Blackstone and Halliburton announce $1 billion investment in VoltaGrid, a power grid infrastructure platform for AI datacenters

Blackstone Inc. and Halliburton Co. are investing a combined $1 billion into VoltaGrid, an energy startup that manufactures gas-powered microgrids used to power data centers. Blackstone's Tactical Opportunities strategy and Halliburton are injecting $775 million of fresh capital while purchasing $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.

VoltaGrid is simultaneously acquiring Propell Technologies Group Inc., a private company with approximately 800 employees. The company stated that the acquisition is "expected to materially reduce execution risk" across VoltaGrid's 7.5 gigawatt order book between now and 2030.

For Blackstone, which is contributing roughly 90 percent of the investment, the VoltaGrid deal represents the latest in a series of transactions focused on artificial intelligence infrastructure. Last week, Blackstone announced a partnership with Anthropic PBC for the development of an AI services firm aimed at integrating Claude into its portfolio companies. The firm is also launching Blackstone N1, a new unit dedicated exclusively to its AI investments.

VoltaGrid, which provides technology companies a direct pathway to the energy needed to power AI systems, has previously explored options including a sale or initial public offering. Blackstone was among parties that had discussed investing in the company. According to Fitch Ratings, VoltaGrid's annual earnings before interest, taxes, depreciation and amortization are projected to grow to approximately $1.1 billion by 2028, representing more than a fivefold increase from 2024.

Halliburton, which specializes in energy pipelines, closed trading on Friday at $39.83 per share, giving the company a market capitalization of approximately $33 billion.

Goldman Sachs Group Inc., Kirkland & Ellis LLP and Sidley Austin LLP served as advisors to VoltaGrid. Morgan Stanley, Lazard Inc. and Simpson Thacher & Bartlett LLP advised Blackstone. Deloitte Corporate Finance and Mogan Daniels Slager LLP advised Propell.