Aurora Core Technology Mikkeli AI data centre

Project stage Permitted / development

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Fjord Journal / Research Desk · Sources reviewed October 24, 2026 · AI-assisted research; no interviews or site visit.

What is verified: Mikkeli says the first-phase building permit became legally binding. What is new but issuer-reported: 3 E says it signed a 9 MVA distribution agreement and received a substantive 20 kV access permit. Neither statement establishes energized power or operating IT load.

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Project status and delivery

First-phase building permit became legally binding in April 2026. 3 E reports a 9 MVA distribution agreement and substantive access permit for a 20 kV grid; construction, energization, operating IT load and customer acceptance remain unverified.

The city reported a 10-hectare lease at Pellos and a planned initial 6 MW phase in January. Yle reported the same plan and a longer-term 25 MW-plus ambition, with those figures attributed to project representatives. The January H2 2026 initial-phase target is not verified as delivered. The later 2027 9 MVA full-capacity target is a different, issuer-reported milestone; MVA is not IT MW.

The April municipal update establishes the first-phase building permit's legal status, not a construction start. In September, 3 E described engineering, vendor RFPs and grid negotiations. On October 19, it said an agreement executed October 13 provides 9,000 kVA on a 20 kV distribution network; on October 20, 3 E said a substantive access permit had been obtained. The underlying DSO documents were not reviewed. The company gives 2027 for full-capacity energization/commercial operation.

Investment relevance and limits

The project has moved beyond land planning and the building-permit stage in the documented record, but the new grid milestones are company-reported. The October RFP is procurement evaluation, not a signed equipment order. The next decisive evidence is direct utility confirmation followed by dated construction, energization, commissioned IT capacity and customer acceptance.

3 E said a $1.0 million private-placement allocation was funding front-end engineering and site surveys. This is an issuer-reported allocation, not verified paid expenditure or the project's total cost. The reviewed material does not establish a final investment decision, project financing close, site capex, customer, contracted compute load, site revenue or profit. Company-wide financials are not site economics.

Company roles and financial disclosure

3 E Network Technology Group Limited · NASDAQ: MASK

The City identifies Aurora Core Technology Oy as 3 E's Finnish subsidiary; 3 E describes it as wholly owned and responsible for local execution. Official investor information: 3 E Network investor relations.

Actual company-wide statements reviewed: unaudited interim, six months ended December 31, 2025 and audited year ended June 30, 2025. These do not allocate spending or revenue to Mikkeli. The official IR financial page was checked October 24; no newer discrete quarterly statement was located. The latest interim is six months, not a quarter, so the full corporate-disclosure gate remains held.

Orka Technologies Oy and Järvi-Suomen Energia Oy

Mikkeli describes Orka as the local planning and execution partner. Project equity, shareholder chain and economic share were not established. Järvi-Suomen Energia is named as the agreement counterparty by 3 E; no direct DSO confirmation was located. NVIDIA architecture references in issuer materials do not establish a supplier contract, so NVIDIA is not listed as an involved supplier.

Qualification status and next evidence

FJI source qualification: passed. Seven distinct underlying documents were reviewed, including project-specific municipal evidence, independent Yle reporting and primary company disclosures. Full project/corporate certification: held. The profile is excluded from certification-dependent aggregates; no operating or capital quantity is aggregate eligible.

• Direct JSE confirmation or signed agreement/access permit and conditions.
• Dated construction-start, energization, commissioned IT-load and customer-acceptance records.
• Project-level final investment decision, financing, total budget and verified paid expenditure.
• Current quarterly statement if published by 3 E; Orka ownership and reporting status; precise parcel evidence before any map pin.

Sources and claim boundaries

1. City of Mikkeli · 2026-01-09

   The city says a 10-hectare land lease entered into force in December 2025, the Pellos industrial-area zoning allows data-centre development, and the planned initial 6 MW phase was expected in H2 2026 subject to permits and a final investment decision. The 6 MW and H2 2026 statements are project-plan targets, not verified delivery. Nearby high-voltage infrastructure and a city-reported potential of up to 50 MW do not establish a site connection.

2. City of Mikkeli · 2026-04-02

   The City states that the first-phase building permit became legally binding with no appeals; its update described grid negotiations and a construction decision as subsequent steps at that time. Permit status only. It does not establish grid energization, construction start, financing close, operating capacity or customer acceptance.

3. Yle · 2026-01-09

   Yle independently reports the Pellos site lease and project plan, including stated 6 MW first phase and longer-term 25 MW-plus ambition, attributing capacity and timing to project representatives. Independent reporting verifies the public proposal and its attribution, not current construction, power delivery, financing or operation.

4. 3 E Network Technology Group Limited · 2026-09-23

   3 E says its wholly owned Finnish project subsidiary is managing implementation, front-end engineering, RFPs and grid negotiations; it says proceeds of a $1.0 million private placement are funding specified engineering and site-survey work. Issuer statement only. The announcement does not establish completed paid project expenditure, total site cost, a financing close for the project or an awarded hardware order.

5. 3 E Network Technology Group Limited · 2026-09-29

   3 E reports a vendor-evaluation/RFP process for server clusters, cooling and networking equipment for Mikkeli. An RFP is not a vendor selection, purchase order, delivery, installation or supplier-revenue confirmation.

6. 3 E Network Technology Group Limited · 2026-10-19

   3 E says Aurora Core signed a 9,000 kVA distribution agreement with Järvi-Suomen Energia on October 13 for a 20 kV network and gives 2027 as the full-capacity energization target. Issuer-only confirmation; the signed agreement and direct DSO confirmation were not accessed. MVA is distribution capacity, not IT load; energization remains a forecast.

7. 3 E Network Technology Group Limited · 2026-10-20

   3 E says it received a substantive access permit to the 20 kV medium-voltage grid and continues to plan for 2027 commercial operation. Issuer statement, not a copy of the DSO permit or independent confirmation. Commercial operation is a target; no delivered power or accepted IT load is established.

Research distinction: a building permit, reported grid agreement, grid-access permit, construction, energization and operation are separate milestones. 6 MW, 25 MW-plus and 9 MVA describe different bases; none establishes current operating IT load. No company-wide capex is attributed to the site.