Verne Holdings to Build Data Center in Iceland

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Verne Holdings to Build Data Center in Iceland

Verne Holdings, a joint venture by General Catalyst and Novator, signed an agreement with National Energy Company Landsvirkjun, Farice and Keflavík Airport Development Corporation (KADECO) yesterday on establishing a data center by Keflavík International Airport.

Verne Holdings will put up ISK 20 billion (USD 306 million, EUR 203 million) and in return will be provided with electricity, data transfer, a building and a lot for the data center, which will be established this year and start operations in early 2009, Morgunbladid reports.

The data center has the potential to create about 100 jobs in the next few years and directly or indirectly have a positive economic influence for Iceland of up to ISK 40 billion (USD 611 million, EUR 406 million).

“Those of us who spearheaded this project believe entrepreneurs should definitely be responsible for directing world economy into green channels,” founder of Novator and one of Verne Holdings’ two owners Björgólfur Th. Björgólfsson said at the meeting yesterday. 

Björgólfsson stated it is indisputable that CO2 emissions are causing negative changes to the earth’s entire ecosystem. Growing concerns about global warming, energy shortage and rising prices of electricity make Iceland’s green energy an attractive option for foreign companies in need of data centers.