News Digest / World News / Google Invests €1 Billion in Finnish Data Center for AI Expansion

Google Invests €1 Billion in Finnish Data Center for AI Expansion

Alex Vellor
08:06am, Monday, May 20, 2024
Photo: Kai Wenzel (Unsplash)

Google (NASDAQ: GOOG), owned by Alphabet, announced plans to invest an additional €1 billion in its data center campus in Finland, according to Reuters. This expansion aims to boost its artificial intelligence (AI) operations across Europe.

Finland's wind power capacity has surged by 75%, reaching 5,677 megawatts in 2022. This rapid growth has led to occasional negative energy prices on windy days, indicating an abundance of renewable energy. Google secures wind power in Finland through long-term contracts, ensuring a stable and green energy supply for its operations. The company’s existing data center in Hamina already operates with 97% carbon-free energy.

Analysts predict a significant increase in power consumption for data centers due to the rapid rise of AI. This growth in AI usage is one of the key reasons for Google's new investment.

Additionally, Google plans to use the heat generated by its Finnish data center to support the district heating network in nearby Hamina. This initiative will provide heating for local households, schools, and public service buildings.

Google aims to achieve net zero emissions across all its operations and supply chains by 2030. In addition to its Finnish investment, Google recently announced new data centers in the Netherlands and Belgium, further expanding its footprint in Europe.

About The Author

Alex Vellor

Start Your Journey With:
eToro
0% Commission Stock Trading
Free Insurance of up to 1 Million
Regulated By FCA, ASIC & CySEC
Social Trading
Ability to Copy Experienced Traders
Your capital is at risk

Trending Tickers