgan and another top-tier global financial institution,
totaling approximately $1.3 billion and subject to customary conditions. Bitdeer has the
right to terminate the agreement if Volta fails to meet certain milestones relating to the
credit backstop. |
| ● | Bitdeer
affiliates retain 100% ownership of the Tydal, Norway campus |
| ● | No
Bitdeer equity securities or warrants were issued as part of this transaction |
| ● | Capex:
Remaining capex of approximately $500 million (approximately $4.0 million per IT MW for 121
MW of critical IT power) |
| ● | Bitdeer
intends to raise additional debt capital to fund its ongoing infrastructure growth, including
at Tydal. Bitdeer anticipates the expected Tydal financing to generate significant excess
capital to help accelerate additional AI / HPC projects. Leading financial institutions have
been engaged to lead this financing effort |
About
the Companies
About
Bitdeer AI
Bitdeer
AI, part of Bitdeer Technologies Group (NASDAQ: BTDR), an emerging AI cloud service and AI infrastructure provider, delivers GPU cloud
and full-stack AI solutions designed to simplify and scale intelligent computing and building AI computational infrastructure to support
the AI revolution. Headquartered in Singapore, Bitdeer AI is an NVIDIA Cloud Partner offering GPU Cloud, AI Studio, and AI Agent Builder
services, supported by the Bitdeer Technologies Group’s global data center network with up to 3GW of total power capacity across
the U.S., Norway, Bhutan, and Canada. The company enables organizations across industries to advance impactful AI initiatives and drive
meaningful goals globally. For more information, please visit https://www.bitdeer.ai.
To
learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @Bitdeer_AI and LinkedIn @Bitdeer AI.
About
Volta Infrastructure
Volta
is a fully vertically integrated AI infrastructure platform. The company develops, finances, builds, and operates AI factories by integrating
institutional capital, powered land, data centers, compute, software, and operations under a single platform. Its mission is to build
The Utility of Compute™ and enable frontier AI labs, AI-native companies, and enterprises to access dedicated AI infrastructure
that is dependable, scalable, and enabled by low-cost infrastructure capital. For more information, please visit www.volta.com.
Advisors
Morgan
Stanley & Co. LLC, Barclays Capital Inc., and Northland Securities, Inc. acted as financial advisors to Bitdeer. Lowenstein Sandler
LLP, Cooley LLP and Advokatfirmaet Wiersholm AS, acted as legal counsel to Bitdeer. J.P. Morgan acted as financial advisor and Milbank
LLP acted as legal counsel to Volta.
Conference
Call Details
[To
be pre-recorded – no Q&A. Details to be added.]
Non-GAAP
Financial Measures and Operating Metrics
This
press release includes a supplemental financial measure for Net Operating Income (NOI) Margin, which the Company defines as follows:
NOI Margin represents the expected total gross colocation revenue less direct rental property operating expenses, property taxes and
insurance expenses divided by the expected total gross colocation revenue. NOI Margin is commonly used by stockholders, the Company’s
management and industry analysts as a measurement of operating performance of the Company’s lease portfolio. However, because NOI
Margin excludes the impact of selling, general and administrative expenses, depreciation and amortization and share-based compensation,
which have real economic effect and could materially impact the Company’s consolidated financial results, the utility of NOI Margin
as a measure of the Company’s performance is limited. Other companies, including Real Estate Investment Trusts, may calculate NOI
Margin differently than we do and, accordingly, our NOI Margin may not be comparable to these companies’ NOI Margin. This supplemental
financial measure is not a measurement of financial performance under accounting principles generally accepted in the United States (“GAAP”)
and, as a result, this supplemental financial measure may not be comparable to similarly titled measures of other companies.
Total
contract value and potential total contract value represent the aggregate base rent and services payments contractually scheduled to
be received over the initial 16-year lease term and (in the case of potential total contract value) the additional 8-year renewal option
period, respectively, assuming full performance of the lease and services agreement. These figures reflect contracted payment streams
and do not represent GAAP revenue.
Average revenue rate ($/kW/month) represents total contracted colocation revenue divided by contracted IT MW capacity and the number
of months in the applicable term. Revenue per IT MW represents the average annual contracted colocation revenue attributable to each
IT megawatt of contracted capacity over the applicable term. Capital expenditure per IT MW represents total estimated construction and
fit-out capital expenditure divided by contracted critical IT power capacity in megawatts.
Management
utilizes these non-GAAP and unit economic metrics internally to evaluate asset-level operating performance and project-level lending
feasibility. These measures are not necessarily comparable to similarly titled measures used by other companies. In addition, forward-looking
GAAP operating income cannot be reconciled to forward-looking NOI without unreasonable effort, due to the high volatility and inherently
unpredictable nature of non-cash reconciling items such as asset impairment and stock-based awards.
Forward-Looking
Statements
This
press release contains certain forward-looking statements as defined under the Securities Act of 1933, as amended, and the U.S. Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release are
forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,”
“should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” “targets,” “continue,” “become,” “develop,”
or the negative of these terms or other comparable terminology.
Forward-looking
statements in this press release include, without limitation, statements regarding the Company’s planned colocation agreement and expected
financial terms, capacity delivery and commissioning timelines, lease structure and unit economics, credit support arrangements, future
construction and expansion plans, capital raising intentions, regulatory applications, and the Company’s broader strategy as a global
AI infrastructure platform.
These
forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections about the Company
and the industry in which it operates, and involve known and unknown risks, uncertainties, and other factors that may cause actual results,
performance, or achievements to differ materially from those expressed or implied by any forward-looking statements. These risks and
uncertainties include, but are not limited to: the Company’s ability to complete construction and commissioning of the Tydal campus on
the anticipated timeline and within the estimated capital expenditure budget; the ability of Volta, and its customers and business partners
to satisfy their obligations under the lease and services agreement; the effectiveness and adequacy of the credit backstop arrangements;
the availability and cost of power, equipment, and construction services in Norway; risks associated with the deployment and performance
of NVIDIA GPU infrastructure; changes in demand for AI and high-performance computing services; the Company’s ability to access capital
markets and raise financing on acceptable terms; competition in the data center colocation and AI infrastructure markets; macroeconomic
conditions, including fluctuations in interest rates, currency exchange rates, and energy costs; geopolitical risks and changes in laws
and regulations applicable to the Company’s operations in Norway, Singapore, and other jurisdictions; and other risks and uncertainties
described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form
20-F and subsequent reports on Form 6-K.
These
forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable
law. Readers are cautioned not to place undue reliance on forward-looking statements.
Website
and Social Media Disclosure
Investors,
security holders, and others should note that the Company may use its investor relations website at https://ir.bitdeer.com/ and its official
accounts on social media platforms, including X (formerly Twitter) (@Bitdeer_AI), Facebook, and LinkedIn (@Bitdeer AI), as channels for
and non-exclusionary disclosure of information about the Company. Information the Company posts through these channels may be deemed
to be material information. Accordingly, investors, security holders, and others interested in the Company are encouraged to monitor
these channels in addition to following the Company’s press releases, SEC filings, and public conference calls and webcasts. The contents
of the Company’s website and social media accounts are not incorporated by reference into, and do not constitute a part of, this press
release or any other report or document the Company files with or furnishes to the U.S. Securities and Exchange Commission, unless expressly
stated otherwise.
Investor
& Media Contacts
Investor
Relations
Tesh
Dahya, Head of Investor Relations – tesh.dahya@bitdeer.com
Media
Elev8
New Media – Jessica Starman, MBA – bitdeer@elev8newmedia.com
