Behind-the-meter power generation company VoltaGrid has secured a $1 billion strategic equity commitment from Blackstone Tactical Opportunities funds and Halliburton Company.

The investment consists of a $775 million primary capital raise and a $225 million secondary component, which allows existing shareholders to sell a portion of their holdings.

VoltaGrid develops and operates onsite power systems located behind the utility meter, supplying dedicated electricity to large-scale users rather than pulling energy from the grid.

The company’s modular generation units target markets where power availability is constrained or where reliability requirements exceed what traditional infrastructure can offer.

In tandem with the investment, VoltaGrid signed a definitive agreement to acquire Propell Technologies Group Inc., a supplier critical to its equipment supply chain.

The combined transactions are expected to close in mid-2026, subject to customary closing conditions.

Blackstone’s Tactical Opportunities group, which pursses flexible capital situations, is partnering on the deal with Halliburton, a global oilfield services and energy technology company.

The collaboration points to an expanding crossover between legacy energy expertise and the fast-growing market for dedicated data-center and industrial power infrastructure.

Kirkland & Ellis advised VoltaGrid on the transaction, fielding a multidisciplinary team covering corporate, capital markets, debt finance, tax, executive compensation, environmental, energy regulatory, and antitrust matters.