VoltaGrid LLC, a behind-the-meter power generation company, has entered into agreements for a $1 billion equity investment from Blackstone Tactical Opportunities and Halliburton Company.

Proceeds will fund the acquisition of supplier Propell Energy Technology Ltd.

and the rollout of power solutions aimed at meeting demand from AI data centers.

The investment is structured as a $775 million primary capital raise and a $225 million secondary purchase from existing VoltaGrid shareholders.

Blackstone and Halliburton are backing the Houston-based firm to help it scale its off-grid generation capacity, including for microgrids and industrial applications.

Founded in 2020, VoltaGrid deploys mobile and stationary power systems that operate independently of the grid, serving data center operators, utilities, and industrial customers across North America.

Its order book stands at approximately 7.5 gigawatts through 2030.

The concurrent acquisition of Propell brings in-house a key partner that manufactures VoltaGrid’s proprietary QPac high-inertia system, designed specifically for AI data center loads.

Propell, founded in 1978, employs around 1,000 people in the U.S.

and Canada and provides engine and turbine integration services.

VoltaGrid plans to immediately invest in expanding Propell’s Granbury, Texas facilities with two additional automated plants, targeting a combined manufacturing capacity of roughly 300 megawatts.

LLC served as financial advisor to VoltaGrid, with Kirkland & Ellis and Sidley Austin providing legal counsel.

Blackstone was advised by Morgan Stanley, as lead financial advisor, and Lazard, with Simpson Thacher & Bartlett as legal advisor.

Deloitte Corporate Finance advised Propell, while Mogan Daniels Slager acted as legal advisor.

Both transactions are expected to close in mid-2026, pending customary conditions.