VoltaGrid on May 11 announced that it has signed agreements for a $1 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities and Halliburton Company.
The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.
Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.
In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates, a key VoltaGrid supplier.
Both transactions are subject to customary closing conditions and are expected to close in mid-2026.
Founded in 2020 and headquartered in Houston, Texas, VoltaGrid provides behind-the-meter generation, portable power, CNG fuel supply, infrastructure, and energy management services to data centers, AI infrastructure, utilities, and industrial customers across North America and beyond.
VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. "We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power," VoltaGrid said.
The transaction is expected to materially reduce execution risk across VoltaGrid’s ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.
As part of the transaction, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas by building two additional next-generation automated manufacturing plants.
This is expected to grow its capabilities to ~300 MW per month of capacity through a combination of reciprocating engines and turbines.
Blackstone is the world’s largest alternative asset manager. Blackstone’s over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds.
Halliburton is one of the world’s leading providers of products and services to the energy industry.
