Joulent announced that National Grid has agreed to make a $1.75 billion strategic minority investment in the company. Joulent is a technology-driven energy company developing multi-gigawatt power infrastructure to meet the rising electricity demands of American industry, AI infrastructure, and other compute-intensive sectors.
The investment will strengthen Joulent’s ability to execute on its current multi-gigawatt project, advance its broader project pipeline, and scale its internal capabilities. National Grid is making the investment through its National Grid Ventures arm, which provides capital, large-scale power management expertise, and supply chain capabilities for major infrastructure projects.
Joulent was created to help address the growing gap between the speed of American innovation and the pace at which power infrastructure is being built to support it. The company’s model is designed to deliver reliable large-scale power for AI infrastructure and advanced industrial customers without shifting the cost of that growth onto local communities.
The investment also expands Joulent’s strategic relationships across the energy, infrastructure, and technology sectors. The company has existing relationships with GE Vernova and Chevron, which support Joulent’s ability to bring together capital, supply chain resources, and execution expertise to deliver power at scale.
National Grid brings experience in high-voltage networks, system integration and balancing, infrastructure development, project execution, and complex electrical solutions. These capabilities are expected to help Joulent avoid bottlenecks and deliver large-scale power infrastructure with greater speed and certainty.
Joulent’s Across-the-Meter solutions provide scalable baseload power that is co-located with customer demand while eventually connecting to the grid. This model is designed to enable rapid scaling for multi-gigawatt campuses. Over time, exportable capacity from Joulent projects is also expected to support capacity expansion for local power markets. The approach also creates a foundation for future renewable energy expansions, beginning with solar.
Through this investment, Joulent has also formalized a 50% ownership interest in its first project, Kilby. The Kilby project has been developed through Joulent’s ongoing collaboration with GE Vernova and Energy Forge, a subsidiary of Chevron Power Solutions.
Kilby is expected to deliver approximately 2.67 gigawatts of generation capacity to support a Microsoft-operated data center campus under a 20-year power purchase agreement. The project represents the first model of the multi-project, large-scale platform Joulent plans to scale to provide cost-competitive speed-to-power solutions without burdening local grids or raising rates for ratepayers.
Going forward, Joulent will continue advancing its project pipeline while expanding its team and capabilities to meet demand for reliable, large-scale power from AI infrastructure and advanced industrial customers.
KEY QUOTES:
“American innovation is moving faster than the power infrastructure built to support it. 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. We are building an independent company designed for speed, scale, and execution, without shifting the cost of that growth onto local communities, while also providing tailor-made and cost-competitive solutions for our customers.”
Chris James, Founder and CEO of Joulent
“Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy. Through National Grid Ventures, we are gaining exposure to a major source of electricity demand growth that diversifies our regional U.S. exposure and is supported by strong partners. It extends National Grid’s core strengths of investing in long-duration infrastructure with contractual cash flows and attractive risk-adjusted returns.”
Zoë Yujnovich, Chief Executive of National Grid
“We are collaborating with Joulent in providing the large-scale power generation and electrification solutions that are needed to meet the specific demands of AI compute. National Grid is a valued customer across the U.S. and Europe and their investment signals confidence in Joulent and the strong collaboration between our companies.”
Pablo Koziner, Chief Commercial & Operations Officer at GE Vernova
