VoltaGrid LLC, an energy management and generation company, has signed agreements for a US$ 1.0 billion strategic equity investment led by funds managed by Blackstone Tactical Opportunities and Halliburton Company. The deal includes a US$ 775 million primary capital raise and a US$ 225 million secondary purchase from existing investors.
According to a company press release, proceeds will be used to expand deployment of VoltaGrid’s behind-the-meter power systems for data centers, microgrids, and industrial customers. Separately, VoltaGrid has agreed to acquire Propell Energy Technology Ltd. and its affiliates, a key equipment supplier. Both transactions are expected to close in mid-2026, subject to customary conditions.
Nathan Ough, Founder and CEO, 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. 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, Blackstone, said, “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. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand.”
Jeff Miller, President and CEO, 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.”
The Propell acquisition is intended to integrate manufacturing and engineering capabilities and reduce supply chain risk across its roughly 7.5 GW order book through 2030. VoltaGrid plans to expand Propell’s Granbury, Texas facilities with two additional manufacturing plants, targeting about 300 MW per month of capacity across reciprocating engines and turbines.
Advisors to VoltaGrid include Goldman Sachs & Co. LLC, Kirkland & Ellis LLP, and Sidley Austin LLP. Morgan Stanley and Lazard advised Blackstone Tactical Opportunities, while Simpson Thacher & Bartlett LLP advised Blackstone. Deloitte Corporate Finance and Mogan Daniels Slager LLP advised Propell.