VoltaGrid Secures $1B from Blackstone, Halliburton to Power AI Data Centers
VoltaGrid LLC has signed agreements for a $1 billion strategic equity investment, comprising a $775 million primary capital raise and a $225 million secondary purchase from existing shareholders, led by funds managed by Blackstone Tactical Opportunities and Halliburton Company.
The proceeds will fuel accelerated deployment of VoltaGrid’s behind-the-meter power generation solutions for data centers, microgrids, and industrial applications.
Alongside the capital raise, VoltaGrid has agreed to acquire Propell Energy Technology Ltd. and its affiliates. Propell is a key manufacturing partner for VoltaGrid’s proprietary QPac system, a high-inertia power solution engineered specifically for AI data centers. The acquisition is designed to reduce execution risk across VoltaGrid’s approximately 7.5 GW order book between now and 2030 by bringing supply chain access and control in-house.
As part of the deal, VoltaGrid will immediately invest in expanding Propell’s existing facilities in Granbury, Texas, adding two next-generation automated manufacturing plants. The expansion is expected to grow combined output capacity to roughly 300 MW per month across reciprocating engines and turbines.
“Blackstone’s scale and sector expertise make them an ideal partner as we accelerate the deployment of our behind-the-meter power solutions to meet unprecedented customer demand,” said Nathan Ough, Founder and CEO of VoltaGrid. “The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”
Both transactions are expected to close in mid-2026.
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid, with Kirkland & Ellis LLP and Sidley Austin LLP serving as legal counsel. Morgan Stanley served as lead financial advisor to Blackstone, with Lazard also advising; Simpson Thacher & Bartlett LLP is acting as Blackstone’s legal counsel. Deloitte Corporate Finance advised Propell, alongside legal advisor Mogan Daniels Slager LLP.
