Key facts
- Over $130 billion in AI data center projects have been blocked or delayed in the US in early 2026.
- Community opposition stems from concerns over increased electricity costs and water usage.
- Bitzero has secured over a gigawatt of permitted clean power capacity in Norway and Finland.
- Bitzero signed a 15-year lease worth approximately $2.6 billion for its Norwegian data center with OneQode.
- Bitzero began trading on the Nasdaq under the ticker AIBZ on June 9.
- The company's Norwegian site draws 100% renewable hydroelectric power at a low cost.
Communities across the United States are increasingly blocking or delaying AI data center projects, with over $130 billion in proposals facing opposition in early 2026. This backlash, driven by concerns over escalating electricity bills and significant water consumption required for cooling, is forcing major tech companies like Google and Amazon to reconsider their expansion plans. Google, for instance, withdrew a $1 billion data center proposal in Indianapolis just before a city-county council vote. Similarly, Amazon's $3.6 billion campus in Tucson, Arizona, met unanimous opposition from the city council.
Elected officials are also contributing to the friction, with over 300 data center bills introduced in Congress and 14 states considering moratoriums on new construction. This regulatory uncertainty creates challenges for developers who have already committed capital.
In contrast, Bitzero (Nasdaq: AIBZ), an AI infrastructure company, has strategically positioned itself to circumvent these issues. The company has spent years securing low-cost, clean power capacity and community approvals in Norway and Finland. Its flagship site in Namsskogan, Norway, utilizes 100% renewable hydroelectric power at a cost of 3 to 4 cents per kilowatt-hour and has direct access to the high-voltage grid. This site, permitted before the recent wave of opposition and under Norway's old rules, effectively sidesteps the new five-megawatt cap on data center permits.
Bitzero recently signed a binding 15-year lease worth approximately $2.6 billion with cloud and network provider OneQode for the initial 110-megawatt capacity of its Namsskogan site. Operations are slated to begin in the first half of 2027, with Bitzero expecting an 85% net operating income margin. The company also has plans for a gigawatt-scale site in Kokemäki, Finland, and has acquired a former missile complex in North Dakota.
On June 9, Bitzero transitioned to trading on the Nasdaq, signaling a move towards institutional investment. Early investors, including Kevin O'Leary and Phoenix Group, have supported the company's power-centric strategy. The market is beginning to price in contracted AI capacity, with Bitzero's deals aligning with industry benchmarks, though its valuation is still catching up to its contracted revenue potential.