Blackstone, a leading investment firm, and Halliburton, a major energy firm, are set to collectively inject $1 billion into VoltaGrid, an American startup focusing on gas-powered microgrids designed to supply power to AI-driven data centers.
As per the announcement from the organizations, Blackstone, through its Tactical Opportunities arm, together with Halliburton, will contribute $775 million in fresh funding and procure shares from current investors for an additional $225 million. Bloomberg reports that this transaction assesses VoltaGrid, based in Houston, at a valuation exceeding $10 billion.
VoltaGrid engineers portable and self-governing gas-fueled energy solutions, enabling tech enterprises to rapidly establish power connectivity for AI infrastructure, bypassing the need to wait for conventional power networks to be established. The rising necessity for such offerings is linked to the swift progression of artificial intelligence and the heightened energy usage of extensive data processing centers.
Concurrently, VoltaGrid revealed its takeover of Propell Technologies Group, its supplier, which employs approximately 800 individuals. The firm anticipates that this agreement will aid in mitigating project uncertainties and expedite the fulfillment of its 7.5 GW order pipeline by the year 2030.
For Blackstone, this investment signifies another action in broadening its footprint within the AI infrastructure sector. The organization had previously declared a collaboration with Anthropic, an AI innovator, to integrate the Claude model across its portfolio companies, and also established a dedicated division, Blackstone N1, which will solely allocate capital towards artificial intelligence.
Fitch Ratings suggests that VoltaGrid’s EBITDA could surge to roughly $1.1 billion by the year 2028 — exceeding five times the figure projected for 2024.
Halliburton, a prominent player in the U.S. oilfield services industry, is similarly augmenting its presence in the advanced energy infrastructure domain. The enterprise holds a market capitalization around $33 billion.
Source: Bloomberg