IREN (NASDAQ: IREN) announced on the 15th (local time) that it has completed the acquisition of Ingenostrum, S.L. (Nostrum Group), a Spain-based power grid-connected AI data center development company. With this acquisition, IREN has entered the European market for the first time.

Through this acquisition, IREN has secured an additional approximately 490MW of grid-connected power in Spain, along with a future developable project pipeline. Nostrum Group has over 50 professional staff in development, engineering, construction, and operations, and its existing business will continue to operate under the IREN brand.

IREN views this acquisition as a foundation to respond to the rapidly growing demand for AI cloud in Europe. Europe is cited as a large and fast-growing region in the AI infrastructure market.

Daniel Roberts, IREN co-founder and co-CEO, said, "Europe is one of the largest and fastest-growing markets in AI infrastructure, and Spain is an attractive entry point with abundant renewable energy and strong fiber-optic connectivity. Through Nostrum, we have secured existing power and a development pipeline, as well as excellent local talent that we are excited to work with."

Gabriel Navarreda, CEO of Nostrum Group, stated, "We have built one of the most advanced AI infrastructure pipelines in Spain over the years. By joining IREN, we can now pursue development faster and at a greater scale to meet Europe's rapidly growing AI infrastructure needs."

['Seohak!Star' is an overseas stock investment content series covering U.S. stocks and more, provided by CBC News. We will continue to strive to deliver a wide range of information to our readers. Please note that all investment decisions are made at your own discretion, and the final responsibility lies with the investor.]