My thoughts: not sure what to make of this, on one hand the proposed deal has turned into a much larger potential partnership, spanning other sites in Europe. One of the 6K amendments added a bunch of new sites under LOI across the Nordics and Europe. This solidifies my Core42 speculation HOWEVER there is still no signed tenant/terms, with a full announcement with terms/tenant coming in the “near term”. Near term could mean by June 30 (end of Q2) or could mean longer, so I’m really not sure what to think of this. Currently trading 6.46 (+13%) at 4:07 am ET

VivoPower Selects Global AI Industry Leader as Preferred AI Tenant for Lease of Norway Operational Data Center

June 29, 2026 02:30 ET | Source: VivoPower PLC

Preferred AI tenant selected based on commercial terms, financial strength, credit quality, and operational alignment with the long-duration lease structure

Further announcement with counterparty identity and material commercial terms expected in the near term, subject to and upon execution of legal documentation

LONDON, UK / OSLO, NORWAY, June 29, 2026 (GLOBE NEWSWIRE) -- VivoPower PLC (NASDAQ: VIVO) (“VivoPower” or the “Company”), a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today announced that, further to its short list announcement of 21 May 2026, it has selected a preferred long-term tenant (“Preferred AI Tenant”) for its Mo i Rana AI data center in northern Norway. The Company and the Preferred AI Tenant are working together to finalize legal documentation as soon as practicable.

The preferred counterparty is a global AI industry leader that was selected from a competitive field of prospective AI tenants and was assessed by the Company as superior across each of the previously disclosed evaluation criteria — commercial terms, financial strength and credit quality, operational alignment, strategic fit, and optionality for capacity expansion.

Reflecting the strategic fit identified through the selection process, the bilateral discussions have extended beyond the Mo i Rana data center. Additional arrangements under negotiation relate to the Company’s wider powered land and data center development pipeline, and if progressed to completion, would be expected to deepen the relationship with the selected counterparty across multiple jurisdictions.

Subject to execution of legal agreements, the Company expects to make a further announcement in the near term disclosing the identity of the counterparty and the material commercial terms of the lease and any additional strategic arrangements.

How we feeling $VIVO fam???

Getting close to the big day here… price has really held well in this $5.20 to ~$6, and looking like we either hold the top of range or break out before the weekend.

Gamma ramp is stacked and has gone up considerably since my last post

$7.5 - ~4800

$10 - ~3600

$12.5 - ~1900

Over a MILLION shares of forced buying pressure/dealer hedging at risk if this can gamma squeeze. Almost half of the float

Really hoping management can deliver on this one. The asymmetry to go parabolic is more than there

VIVA LA VIVO

How we doing $VIVO fam? Market deep red but VIVO right around breakeven for the day. I wonder where we’d be if the market wasn’t deep red today

The July gamma ramp is getting juicy into the June 30 catalyst. As of right now, ~4,300 OI at the $7.5 strike, ~3,300 at the $10 strike and ~1,000 at the $12.5 strike. This is a serious gamma ramp, with nearly a million shares of potential dealer hedging/forced buying. Recall the tradable float is roughly 2.4 M

Holding long and strong into catalyst, the more research I do the more confident I am that Core42 is the tenant. Time will tell

VIVA LA VIVO!!!!

If you’ve been following any of my posts/DD on $VIVO, you know I’ve been saying the most likely tenant is Crusoe. After digging more into it, I think it’s more likely to be Core42.

Who Core42 is, and why it fits

Core42 is the AI infrastructure arm of G42 (Abu Dhabi). Two things make it a fit for VIVO’s powered-shell model:

• It leases shells already(20MW in Minneapolis, 70MW+ at TeraWulf in NY). Exactly VIVO’s model.

• It’s funded and aimed at Europe right now: $550M in funding earmarked for US + Europe, with the Nordics being the most sought after region due to cheap, reliable, 100% renewable hydroelectric power, cold climate and fastest ‘time to power’ times globally.

• Recently opened a European HQ in Dublin. VIVO opened an office a month later.

• Already sourcing Norwegian capacity via Northern Data.

The connection

VIVO’s advisory council:

• Khadija Mustafa - former head of global partnerships for Core42. In that role she ran exactly the kind of site/capacity deals a VIVO lease would be.

