VoltaGrid has completed a previously announced $775 million primary equity investment from funds managed by Blackstone Tactical Opportunities and Halliburton, along with an upsized $800 million secondary equity transaction involving existing investors.
The secondary investment had previously been announced at $225 million before being increased to $800 million.
Purchasers in the secondary transaction included institutional and other investors.
Combined, the primary and secondary equity transactions represent approximately $1.575 billion of investment activity.
Only the $775 million primary investment represents new capital provided to VoltaGrid.
The $800 million secondary transaction provided liquidity to certain existing members of the company and did not generate additional proceeds for VoltaGrid.
The investments expand VoltaGrid’s long-term investor base as the company scales its behind-the-meter power generation capacity across North America.
VoltaGrid is targeting data centers, microgrids and industrial customers that require access to firm, off-grid power generation.
The Houston-based company provides behind-the-meter generation, portable power, compressed natural gas fuel supply, infrastructure and energy management services.
Its customers include data center and artificial intelligence infrastructure operators, utilities and industrial businesses.
VoltaGrid was founded in 2020 and has been expanding its generation platform as power requirements increase across data-intensive and industrial applications.
Support: J.P. Morgan Securities, Barclays and TD Securities acted as placement agents to VoltaGrid. Sidley Austin served as legal adviser to the company.
