HIVE Digital Technologies Ltd. has signed a non-binding letter of intent (LOI) with an investment-grade, sovereign Swedish technology company for an up to 10-year lease of its Boden, Sweden data center, positioning the site for high-performance computing (HPC) colocation. The agreement follows earlier approvals related to HIVE’s acquisition of the facility from Bodens Utvecklings AB, and it outlines plans to retrofit the site to support up to 10,000 GB300 GPUs using hybrid direct-to-chip liquid cooling and air cooling.
Boden facility lease talks target decade-long HPC colocation
HIVE, which has operated the 32 megawatt (MW) Boden facility since 2018, said the LOI contemplates a long-term arrangement designed around HPC workloads. The document is non-binding and remains subject to negotiation and execution of a definitive agreement with the client.
As previously announced on June 18, 2026, the Boden Municipal Council approved HIVE’s acquisition of the Boden facility from Bodens Utvecklings AB. With that municipal approval in place, the LOI sets out the commercial framework for the facility’s future role in HPC colocation in Sweden.
HIVE stated that it has been running approximately 130,000 GPUs in the region while operating at the site. Building on that operational base, the LOI contemplates a term of up to 10 years for a usable critical IT load of approximately 25 MW—an amount the company links to HPC colocation needs.
Retrofit plans include up to 10,000 GB300 GPUs
The LOI describes a retrofit that would allow the Boden facility to support up to 10,000 GB300 GPUs. HIVE said the planned configuration would use single rack densities up to 150 kW.
Cooling will be delivered through a hybrid approach combining direct-to-chip (DTC) liquid cooling with air cooling. The company also drew a clear relationship between site capacity and computing capability: the site’s gross utility load of 32 MW corresponds to a critical IT load of approximately 25 MW, which the LOI identifies for HPC colocation.
HIVE also said the client selected the Boden facility as its long-term HPC colocation home after “rigorous site visits and technical diligence,” building on HIVE’s existing infrastructure and operational experience at the location.
How the deal builds on HIVE’s long-running presence in Sweden
For nearly a decade, HIVE has been embedded in the Boden community, according to the company, including investing in the region, supporting local initiatives, and building partnerships with local stakeholders. In its statement, the company presented the LOI as the next step in turning that operating base into a long-duration infrastructure contract for HPC workloads.
HIVE’s management framed the agreement as an example of long-term infrastructure commitment in the Nordics. Frank Holmes, Executive Chairman of HIVE, said the LOI reflects what he described as patient, long-term planning, highlighting that an investment-grade, sovereign Swedish technology client is committing to the site for up to 10 years. He also pointed to the facility’s clean power and proven infrastructure, and characterized HIVE’s business as converting clean electricity into compute while expanding its footprint from Canada to Paraguay to Sweden.
“This LOI is a reflection of what patient, long-term infrastructure thinking produces. We built in Sweden when others were not looking at the Nordics, and an investment-grade, sovereign Swedish technology client committing to up to 10 years at this facility is the proof of what that patience delivers. The power is clean, the infrastructure is proven, and the trust has been earned.”
Frank Holmes also said the company’s strategy is centered on sovereign AI infrastructure, describing HIVE as building for that longer time horizon.
Aydin Kilic, President and CEO of HIVE, characterized the Boden site as a strategic long-term asset and described its evolution from a GPU compute facility that supported Ethereum to a higher-power-density, liquid-cooled GPU facility based on the GB300 NVL72 architecture. Kilic said HIVE anticipates the colocation arrangement could contribute “significant annual recurring revenue,” while also noting that the company is looking to secure a long-term colocation offtake lease.
“We see this legacy site in Boden as a strategic long-term asset for the Company… We anticipate this to contribute significant annual recurring revenue, and we look forward to securing a long-term colocation offtake lease with the Client for this facility.”
Johanna Thörnblad, Country Site President, Sweden, called the signing of the agreement both a commercial milestone and a symbol of the future HIVE is building in Boden, tying the project to what she described as continued support for digital sovereignty and the development of infrastructure intended to serve long-term needs in Sweden.
What’s next: LOI non-binding, definitive lease still needed
While the LOI outlines terms for a long-duration HPC colocation lease and specific retrofit parameters—up to 10,000 GB300 GPUs, up to 150 kW single rack densities, and a hybrid cooling approach—HIVE emphasized that the LOI is non-binding. The arrangement is subject to the negotiation and execution of a definitive agreement.
HIVE also referenced the timeline of the municipal approval related to its acquisition of the Boden facility from Bodens Utvecklings AB, situating the LOI within a broader sequence of steps leading toward the final lease structure. The company’s announcement was published as part of the material it linked to its prospectus supplement, and it pointed readers to the source version of the release at source.
About HIVE
Founded in 2017, HIVE Digital Technologies Ltd. builds and operates next-generation data centers across Canada, Sweden, and Paraguay, serving both Bitcoin and high-performance computing clients. The company says it powers its infrastructure with green energy and provides GPU-accelerated AI computing alongside hashrate services through a “dual engine” model.
