VoltaGrid Weighing Public Listing or Sale, Riding the AI Wave
(Bloomberg) -- VoltaGrid, a startup that offers tech companies a shortcut to the energy needed to run artificial-intelligence systems, is exploring ways to raise billions of dollars to sustain its growth.
The maker of gas-powered microgrids for rapid data-center deployments is weighing an initial public offering and also has engaged with private equity firms about a potential sale, according to people familiar with the matter.
Blackstone Inc., and BlackRock Inc. are among firms that have discussed buying or investing in VoltaGrid, said the people, who asked not to be identified because the details are private. A potential deal could value the company at more than $10 billion, one of the people said.
VoltaGrid, Blackstone and BlackRock each declined to comment.
Businesses that can offer data-center operators a faster and easier path to power have are experiencing explosive growth. Global energy demand from data centers is expected to soar as much as 165% by the end of the decade, according to Goldman Sachs Group Inc. With wait times for new grid connections stretching longer, companies such as Oracle Corp. and Facebook parent Meta Platforms Inc. are paying high prices for on-site generators, battery systems and other shortcuts to power.
VoltaGrid has been a beneficiary of Oracle’s infrastructure splurge.
The cloud-services giant is racing to build a series of massive data centers to power the latest tools from OpenAI. Oracle will pay VoltaGrid more than $1 billion a year to serve just one site for OpenAI in Texas.
VoltaGrid, a six-year-old company that had focused on building on-site generators for oil and gas customers, is seeing its fortunes surge. The Houston-based firm’s annual earnings before interest, taxes, depreciation and amortization are estimated to grow to $1.1 billion by 2028, a more than five-fold increase from 2024, according to Fitch Ratings.
Chief Executive Officer Nathan Ough, a former investment banker at Macquarie Group Ltd., launched VoltaGrid after co-founding Certarus, a company that provides natural gas mobile storage units.
VoltaGrid recently closed a $5 billion financing round and planned to use the cash to deploy more than 4 gigawatts, the equivalent power footprint of multiple cities combined.
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