VivoPower가 노르웨이 AI 데이터센터 프로젝트를 진전시켰으며, Proactive의 한 애널리스트는 밸류에이션 상승 여력이 있다고 봤다.
VivoPower PLC (NASDAQ: VIVO, FRA: 51J) is moving ahead with its planned AI data center in Norway while pursuing a broader expansion into sovereign AI infrastructure. Noble Capital Markets points to significant valuation upside as the company advances its development pipeline.
On October 12, VivoPower announced that construction had begun on the initial 40-megawatt (MW) AI data center at its Mo i Rana facility. The company has selected a global AI industry leader as its preferred tenant, although a definitive lease agreement has yet to be announced.
The facility is being designed to meet the prospective customer's requirements. Local contractors are handling site preparation and structural work ahead of specialized mechanical and electrical installation.
Construction is taking place on adjacent land, allowing existing Bitcoin mining and grid-balancing operations to continue. When the current mining lease expires in June 2027, VivoPower plans to redirect the existing power capacity toward AI applications and develop an additional 40MW of capacity.
**Partnership targets 1GW of AI capacity**
VivoPower is also expanding its commercial reach through a partnership with Open Innovation AI, announced on October 21. The companies will jointly pursue sovereign AI data center developments, targeting 1 gigawatt (GW) of capacity over the next three years across the Nordics, mainland Europe, the Gulf Cooperation Council, and selected Asian markets.
Open Innovation AI provides hardware-agnostic technology for AI infrastructure orchestration, operations, and security. The partnership is intended to help VivoPower pursue governments and enterprises seeking secure AI infrastructure under local control.
"We believe the collaboration strengthens VivoPower's ability to attract governments and enterprises seeking locally controlled, secure AI infrastructure," analysts at Noble Capital Markets wrote.
Analysts noted that the 1GW target is not contracted capacity, and each project will require separate agreements.
**Analyst sees significant valuation gap**
Noble rates VivoPower as Outperform, with a $10 price target based on its expectations for earnings growth from the company's AI infrastructure strategy.
The broker estimates that VivoPower trades at 0.7 times its calendar 2028 enterprise value-to-EBITDA estimate of $121 million, compared with an average of 7.8 times for industry peers.
Its price target uses a 5.5-times multiple of estimated 2028 EBITDA and assumes a fully diluted share count of 62.6 million shares.
Noble views the start of construction as a positive step, improving the company's risk-reward profile as it moves toward developing operational AI infrastructure.