The acquisition of Propell gives VoltaGrid direct control of a key supplier of the proprietary high-inertia QPac system designed for AI data center loads, a move backed by a $1 billion equity commitment from Blackstone Tactical Opportunities and Halliburton Company.

The combined transactions are expected to close in mid-2026.

Propell, founded in 1978, manufactures power generation systems based on reciprocating engines and turbines, and has been a long-term partner to VoltaGrid in technology development.

The company is based in Granbury, Texas, with about 1,000 employees across the United States and Canada, and offers OEM-direct service and parts distribution.

VoltaGrid, a behind-the-meter energy management and generation platform, will use the primary proceeds from the equity raise—$775 million of new capital plus $225 million in secondary purchases—to expand Propell’s Granbury facilities with two new automated plants, targeting combined capacity of roughly 300 MW.

The integrated platform supports an order book near 7.5 GW through 2030.

LLC advised VoltaGrid, with legal counsel from Kirkland & Ellis LLP and Sidley Austin LLP.

Morgan Stanley was lead financial advisor to Blackstone, Lazard also advised, and Simpson Thacher & Bartlett LLP provided legal advice.

Deloitte Corporate Finance and Mogan Daniels Slager LLP advised Propell.