Brookfield Asset Management (BAM) plans to invest up to 95 billion Swedish crowns (€8.7 billion) to build a data center for artificial intelligence in Sweden, the company said in a statement.
Canadian-American alternative asset manager BAM said its data center in the Swedish city of Strängnäs, 60km west of Stockholm, would create more than 1,000 permanent jobs and around 2,000 jobs during a 10-15 year construction process. BAM already owns a property at the site and is looking to sign a land allocation agreement with the municipality to plan for two years to build the AI center.
"Strängnäs has all the conditions to become the location of Northern Europe's first AI center. We can offer an excellent geographical location, we have a high level of education and good cooperation with the municipalities in the Mälardalen region", said Jacob Högfeldt, the chairman of the municipal board.
“We are excited to expand our partnership with Sweden and support Sweden’s ambitions to become a leading AI hub in Europe. To be competitive in AI development and realize its economic productivity, it is important to invest at scale in the infrastructure that underpins this technology. This extends beyond data centers and into data transmission, chip storage and energy production. Today, we are taking another important step to increase the capacity for independent computing for both the public sector and private companies in Europe", said Sikander Rashid, head of Europe at BAM.
On X, Swedish Prime Minister Ulf Kristersson said: "Sweden has a long tradition of innovation and strong companies. AI is a tremendous force for Sweden to remain a country at the forefront. That is why the government is now developing a comprehensive AI strategy - and why we appointed the AI Commission. Now we are seeing results. I welcome the fact that the Canadian company Brookfield today announced that it intends to invest up to SEK 95 billion in a new AI center in Strängnäs. It will be one of the largest data centers of its kind in Europe. It is also one of the largest investments in AI infrastructure to date in our country. I'm particularly excited that it's in my hometown."
In February, BAM said it would invest 20 billion euros to develop artificial intelligence related projects in France: 15 billion euros for data centers to be built across France and 5 billion for the infrastructure for data transfer, storage chips and renewable energy production.
