VoltaGrid has secured $1bn (€851m) in investment from Blackstone’s opportunistic investment platform and oil service firm Halliburton Company to help with the rollout of its behind-the-meter power generation solutions.
The investment from Blackstone Tactical Opportunities (Tac Opps) and Halliburton is composed of a $775m primary capital raise and a $225m secondary purchase from existing investors.
VoltaGrid has also agreed to acquire its key supplier, Propell Energy Technology, and its affiliates for an undisclosed sum.
Founded in 1978, Propell is a North American manufacturer specialising in advanced power-system equipment.
Nathan Ough, founder and CEO of VoltaGrid, said: “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era.
“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. The acquisition of Propell adds proven engineering and integration capabilities that will further extend our technology and operational leadership as we continue to scale.”
William Nicholson, managing director at Blackstone, said: “VoltaGrid is a highly differentiated platform addressing one of the most important infrastructure needs of the AI era – reliable, rapidly deployable power.
“This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes.”
Jeff Miller, president and CEO at Halliburton, said: “This investment reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”
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