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VoltaGrid, which makes mobile gas generators, is raising $1 billion from Blackstone and Halliburton.

Why it matters: Data center demand for onsite power is soaring.

Zoom in: VoltaGrid said the deal includes a $775 million primary capital raise and a $225 million secondary purchase from existing investors.

The funding, which is reportedly at an over $10 billion valuation, will be used to deploy VoltaGrid's natural gas power generators.

The Houston-based company also plans to acquire one of its suppliers, Propell Energy Technology.

The transactions are expected to close in the middle of this year.

Catch up quick: Elon Musk was famously able to get an xAI data center in Memphis up and running in record time partly thanks to VoltaGrid's power gear. 

The big picture: Data center power demand isn't showing any signs of slowing, and onsite power is a major trend. 

The queue to connect data centers to the power grid is years long, and many are turning to onsite power generation from gas, solar and batteries or fuel cells as both a supplement or an alternative.

Blackstone and Halliburton back VoltaGrid with $1B

The gas microgrid developer broke records getting xAI up and running.

Illustration of a data center server in the shape of an upward arrow.

VoltaGrid, which makes mobile gas generators, is raising $1 billion from Blackstone and Halliburton.Why it matters: Data center demand for onsite power is soaring.

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Blackstone and Halliburton back VoltaGrid with $1B

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