US-based power generation company VoltaGrid has agreed to secure $1bn in strategic equity from funds managed by Blackstone Tactical Opportunities and Halliburton Company to fund growth.
The funding package includes a $775m primary capital raise and a $225m secondary purchase from existing stakeholders
VoltaGrid plans to use these funds to support the expansion of its behind-the-meter power generation solutions targeting data centres, microgrid operations and various industrial applications. The company has also entered into a definitive agreement to acquire Propell Energy Technology and its affiliates, which supplies VoltaGrid with manufacturing and technology development services. The combination aims to reinforce VoltaGrid’s position as an end-to-end power generation platform.
VoltaGrid expects the acquisition to provide supply chain advantages and reduce operational risks, particularly in fulfilling its 7.5GW order book through 2030. Propell, established in 1978, employs around 1,000 people in the US and Canada. Its team supports a range of services including research and development, manufacturing, integration and after-sales support.