VoltaGrid Raises $1 Billion From Blackstone and Halliburton at More Than $10 Billion Valuation, Acquires Propell to Bring AI-Data-Center Power in House
Houston gas-microgrid maker VoltaGrid took $775M in primary and $225M in secondary from Blackstone Tactical Opportunities and Halliburton, and is buying its main supplier Propell to lock in a 7.5 GW order book through 2030.
Overview
VoltaGrid, a Houston-based maker of gas-powered microgrids that supply behind-the-meter power to AI data centers, announced on May 11 a $1.0 billion strategic equity investment from Blackstone Tactical Opportunities and Halliburton, alongside a definitive agreement to acquire its primary manufacturing partner Propell Energy Technology, according to the company’s Blackstone-issued press release. Both transactions are expected to close in mid-2026.
What We Know
The $1 billion is split into a $775 million primary capital raise and a $225 million secondary purchase from existing investors, the Blackstone release and the GlobeNewswire distribution confirm. According to a Bloomberg report carried on Bloomberg Law, the deal values VoltaGrid at more than $10 billion, with Blackstone’s Tactical Opportunities strategy and Halliburton “injecting $775 million of fresh capital and buying $225 million from existing shareholders.”
Proceeds will go toward accelerating deployment of VoltaGrid’s behind-the-meter power generation for data centers, microgrids, and industrial applications, per GlobeNewswire. The company says its current order book stands at roughly 7.5 GW through 2030.
Nathan Ough, VoltaGrid’s founder and chief executive officer, framed the round as validation of the company’s positioning. “This partnership with Blackstone is a powerful endorsement of the platform we have built and the role VoltaGrid is playing,” Ough said in the Blackstone release. William Nicholson, a managing director at Blackstone, said VoltaGrid is “a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable power.” Halliburton president and chief executive officer Jeff Miller said the investment “reflects our shared focus on long-term solutions for the world’s most demanding power environments.”
The Propell Acquisition
In parallel with the equity round, VoltaGrid signed a definitive agreement to acquire Propell Energy Technology and its affiliates, the GlobeNewswire release states. Propell, founded in 1978 and employing approximately 1,000 people across the United States and Canada, has been the principal manufacturing partner for VoltaGrid’s QPac platform, a high-inertia power product developed for AI data center loads.
The combined company is targeting a production capacity of approximately 300 MW per month — counting both reciprocating engines and turbines — across Propell’s main facility in Granbury, Texas, and two additional next-generation automated manufacturing plants being added there. EnergyNow, summarizing the Bloomberg report, said the acquisition is “expected to materially reduce execution risk across VoltaGrid’s 7.5 gigawatt order book between now and 2030.”
Financial Context
According to EnergyNow, which cites Fitch Ratings, VoltaGrid’s annual EBITDA is projected to grow to approximately $1.1 billion by 2028, a more than five-fold increase from 2024. The same report describes Blackstone’s Tactical Opportunities as contributing roughly 90 percent of the combined $1 billion, with Halliburton supplying the remainder. VoltaGrid had been exploring either a sale or an initial public offering before settling on the strategic equity round, EnergyNow adds.
Tech Startups, summarizing coverage of the deal, frames the broader thesis as AI infrastructure increasingly being constrained by power availability rather than chip supply, making rapidly deployable on-site generation a strategic asset for hyperscalers and startups racing to bring new compute online.
What We Don’t Know
Neither the Blackstone release nor the GlobeNewswire distribution discloses the purchase price for the Propell acquisition or the exact post-money valuation. Bloomberg’s reporting, carried on Bloomberg Law, characterizes the valuation only as “more than $10 billion,” without a precise number. The named customers underpinning the 7.5 GW order book were not disclosed in any of the announcements, and the breakdown between Blackstone’s $775 million in primary capital and any direct Halliburton primary check has not been published in the materials reviewed.