Now she’s advising VIVO…

• Rachel Pether - ~a decade at Mubadala ($330B Abu Dhabi fund).

Mubadala and G42/Core42 are part of the same Saudi bloc that already back VIVO. Mubadala backs G42, G42 owns Core42, and they run JVs together (MGX, Khazna). That same bloc’s money sits in VIVO’s cap table (TAG/Emirates, GCC placements). TAG owns 23% of VIVO alone.

The people who own Core42 already own a chunk of VIVO.

Why Core42 over Crusoe

Crusoe’s tie to VIVO is indirect - Mubadala invested in it, and it rents from Polar (VIVO’s seller’s network, who took a stake in VIVOA). Core42’s tie is direct - the bloc that owns it is in VIVO’s cap table and on its advisory council.

Core42 is also the only candidate that makes VIVO’s “sovereign AI” branding real. I originally dismissed a Saudi sovereign player for Norway, but I misunderstood the angle. For a Norway site, “sovereign” doesn’t mean Gulf data in the Arctic; it means European sovereign/regulated compute under EU jurisdiction. Core42 is an actual sovereign-cloud provider expanding into Europe to serve exactly that.

Norway itself fits the use case: cheap hydro (<$0.035/kWh), free cooling, ~100% renewable, fast grid. Ideal for large-scale training compute — a slot Core42’s US/UAE/Western-Europe sites don’t fill.

Why Crusoe still stays a close second

If you didn’t read my first post, the case for Crusoe is as follows: the seller of the Norway site, Fiorenzo Manganiello, built and sold majority of PolarDC which leases to Crusoe and CoreWeave. He took stock in VIVO as part of the Norway sale, incentivizing him to connect VIVO to his existing clients. Mubadala is one of the largest investors in Crusoe, so similar narrative as the Core42 thesis (VIVOs investors + advisors). Crusoe has actually signed to lease a Norwegian hydro shell from Polar. So Crusoe leads on track record; Core42 leads on connection and fit.

Ranking:

Given VIVOs track record, I do think the biggest risk is them missing the June 30th target. They’ve had a lot of pivots and haven’t been great with timelines. This is what makes the short trade overcrowded

The datacenter is fully acquired and operational and all the right connections are there in a time when compute is the #1 commodity. Float has been locked up and the trade is asymmetrical to the upside. I believe Core42 is a perfect fit

NFA, do your own DD. VIVA LA VIVO!!!!

VivoPower’s 41.5MW Norway datacenter is targeting a signed AI tenant by June 30. Everyone’s guessing the name. But two independent threads - the seller’s network and the Gulf capital behind the company - converge on the same company: Crusoe.

The seller

VIVO bought its Mo i Rana datacenter from Fiorenzo Manganiello (co-founder of LIAN Group & Cowa), who took VIVO stock in the deal. Manganiello co-built Polar DC, a Nordic hydro datacenter platform, then sold majority control to H.I.G. Capital — and still sits on Polar’s board today. He’s run this exact playbook once. Now he’s a VIVO shareholder, running it again through a public vehicle, where the exit is the market re-rate instead of a private sale (see Nscale: a Norwegian BTC mine → AI that went ~$0.7B → $14.6B in 15 months).

And Polar’s signed tenants? Crusoe (Norway lease + heads of terms for a site 3x bigger) and CoreWeave (15-year contract). These aren’t randoms — CoreWeave has ~$22.4B in committed OpenAI contracts; Crusoe builds OpenAI’s ~1.2GW Abilene “Stargate” campus with Oracle. So VIVO sits one degree from the biggest names in AI.

The money

VIVO isn’t a Western-VC company — it’s Gulf-funded: TAG (Emirates family office) owns 23.6%, there’s a $121M placement tied to the House of Saud, GCC sovereign family offices in the PIPE, and an ex-G42/Core42 advisor (Abu Dhabi’s sovereign AI arm).

Connecting the dots

In Oct 2025, Abu Dhabi’s sovereign fund Mubadala — the bloc behind G42 & MGX — put $1.4 BILLION into Crusoe. So the same Gulf-sovereign money world funding VIVO is directly invested in Crusoe, the company already leasing hydro shells in the seller’s network.

