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National Grid Ventures Invests $1.75 Billion in Joulent to Expand US AI Power Infrastructure

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National Grid Ventures will invest $1.75 billion for a 35% stake in Joulent to expand US power infrastructure for data centers and artificial intelligence workloads, the companies said Wednesday.

The companies will form a strategic partnership to develop contracted power and electrical infrastructure for large-load customers as rising demand from data centers and other power-intensive industries outpaces traditional grid connections.

National Grid said the investment expands its presence in one of the fastest-growing electricity markets and supports its strategy to pursue selective critical infrastructure opportunities created by the changing energy landscape.

Joulent develops integrated power solutions combining co-located natural gas generation, battery storage, renewable energy and across-the-meter grid connections to deliver faster power while supporting future grid access, the company said.

Joulent said the investment will accelerate its multi-gigawatt project pipeline while expanding strategic relationships with GE Vernova and Chevron. National Grid Ventures will also contribute expertise in power management, electrical infrastructure and supply chain execution.

The investment will fund Project Kilby, a 2.67-gigawatt West Texas facility that National Grid Ventures and Chevron (CVX) will own equally. The project targets first power in 2028 under a 20-year power purchase agreement supplying a Microsoft-operated data center, the companies said.

The partnership could strengthen its data center connection program, through which it expects to connect over 10 GW of demand across the US and the UK over the next five years. The company expects a final investment decision in 2026, National Grid added.

"Joulent was created to close that gap. This investment from National Grid Ventures strengthens our ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced industry now requires," said Chris James, Joulent's Founder and CEO.

"Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy," said Zoe Yujnovich, Chief Executive of National Grid.

Price: $166.15, Change: $+0.39, Percent Change: +0.24%

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