Bulk Infrastructure Holding AS, the parent company of Bulk Infrastructure Group, is headquartered in Oslo, Norway and is a developer and operator of real estate in the Nordics, across the sectors of warehousing, logistics, data centers, and fiber infrastructure, which includes subsea cables.

Below we provide an overview and detail recent updates on Bulk Infrastructure’s two digital infrastructure-related business areas, namely data centers and fiber networks.

Data Centers – Bulk Infrastructure

Bulk Infrastructure Group develops and operates data centers across the Nordics, serving customers with both hyperscale facilities and server racks in a colocation environment. The company owns data centers at two locations in Norway and one in Denmark.

Bulk Infrastructure states that the Nordic data center market’s value proposition includes a cool climate, energy surplus, sustainable energy mix (i.e., zero-emission), low electricity prices, and political stability.

Locations

Bulk Infrastructure’s data center campuses include the Oslo Internet Exchange (OS-IX), N01 (Kristiansand, Norway), and DK01 (Esbjerg, Denmark).

Bulk Infrastructure Data Centers Map
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Oslo Internet Exchange (OS-IX)

Bulk Infrastructure’s OS-IX offers 14.4 megawatts of power capacity across 108k sqft (10.0k sqm) of technical space / data halls. In terms of connectivity, OS-IX represents a central point where 60+ networks meet for peering and traffic exchange.

N01 (Kristiansand, Norway)

Bulk Infrastructure’s N01 site spans 300 hectares (32.3 million sqft) and has the ability to scale to up to 1 gigawatt of renewable (hydroelectric) power capacity. The N01 data center campus is set out across ten zones, with the initial phase of development spanning two zones.

Presently, the N01 data center campus has two colocation facilities, namely DCM101 and DCM102.

  • DCM101: 4 megawatts of IT load across 38.2k sqft (3.55k sqm), of which 16.1k sqft (1.5k sqm) is white space
  • DCM102: 4 megawatts of IT load / 400 racks across 63.5k sqft (5.9k sqm), of which 19.4k sqft (1.8k sqm) is white space
DK01 (Esbjerg, Denmark)

Bulk Infrastructure’s DK01 data center campus offers 12.0 megawatts of IT load across 5.6k sqft (520 sqm) of white space. Furthermore, future data center modules can provide up to 67.2k sqft (6.2k sqm) of white space.

First-Half 2021 Updates

For the six-months ended June 30, 2021, Bulk Infrastructure reported data center revenue of NOK 35.1m ($4.1m USD), a 24% increase year-over-year. During the first-half of 2021, the company signed several new contracts on both fully-owned data centers and the 50%-owned OS-IX.

Additionally, Bulk Infrastructure acquired land plots suitable for data center development in both Norway and Denmark.

Fiber Networks – Bulk Infrastructure

Bulk Infrastructure Group owns and controls dark fiber infrastructure, including both subsea cables and terrestrial fiber systems. The company is a provider of high-capacity transport fiber, both going into the Nordics and within the Nordics. Specifically, Bulk Infrastructure primarily offers this dark fiber infrastructure to carriers and hyperscale data center customers.

Fiber Infrastructure

Bulk Infrastructure owns and operates over 6.2k route miles (10.0k route kilometers) of international and intra-Nordic high-capacity subsea cables and terrestrial fiber networks. Particularly, this infrastructure includes four live subsea cable systems, one under construction, and one in detailed planning.

Bulk Infrastructure Subsea Cables and Terrestrial Fiber Map
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Subsea Cables
  • Havfrue: trans-Atlantic subsea cable which connects New Jersey, United States to Esbjerg, Denmark, with branches to Dublin, Ireland and Kristiansand, Norway
  • Skagerrak 4: subsea cable which directly connects Bulk Infrastructure’s N01 Campus to the Northern tip of Denmark (Bulbjerg and Esbjerg)
  • Havhingsten: subsea cable which connects Esbjerg, Denmark to Newcastle, UK and Dublin, Ireland
  • Havsil: subsea cable which connects Norway to continental Europe (specifically Denmark)
  • Leif Erikson: subsea cable which will connect Husnes, Norway to Goose Bay, Newfoundland, Canada and will be ready for service in Q4 2023
Terrestrial Fiber
  • Inter-City Ring: dark fiber system which connects four of Norway’s largest cities overall including Oslo, Kristiansand, Stavanger, and Bergen

First-Half 2021 Updates

For the six-months ended June 30, 2021, Bulk Infrastructure reported fiber networks revenue of NOK 2.6m ($308k USD), a 200%+ increase year-over-year. During the first-half of 2021, two customers (e.g., Amazon Web Services) have started to utilize the company’s Havfrue subsea cable. However, full utilization of the system is still pending the branch completion in Ireland.

Additionally, on Bulk Infrastructure’s Havsil subsea cable, the company has signed customers for expansion of this system down to its DK01 data center in Esbjerg, Denmark.

Ownership – Bulk Infrastructure

Bulk Infrastructure Holding’s founder Peder Nærbø (Bulk Industrier) holds a 57.4% ownership interest and a 78.7% voting share in the company. Additionally, John Fredriksen (Geveran Trading), a Norwegian oil tanker and shipping magnate, owns 13.2% of Bulk Infrastructure. Finally, BentallGreenOak (BGO King HoldCo) owns 9.8% of the company.

Notably, in December 2020, BentallGreenOak committed ~€140m of equity to Bulk Infrastructure.

Equity Issuance

Subsequently, in July 2021, Bulk Infrastructure Holding issued NOK 500m ($58.5m USD) of equity, which was targeted towards existing shareholders.

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