VivoPower secures $50M PIPE led by Blue Sky Capital to fund AI data center project
VivoPower PLC (NASDAQ:VIVO) announced a definitive $50 million private investment in public equity (PIPE) led by New York-based Blue Sky Capital, a specialist investor in AI data centers. The financing includes institutional investors from the US, Europe, UK, and Nordic region, with Arctic Securities as sole placement agent. Gulf Cooperation Council-based family offices and entities associated with CEO Kevin Chin also participated. Net proceeds will fund the operational conversion of the Mo i Rana AI data center in Norway and reduce corporate debt. The PIPE is structured as convertible preference shares with a conversion price of $7.50 per share, a 6% annual payment-in-kind coupon, and fixed-price warrants. The structure converts into a fixed number of shares with no variable share overhang. CEO Kevin Chin stated the financing strengthens the balance sheet and accelerates the transition toward powered land and AI data center infrastructure.
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