The facility is set to be created at the Norwegian town of Ballangen, which is located inside the Arctic Circle.
The firm behind the project, Kolos, says the chilled air and abundant hydropower available locally would help it keep its energy costs down.
The area, however, suffers the country's highest rate of sick leave from work, which may be related to its past as a mining community.
The US-Norwegian company says it has already raised "several million dollars" for the project from Norwegian private investors.