Both the seller and the money point at one name:

•	Seller → Polar board seat → Crusoe

•	Money → Mubadala/G42 → $1.4B into Crusoe

Why Crusoe fits better than anyone: it leases third-party shells (not just build-own), it’s in the seller’s live Polar network, it’s Gulf-funded (same money world), it shares VIVO’s crypto→AI DNA, and 41.5MW is right-sized for it. Every vector points one direction.

NFA, DYOR. VIVA LA $VIVO

Announcing a tier 1 tenant for their AI datacenter by June 30, it’s one of few things green right now. Gamma ramp at 5 is in play, and there’s >5.2k OI at the 7.5 strike. Check my page for prior DD, have been posting for weeks about this since it was in the $3s.

Viva la VIVO!!!!

They are trying so hard to keep this under $5 for opex. There is ~2k OI there with another ~5k at the $7.5 strike. Sustained rally over $5 sets up a real gamma ramp, tenant news into that would be parabolic

Now that $LFVN isn’t completely overshadowing every other squeeze candidate on this sub, I think $VIVO deserves some love. (I am still holding some $LFVN, but have rotated most profits to $VIVO)

$VIVO is an insane squeeze candidate rn. This is the same setup as $APLD ($4 to currently $47) or $KEEL (<$1 to $6). Except this one has 2.4 mil free float, 3.6 mil shares short, and a binary catalyst by June 30. 143% of the free float is short!!!

They recently bought a fully operational 41.5MW datacenter in Norway (Apr 21) at ~4x EBITDA. 100% hydro at <$0.035/kWh; making it among the cheapest on earth. Flipped the whole company EBITDA-positive day one (~$31M rev / $10M EBITDA). Expandable to 80MW+ pending regulatory approval.

AI tenants shortlisted, targeting a signed 10+ year lease by June 30. They rejected multiple premium buyout offers for the datacenter, they see ‘materially higher value’ with the $APLD/CoreWeave-style powered shell leases. At $APLDs ~$1.8M/MW/year, this puts revenue potential at ~$75M (or roughly double at 80MW).

In April they added a 23-yr Microsoft + ex-G42 (Abu Dhabi sovereign AI) exec to their advisory council. Coincidentally, a UAE family office recently bought 6.5 mil shares (23.6% of the company). Likely tenant either HUMAIN or other Saudi sovereign AI company.

Killed their ATM and $180M shelf, funded the entire datacenter acquisition with no equity raise. Recent PIPE was at $6.80, with a 6 month lock up ending in August. Immediate dilution risk is very low.

CEO recently converted 2.96 mil shares from Class A to Class B, pulling them out of the float. Board bought an additional 2.65 mil shares in Feb. Putting free float at roughly 2.4 mil shares. Shorts have no shares to cover into.

Bear thesis - company has had several pivots, from solar to EV to crypto to now AI. HOWEVER - I think this plays into why SI is so high. AI/datacenter sector is hot, the asset is already fully funded and operational. LOI by June 30th is incredibly likely

Long 7.5k shares and a ton of calls. Personal PT is $25+. NFA, I am highly regarded

VIVA LA VIVO!!!

Per their new 6K stakeholder deck, they are in ‘advanced tenant dicussions targeting an agreement by early June 2026’, suggesting a deal being reached before the June 30th deadline. If news comes before the June 18th opex, there is some serious gamma exposure at the $5 and $7.5 strike

Same playbook as $APLD which did a 15x, $KEEL which did a 10x, $IREN which did a 10x, $WULF, etc. Nscale (private) literally did the same BTC>AI conversion with a Norway datacenter (~120 miles from $VIVOs) and went from 700 M to 15 billion in 15 months.

People keep saying that if CTB is low it won’t squeeze. I’ve been in this sub for 5 years and I’ve seen so many tickers never squeeze bc the only squeeze thesis was high CTB. Squeeze almost always needs a fundamental catalyst and $VIVO has that

Has held the 4.40 level well and is coiled for the next leg up. With the indices likely bottoming out and an end to the Iran conflict being near, this is due for a major melt up. 2.4 mil float and 5c spreads shows that any aggressive buying can cause a parabolic move

If this got half the attention of $LFVN it would be at $10 already!

$VIVO is an insane squeeze candidate rn. This is the same setup as $APLD ($4 to currently $47) or $KEEL (<$1 to $6). Except this one has 2.4 mil free float, 3.6 mil shares short, and a binary catalyst by June 30. 143% of the free float is short!!!

