Vertically integrated AI infrastructure provider Crusoe has announced a significant expansion of its operations in partnership with Nordic data center specialist atNorth. The company revealed that it will increase capacity at atNorth’s ICE02 facility in Iceland while also securing a $175 million credit facility from Victory Park Capital (VPC), a global investment firm focused on private credit.
The move highlights both the accelerating demand for AI-ready infrastructure and the growing emphasis on clean energy solutions for large-scale computing.
The ICE02 facility, located in Iceland, is powered entirely by renewable geothermal and hydroelectric energy, making it a strategic location for high-performance infrastructure deployments. Crusoe’s expansion will incorporate NVIDIA’s most advanced GPU technology, including NVIDIA DGX GB200 NVL72 instances and Blackwell GPUs, supported by Direct Liquid to Chip (DLC) cooling for improved efficiency. The new capacity is intended to serve Crusoe Cloud customers in both Europe and North America, meeting surging demand for scalable, sustainable AI infrastructure.
Crusoe co-founder and CEO Chase Lochmiller emphasized the alignment of clean energy with the company’s mission. “Crusoe runs the infrastructure for intelligence. This credit facility from Victory Park Capital enables us to accelerate the deployment of the most advanced GPU hardware to meet the incredible demand we’re seeing from the market for Crusoe Cloud,” he said. “Our partnership with atNorth allows us to leverage the abundant geothermal and hydroelectric power in Iceland to build energy-first AI infrastructure so that our customers can run their most demanding AI workloads on Crusoe Cloud.”
For atNorth, the expansion underscores the importance of sustainable operations in the data center sector. Eyjólfur Magnús Kristinsson, CEO of atNorth, highlighted the facility’s use of DLC cooling, which improves performance while reducing energy use. “The expansion of our ICE02 site will feature cutting-edge infrastructure and highly energy-efficient Direct Liquid to Chip cooling technology. This aligns with both companies’ commitment to sustainability, and we are proud to support Crusoe on their path to decarbonize workloads while delivering AI-ready solutions in an environmentally responsible way,” he noted.
Victory Park Capital (VPC), which structured the $175 million facility, sees Crusoe’s vertically integrated approach as a differentiator in a crowded market. Connell Hasten, partner at VPC, said, “AI and high-performance computing are placing unprecedented demands on global digital infrastructure. We are proud to support Crusoe’s mission to power the future of AI with clean energy and see tremendous potential in its vertically integrated model. We believe the company is uniquely positioned to develop and operate AI-optimized data centers that efficiently support large-scale GPU clusters.”
The expansion in Iceland is part of Crusoe’s broader European strategy, which launched in late 2023 and has since grown to include additional capacity in Norway. The ICE02 site offers low-latency connectivity and full redundancy through multiple undersea fiber optic cables, making it well-suited for transatlantic operations. This strategic placement ensures that enterprises in both Europe and North America can access Crusoe’s infrastructure with high reliability.
Crusoe Cloud, the company’s platform, is designed to provide a cost-effective, enterprise-grade environment for running advanced AI workloads. Built on state-of-the-art GPU clusters, the platform offers reliability, scalability, and support that enables engineers, developers, and data scientists to prioritize innovation over infrastructure management.
The combined momentum of renewable-powered expansion and fresh financial backing reflects a larger trend in the AI infrastructure industry: the push to deliver high-density compute while addressing sustainability challenges. By aligning capital, advanced technology, and green energy, Crusoe is positioning itself to serve as a leading provider of next-generation cloud resources tailored to AI and high-performance computing.
