VoltaGrid Announces $1 Billion Strategic Equity Investment from Blackstone and Halliburton to Fund Growth and Acquisition of Propell

VoltaGrid announced that it has signed agreements for a $1.0 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.

Strategic Benefits of Propell Acquisition
The acquisition of Propell represents a transformative step in VoltaGrid’s evolution into a fully integrated power generation platform and offers several strategic benefits:

• 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
• 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
• Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies
• Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function

Together, these benefits are expected to further enhance VoltaGrid’s leading product development, drive continued on-time and on-budget delivery and improve the Company’s full cycle return on capital.

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.

Management and Investor Commentary

“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,” said Nathan Ough, founder and CEO, VoltaGrid.

“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. We are excited to partner with VoltaGrid and its existing shareholders as the Company expands its platform to meet significant customer demand,” said William Nicholson, MD, Blackstone.

“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,” said Jeff Miller, president and CEO, Halliburton. 

Advisors
Goldman Sachs & Co. LLC acted as financial advisor to VoltaGrid. Kirkland & Ellis LLP and Sidley Austin LLP are serving as legal advisors to VoltaGrid. Morgan Stanley acted as lead financial advisor to Blackstone and Lazard also advised Blackstone. Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone. Deloitte Corporate Finance acted as financial advisor and Mogan Daniels Slager LLP as legal advisors to Propell.