Trane Technologies announced it has signed a definitive agreement to acquire LiquidStack, a Carrollton, Texas-based liquid cooling technology provider for data centers, in a move aimed at strengthening Trane’s position as an end-to-end partner for data center thermal management as AI and hyperscale computing drive higher rack densities and heat loads.
The buyer said LiquidStack’s liquid, direct-to-chip and immersion cooling portfolio will complement Trane’s existing data center thermal management capabilities, which span chillers, heat rejection, controls, liquid distribution and on-chip cooling. Trane previously made a minority investment in LiquidStack in 2023, and said the acquisition will help scale LiquidStack’s technology globally by leveraging Trane’s systems expertise and global footprint.
Under the terms outlined, the deal includes LiquidStack’s team and its manufacturing, engineering, and research and development operations in Texas and Hong Kong. After closing, LiquidStack will operate globally within the Commercial HVAC business unit of Trane Technologies’ Americas segment. LiquidStack co-founder and CEO Joe Capes is expected to join Trane in a leadership role and continue leading the LiquidStack business.
Trane said the transaction is expected to close in early 2026, subject to customary closing conditions. Financial terms were not disclosed. The company positioned the purchase as a bolt-on acquisition, consistent with its approach of adding specialized technologies to enhance core businesses and scale them over time, noting that it recently announced the acquisition of Stellar Energy, which it expects to close in the first quarter of 2026.
KEY QUOTES
“Rising chip-level power and heat densities combined with increasingly variable workloads are redefining thermal management requirements inside modern data centers. Customers need integrated cooling solutions that scale from the central plant to the chip and can adapt as performance demands continue to evolve. LiquidStack’s direct-to-chip and immersion cooling capabilities and talent, combined with Trane’s systems expertise and global footprint, strengthen our ability to deliver end-to-end, future-ready thermal management across the entire data center ecosystem.”
Holly Paeper, President, Commercial HVAC Americas, Trane Technologies
“LiquidStack has been on a mission to innovate and deliver the most advanced, powerful and sustainable liquid cooling solutions. Joining Trane Technologies enables us to accelerate that mission with the resources, scale and global reach needed to power next-generation AI workloads in the most demanding compute environments. We are very excited to expand our impact and continue our growth as part of Trane Technologies.”
Joe Capes, Chief Executive Officer, LiquidStack
