Recent investments in Oxagon total $14B: Exec

Howard Wu, Executive Director of International Investments and Manufacturing at Oxagon, said the project to develop an artificial intelligence (AI)-driven data center with DataVolt, along with NEOM’s Green Hydrogen Project, have raised total recent investments in Oxagon to about $14 billion.

In an interview with Argaam on the sidelines of LEAP 25, Wu said these projects are bound to provide vital infrastructure for partner companies and strengthen Oxagon’s position as a global hub for innovation and advanced technologies.

The first phase of the AI-powered smart data center will come with investments worth $5 billion, featuring a 300-megawatt facility that is set to begin operations in 2028, he noted.

Wu added that the project, developed in partnership with DataVolt, aims to establish a 1.5-gigawatt (GW) data center.

This project is part of a broader strategy to position Oxagon as a leading destination for digital infrastructure and sustainable energy innovation. The company is focused on the end-to-end development of data centers, covering power generation, cooling, operational systems, and application layers.

Wu also revealed that Oxagon, NEOM’s industrial city, is accelerating its renewable energy plans, with further details on manufacturing projects in the sector expected in 2025.

Other upcoming developments include the opening of an additional warehouse at NEOM Port and the start of green hydrogen production by late 2026, he said.

According to Argaam data, NEOM recently signed a partnership agreement with Saudi-based DataVolt, a global data center developer, investor, and operator, to design a design an integrated AI-driven data center, with a total capacity of 1.5 GW.