HAL: Increases investment in VoltaGrid

Research evidence excerpt

HAL: Increases investment in VoltaGrid

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Keith Mackey, CFA (Analyst)

Kate Ross, CPA (Associate)

May 11, 2026

Halliburton Company

Increases investment in VoltaGrid

NYSE: HAL | USD 39.83 | Outperform | Price Target USD 44.00

Sentiment: Neutral

Our view: Halliburton has invested additional funds into VoltaGrid, as part of a $1Bn capital investment alongside Blackstone.

The release from VoltaGrid noted the proceeds will be used to accelerate deployment of its power generation solutions for data

centres, microgrids, and industrial applications. VoltaGrid is also acquiring Propell, an equipment packaging supplier. We believe

the investment signals HAL's continued commitment to VoltaGrid, and the growth opportunity in the Behind The Meter power

space. Recall, HAL has previously disclosed a 20% investment in VoltaGrid and the two companies have a strategic partnership to

deploy power generation capacity internationally.

Details:

• Particpated in $1Bn VoltaGrid funding. Halliburton and Blackstone Tactical Opportunities have agreed to invest $1Bn in

VolataGrid. The raise is split into a $775MM primary capital raise and a $225MM secondary purchase from existing investors.

Recall, Halliburton has previously disclosed a 20% ownership in VoltaGrid, and HAL and VoltaGrid also have a partnership to

deploy power generation assets internationally, including a 400MW deployment commitment in the Eastern Hemisphere. HAL

had approximately $2Bn cash at March 31, 2026. The proceeds used to accelerate VoltaGrid's behind the meter generation

solutions.

• VoltaGrid acquiring Propell, an equipment packaging supplier. VoltaGrid is also acquiring Propell, a privately held equipment

packager with about 1,000 employees in the USA and Canada.