HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- VoltaGrid LLC ("VoltaGrid" or the "Company"), a leading behind-the-meter power generation business, today announced that it has signed agreements for a $1.0 billion strategic equity investment from funds managed by Blackstone Tactical Opportunities ("Blackstone" or "Tac Opps") and Halliburton Company. The investment is composed of a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

Proceeds of the capital raise will be used to accelerate deployment of VoltaGrid's behind- the-meter power generation solutions for data centers, microgrids, and industrial applications.

In addition to the investment, VoltaGrid has signed a definitive agreement to acquire Propell Energy Technology Ltd. and its affiliates (collectively, "Propell"), a key VoltaGrid supplier.

Both transactions are subject to customary closing conditions and are expected to close in mid-2026.

Strategic Benefits of Propell Acquisition

The acquisition of Propell represents a transformative step in VoltaGrid's evolution into a fully integrated power generation platform and offers several strategic benefits:

VoltaGrid and Propell have historically worked hand-in-hand on technology development. Propell is a key partner in the manufacturing of the proprietary high-inertia QPac system developed specifically for AI data centers. We expect the combined platform will accelerate our ability to bring new technologies to market and develop customized technical solutions for demanding and evolving AI data center power loads.

The transaction is expected to materially reduce execution risk across VoltaGrid's ~7.5 GW order book between now and 2030 by strengthening supply chain access and control.

Founded in 1978, Propell has spent decades developing a talented and innovative workforce and manufacturing capacity across multiple power systems, including reciprocating engines and turbine technologies.

Propell has approximately 1,000 employees in the USA and Canada that VoltaGrid will leverage to bring integrated R&D, manufacturing, integration services and turnkey after-sales service. This includes OEM-direct service, a dedicated field team, and a meaningful parts distribution function.

Together, these benefits are expected to further enhance VoltaGrid's leading product development, drive continued on-time and on-budget delivery and improve the Company's full cycle return on capital.

As part of the transaction, VoltaGrid will immediately invest in expanding Propell's existing ...