Bottom line: Bulk is often described, including by itself, as Norway’s home-grown data center champion. The equity math is more ambiguous than that framing suggests, and a further look-through into the largest shareholder’s own ownership raises a real, unconfirmed question about who is actually in control. We are publishing the question, not the answer.
What checks out
- Ownership as of December 2025 (bulkinfrastructure.com/no/about-us/investor-relations — two dated snapshots exist on the same URL; this is the more recent): Bulk Industrier AS 35.8% — a plurality, not a majority, down from 51.7% in September 2023. BGO Europe IV 30.8% + BGO King HoldCo 15.2% (46% combined, foreign). Geveran Trading (Fredriksen family) 7.8%. Others/employees 10.5%.
- Combined foreign capital (BGO + Geveran) is 53.8% — already more than Bulk Industrier AS’s 35.8%. Bulk’s own site labels Bulk Industrier AS the “majoritetsaksjonær” (majority shareholder) despite the 35.8% figure being a plurality, not a strict majority — the same scrutiny we’d apply to any operator’s self-description.
- OS-IX: Bulk took full ownership in January 2022, buying out the remaining 50% from Akershus Energi (a Norwegian hydropower firm); the site is now 14 MW after a 2024–25 expansion.
The open question — Greenpool’s calculation, not a confirmed fact
A Brønnøysundregistrene look-through (via proff.no, checked 21 August 2026) finds that Bulk Industrier AS is itself 56.4% owned by “Bgo Europe IV King II Holdco S.à.r.l” (Luxembourg), with the remaining 43.6% held by “Green Keeper AS” — plausibly, but not confirmed, founder Peder Nærbø’s personal vehicle, since Nærbø chairs Bulk Industrier AS’s board.
That Luxembourg entity’s name closely echoes “BGO King HoldCo,” which already holds a direct 15.2% stake in Bulk Infrastructure Holding AS. If the two are the same or related fund vehicle, BGO’s total look-through exposure could work out to roughly 66% (the direct 46% stake, plus an indirect ~20 points via 35.8% × 56.4% through Bulk Industrier AS) — which would make BGO the effective controller of a company whose largest nominal shareholder is Norwegian-registered.
We are not publishing that as a finding. The calculation risks double-counting if the fund structure is layered rather than additive, and the relationship between the two BGO-named entities is not independently confirmed. This is the primary question sent to Bulk in right-of-reply.
What else is unresolved
- PUE is tenant-reported, not operator-disclosed: a tenant (Ardent/Northern Data) reports 1.2 at the N01 site via a third-party tracker (Baxtel) — not Bulk’s own figure. We grade this distinctly from operator-disclosed PUE.
- Heat reuse is mentioned in passing by one third-party article (alongside Green Mountain, re: Oslo’s district heating system) but unquantified and unconfirmed on Bulk’s own site — likely the OS-IX site, given its Oslo location.
- Bulk Industrier AS’s own control is not independently confirmed as Nærbø’s vehicle — we flag this as unverified rather than assume it, consistent with treating every operator’s self-description with the same scrutiny.
Confidence
Headline Dec 2025 ownership figures: B (corroborated across dated company-published snapshots). The BGO look-through/majority question: C — Greenpool’s own calculation, explicitly unconfirmed, sent to Bulk (Jon Gravråk, cc Stine Holthe, [email protected]) on 21 August 2026 as the primary right-of-reply question. PUE: C (tenant-reported, not operator-disclosed). The response window is open until 4 September 2026.