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By Ryan Gould
Blackstone Inc. and Halliburton Co. are investing a combined $1 billion into VoltaGrid, an energy startup that makes gas-powered microgrids that are used to power data centers.
Blackstone’s Tactical Opportunities strategy and Halliburton are injecting $775 million of fresh capital and buying $225 million from existing shareholders, according to a statement Monday confirming an earlier Bloomberg News report.
The investment values Houston-based VoltaGrid at more than $10 billion, people familiar with the matter said. Representatives for Blackstone, Halliburton and VoltaGrid didn’t immediately provide comment on the valuation.
Meanwhile, VoltaGrid is acquiring one of its suppliers, an 800-person private company called Propell Technologies Group Inc. The acquisition is “expected to materially reduce execution risk” across VoltaGrid’s 7.5 gigawatt order book between now and 2030, the company said.
For Blackstone, which is putting in roughly 90% of the money, the investment in VoltaGrid is the latest in a string of deals across artificial intelligence infrastructure.
The world’s largest asset manager last week announced a partnership with Anthropic PBC for the development of an AI services firm dedicated to bringing Claude into its portfolio companies. It’s also launching a new group, Blackstone N1, that will focus solely on the firm’s AI bets.
Read More: Blackstone Taps Khaira to Head New AI Unit as Korngold Exits
VoltaGrid, which provides tech companies a shortcut to the energy needed to run AI systems, has been exploring a sale or initial public offering, Bloomberg News previously reported. Blackstone was among parties that had discussed an investment in the company.
VoltaGrid’s annual earnings before interest, taxes, depreciation and amortization are estimated to grow to about $1.1 billion by 2028, a more than five-fold increase from 2024, according to Fitch Ratings.
Houston-based Halliburton makes energy pipelines. Shares in Halliburton closed on Friday at $39.83 a share, giving the company a market value of about $33 billion.
Goldman Sachs Group Inc., Kirkland & Ellis LLP and Sidley Austin LLP advised VoltaGrid, while Morgan Stanley, Lazard Inc. and Simpson Thacher & Bartlett LLP advised Blackstone. Deloitte Corporate Finance and Mogan Daniels Slager LLP advised Propell.
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