en.Wedoany.com Reported - Blackstone Group and Halliburton Co. are jointly investing $1 billion in VoltaGrid, an energy startup that produces gas-fired microgrids for powering data centers.
According to a statement on Monday, Blackstone's "Tactical Opportunities" strategy and Halliburton will inject $775 million in new capital and purchase $225 million in shares from existing shareholders. The statement confirmed an earlier report by Bloomberg News. People familiar with the matter said the investment values Houston-based VoltaGrid at over $10 billion. Representatives for Blackstone, Halliburton, and VoltaGrid did not immediately comment on the valuation.
VoltaGrid is acquiring one of its suppliers, Propell Technologies Group Inc., a privately held company with 800 employees. The company stated that this acquisition is expected to significantly reduce the execution risk of VoltaGrid's 7.5-gigawatt order book from now through 2030.
For Blackstone, which contributed approximately 90% of the funding, this is the latest in a series of deals in the artificial intelligence infrastructure space. Blackstone announced last week a partnership with Anthropic PBC to form an AI services company aimed at bringing Claude to its portfolio companies. Blackstone also launched a new unit, Blackstone N1, focused on the firm's AI bets.
As previously reported by Bloomberg News, VoltaGrid has been exploring a sale or an initial public offering. According to Fitch Ratings, VoltaGrid's annual EBITDA is projected to grow to approximately $1.1 billion by 2028, representing a more than fivefold increase from 2024.
Houston-based Halliburton produces energy pipelines. Halliburton shares closed at $39.83 per share last Friday, giving the company a market capitalization of approximately $33 billion. Goldman Sachs Group, Kirkland & Ellis LLP, and Sidley Austin LLP are advising VoltaGrid, while Morgan Stanley, Lazard Inc., and Simpson Thacher & Bartlett LLP are advising Blackstone. Deloitte Corporate Finance and Mogan Daniels Slager LLP are advising Propell.
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