Data Center Power Crunch Draws $1 Billion From Blackstone and Halliburton
Blackstone and Halliburton invested $1 billion combined into VoltaGrid, a Houston startup that builds gas-powered microgrids for data centers. Blackstone’s Tactical Opportunities strategy supplied roughly 90% of the capital, while Halliburton contributed the remainder. The deal includes $775 million in new equity and $225 million in secondary purchases from existing shareholders. VoltaGrid is simultaneously acquiring Propell Technologies Group, an 800-person supplier, to reduce execution risk across its 7.5 gigawatt order book through 2030.
The investment values VoltaGrid at more than $10 billion, according to people familiar with the matter. Fitch Ratings estimates the company’s annual EBITDA will reach $1.1 billion by 2028, more than five times its 2024 figure. VoltaGrid had been exploring both a sale and an initial public offering before Blackstone emerged as a lead investor. Goldman Sachs, Kirkland & Ellis, and Sidley Austin advised VoltaGrid, while Morgan Stanley, Lazard, and Simpson Thacher advised Blackstone.
Blackstone has accelerated investments across AI infrastructure in recent months, including a partnership announced last week with Anthropic to deploy Claude AI across its portfolio companies. The firm also launched Blackstone N1, a dedicated unit for AI-related bets. VoltaGrid offers tech companies a faster path to the energy needed for AI systems, bypassing traditional utility timelines. Halliburton, which manufactures energy pipelines, has a market capitalization of approximately $33 billion.
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