They recently bought a fully operational 41.5MW datacenter in Norway (Apr 21) at ~4x EBITDA. 100% hydro at <$0.035/kWh; making it among the cheapest on earth. Flipped the whole company EBITDA-positive day one (~$31M rev / $10M EBITDA). Expandable to 80MW+ pending regulatory approval.

AI tenants shortlisted, targeting a signed 10+ year lease by June 30. They rejected multiple premium buyout offers for the datacenter, they see ‘materially higher value’ with the $APLD/CoreWeave-style powered shell leases. At $APLDs ~$1.8M/MW/year, this puts revenue potential at ~$75M (or roughly double at 80MW).

In April they added a 23-yr Microsoft + ex-G42 (Abu Dhabi sovereign AI) exec to their advisory council. Coincidentally, a UAE family office recently bought 6.5 mil shares (23.6% of the company). Likely tenant either HUMAIN or other Saudi sovereign AI company.

Killed their ATM and $180M shelf, funded the entire datacenter acquisition with no equity raise. Recent PIPE was at $6.80, with a 6 month lock up ending in August. Immediate dilution risk is very low.

CEO recently converted 2.96 mil shares from Class A to Class B, pulling them out of the float. Board bought an additional 2.65 mil shares in Feb. Putting free float at roughly 2.4 mil shares. Shorts have no shares to cover into.

Bear thesis - company has had several pivots, from solar to EV to crypto to now AI. HOWEVER - I think this plays into why SI is so high. AI/datacenter sector is hot, the asset is already fully funded and operational. LOI by June 30th is incredibly likely

Long 6k shares and a ton of calls. Personal PT is $25+. NFA, I am highly regarded

VIVA LA VIVO!!!

This is the same setup as $APLD last April, which ran from $4 to currently $47. Except this one has 2.4 mil free float, and 3.6 mil shares short. Serious potential to go parabolic.

They recently bought a fully operational 41.5MW datacenter in Norway (Apr 21) at ~4x EBITDA. 100% hydro at <$0.035/kWh; making it among the cheapest on earth. Flipped the whole company EBITDA-positive day one (~$31M rev / $10M EBITDA). Expandable to 80MW+ pending regulatory approval.

AI tenants shortlisted, targeting a signed 10+ year lease by June 30. They rejected multiple premium buyout offers for the datacenter, they see ‘materially higher value’ with the $APLD/CoreWeave-style powered shell leases. At $APLDs ~$1.8M/MW/year, this puts revenue potential at ~$75M (or roughly double at 80MW).

In April they added a 23-yr Microsoft + ex-G42 (Abu Dhabi sovereign AI) exec to their advisory council. Coincidentally, a UAE family office recently filed a 13G disclosing them buying 6.5 mil shares (23.6% of the company). This makes me think the tenant is either Microsoft (has been aggressively expanding their sovereign AI cloud offerings) or a Saudi sovereign AI company.

Killed their ATM and $180M shelf, funded the entire datacenter acquisition with no equity raise. Recent PIPE was at $6.80, with a 6 month lock up ending in August. Immediate dilution risk is very low.

CEO recently converted 2.96 mil shares from Class A to Class B, pulling them out of the float. Board bought an additional 2.65 mil shares in Feb. Putting free float at roughly 2.4 mil shares. Shorts have no shares to cover into.

CTB is still low but locates have recently dropped down to 15k. We should see a spike in CTB this week.

Short squeeze signal triggered by Ortex on Friday. The entire hard part has been done by the company and now we wait for/by June 30th. With SI this high, float so small, and all the DD mentioned in this post, the bet is highly asymmetrical and highly likely. Personal PT is $25+. NFA, do your own DD.

VIVA LA VIVO!!!

Major squeeze potential on this one. Breaking out of strong daily chart.

RFP officially closed. AI operator tenants shortlisted. Target signed deal by June 30.

The overlooked detail: multiple formal offers were received to ACQUIRE the Mo i Rana asset at a material premium to the $41M VIVO paid. All rejected.

Mgmt sees "materially higher value" in 10+ year powered-shell leases to AI operators. APLD/CoreWeave structure. $1.5-2.5M/MW/yr economics on 41.5MW.

Math if true: $62-104M revenue potential vs current $31M pro forma run-rate.

Catalyst: signed agreement targeted by June 30.

NFA.

(Credit: @TheStockDon on X)