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VoltaGrid Secures $1 Billion From Blackstone, Halliburton; Agrees to Acquire Propell Energy

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VoltaGrid, a Texas-based energy management and generation company, Monday said it has inked a deal for strategic equity investments amounting to $1 billion from funds managed by Blackstone's (BX) Blackstone Tactical Opportunities and Halliburton (HAL).

The investments are in the form of a $775 million primary capital raise and a $225 million secondary purchase from existing investors, the company said in a statement.

Proceeds from the new funding will be used to "accelerate deployment of VoltaGrid's behind-the-meter power generation solutions for data centers, microgrids, and industrial applications," the statement said.

VoltaGrid has also entered into an agreement to acquire Propell Energy Technology and its affiliates, a key supplier to the company and a partner in the manufacturing of its high-inertia QPac system developed for AI data centers, the company said.

The company expects the acquisition to help lower execution risks across its about 7.5 gigawatt order book between now and 2030 by strengthening supply chain access and control.

As part of the deal, Propell's existing facilities in Granbury, Texas will be expanded to include two additional next-generation automated manufacturing plants, which are expected to increase its capabilities by about 300 megawatts per month of capacity.

Both the deals are expected to close in the mid of this year, subject to customary closing conditions.

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