I think there are plenty of business cases where finance departments will rubber stamp European companies much easier than American ones, even if they do the same thing.

I don't think that's the case with this particular company. It's not clear who's running the show, it's not clear if they abide by any of the EU regulations, and their lack of proper documentation probably makes them more of a liability than an asset. Plus, for any of it to hold water, you'd need to set up all kinds of paperwork with the people providing the compute if you don't want to be just as impractical a partner as the American competitors.

The business model is still sound.