The building was designed by architect Kjell Kosberg. It cost , most of which was paid for by club-owner Kjell Inge Røkke—after whom the ground has been nicknamed ""Røkkeløkka"". The main construction work took place 1997, and the stadium was inaugurated on 18 April 1998 in a league game against Lillestrøm, replacing Molde idrettspark as Molde's home ground. The stadium was nominated for the FIABCI Prix D' Excellence and awarded the City Prize in 1999. The record attendance of 13,308 was set in a league match against Rosenborg in 1998. The same year, the arena hosted its first international match, where Norway beat Saudi Arabia 6–0. The following year, when Molde reached the UEFA Champions League, the stadium was converted to an all-seater, reducing its capacity. Since May 2006, the stadium name has been sponsored by Røkke's company Aker. The grass pitch was replaced with artificial turf in 2014.