The increasing need for reliable behind-the-meter power to support data centers and microgrids has attracted a $1 billion joint equity investment from Blackstone and Halliburton.

Blackstone Tactical Opportunities and Halliburton Company have backed VoltaGrid, a behind-the-meter power generation platform, with a $775 million primary capital raise and a $225 million secondary purchase from existing shareholders.

VoltaGrid’s solutions provide on-site generation that sidesteps grid interconnection bottlenecks, a critical advantage for data center operators and industrial users facing delays in traditional utility connections.

The company’s deployments cover data centers, microgrids, and industrial facilities where speed to power is paramount.

As part of the transaction, VoltaGrid agreed to acquire Propell Technologies Group Inc., a key supplier, in a bolt-on deal designed to internalize critical components and support rapid scaling.

The Propell acquisition is expected to close concurrently with the investment, with both transactions closing in mid-2026, subject to regulatory approvals.

Kirkland & Ellis LLP advised VoltaGrid on the deal.

The transaction represents a significant capital commitment in the rapidly growing distributed power sector, where an aging grid and surging electricity demand are pushing large-scale consumers to secure dedicated generation capacity.