National Grid Ventures announced that it has agreed to invest $1.75 billion for a 35% stake in Joulent. The deal forms a strategic partnership focused on developing contracted power and electrical infrastructure solutions for large-load demand in the U.S.
Joulent develops power solutions for data centers and other power-intensive customers. The company’s platform is designed to accelerate speed-to-power through integrated solutions such as co-located gas generation, battery storage, renewables integration, and Across-the-Meter grid connections.
The investment marks National Grid Ventures’ entry into one of the fastest-growing areas of electricity demand. Rising demand from AI data centers and other advanced industries is increasing the need for dedicated and scalable power solutions, often faster than traditional grid connections can support.
The investment will help support Joulent’s foundational project, Project Kilby, in West Texas. Kilby is a 2.67 GW co-located power facility being developed in a 50/50 partnership with Chevron.
Project Kilby will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. The project is in an advanced development stage, with critical equipment secured, including GE Vernova turbines and reserved EPC capacity.
The project is targeting first power delivery by 2028. Joulent also has a multi-gigawatt pipeline of future projects that could provide incremental growth over time.
National Grid Ventures said the partnership will extend beyond capital. The company expects to contribute operational capabilities across high-voltage networks, system integration and balancing, infrastructure development, and project execution.
The partnership is also expected to provide insights and relationships that could support National Grid’s broader data center connection program. National Grid expects to connect more than 10 GW of demand across the U.K. and U.S. over the next five years.
The investment is incremental to National Grid’s existing five-year capital investment program of at least £70 billion, or about $90 billion, through 2031. The investment will be funded through the group’s balance sheet headroom, with a final investment decision expected in 2026.
KEY QUOTES:
“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 with strong partners. It extends National Grid’s core strengths of investing in long-duration infrastructure with predictable cash flows and attractive risk-adjusted returns.”
Zoë Yujnovich, Chief Executive of National Grid
“This investment from National Grid Ventures strengthens Joulent’s 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
“AI and cloud are advancing at a pace that requires closer coordination between energy and infrastructure, and we welcome National Grid Ventures’ experience and capabilities in helping address this challenge and support reliable, high-performance compute at scale.”
Noelle Walsh, President of Cloud Operations + Innovation at Microsoft
