Recent investments in Oxagon total $14B: Exec

Howard Wu, Executive Director of International Investments and Manufacturing at Oxagon, said the project to develop a artificial intelligence (AI)-driven data center with DataVolt, along with NEOM’s green hydrogen initiative, has driven recent investments in Oxagon to around $14 billion.

Speaking to Argaam on the sidelines of LEAP 25, he 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.

Wu noted that the first phase of the AI-powered smart data center, being developed in cooperation with DataVolt to render 1.5-GW in total capacity, entails in $5 billion investments. This is in addition to building a 300-megawatt (MW) facility, set to launch in 2028.

He said the initiative is part of a broader strategy to establish NEOM’s industrial city, Oxagon, as a leader in digital infrastructure and sustainable energy.

The company is focused on end-to-end data center development, covering power generation, cooling, operations, and application layers.

Oxagon, according to the too executive, is accelerating its renewable energy plans, with more details on manufacturing projects in this sector to be announced in 2025. Other upcoming developments include a new warehouse at NEOM’s port and the start of green hydrogen production by late 2026.

NEOM recently partnered with Saudi-based DataVolt to design an integrated AI-driven data center, with a total capacity of 1.5 GW, according to Argaam’s data,