VoltaGrid Announces $1 Billion Strategic Equity Investment 

The investment included a $775 million primary funding round and a $225 million secondary share purchase from existing investors.

The company plans to use the funding to speed up the deployment of its solutions for data centers, microgrids, and industrial projects.

As part of the deal, VoltaGrid LLC will invest in expanding Propell’s facilities in Granbury by building two new automated manufacturing plants. The expansion is expected to increase production capacity to about 300 MW per month using a mix of reciprocating engines and turbines.

In addition to the investment, VoltaGrid LLC has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliated companies, which are key suppliers to VoltaGrid.

The acquisition of Propell Energy Technology Ltd. is an important step in helping VoltaGrid LLC become a fully integrated power generation platform. The two companies have worked closely together on technology development, with Propell playing a major role in manufacturing VoltaGrid’s QPac system, designed for AI data centers. VoltaGrid expects the combined business will accelerate the launch of new technologies and improve its ability to deliver customized power solutions to meet growing AI data center demands.

The transaction is expected to reduce execution risk for VoltaGrid LLC’s estimated 7.5 GW order pipeline through 2030 by improving supply chain access and operational control.

Founded in 1978, Propell Energy Technology Ltd. has built manufacturing expertise in reciprocating engines and turbine technologies. The company has around 1,000 employees across the U.S. and Canada, providing VoltaGrid with integrated research and development, manufacturing, integration services, and after-sales support, including OEM-direct service, field teams, and parts distribution.

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Nathan Ough, Founder and Chief Executive Officer 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 it 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. 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 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.”

About VoltaGrid

Founded in 2020 by Nathan Ough, VoltaGrid LLC is a Houston-based energy company that provides off-grid power solutions for high-demand industries. The company offers behind the meter power generation, portable power systems, CNG fuel supply, infrastructure and energy management services for data centers, AI infrastructure, utilities and industrial customers across North America and other markets.

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