Blackstone, Halliburton to invest US$1 billion in energy startup VoltaGrid

Signage is displayed outside a Halliburton Co. location in Port Fourchon, Louisiana, U.S., on Thursday, Feb. 8, 2018.

Energy startup VoltaGrid said on Monday it has signed agreements for US$1 billion in equity investment from funds managed by Blackstone Tactical Opportunities and oilfield services provider Halliburton.

VoltaGrid said the deal would accelerate the development of power generation solutions for data centers, microgrids and industrial applications.

The investment is composed of a $775 million capital raise and a $225 million secondary purchase from existing investors.

VoltaGrid said it had also entered a separate deal to acquire one of its suppliers, Propell Energy Technology, for an undisclosed amount.

The transactions are expected to close in mid-2026.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Devika Syamnath)