VoltaGrid Announces $1bn Investment | 7.5GW Contracted | Propell Acquisition

Research evidence excerpt

VoltaGrid Announces $1bn Investment | 7.5GW Contracted | Propell Acquisition

I N D U S T R Y N O T E

M a y 1 2 , 2 0 2 6

Power Services

CONCLUSION Derek Podhaizer

Over the past several months, private Power Services player VoltaGrid has been making Sr. Research Analyst, Piper Sandler & Co.

attention grabbing headlines, continuing to raise the industry bar beginning last October 212 284-9485, derek.podhaizer@psc.com

with its 15-year 2.3GW data center deal with Oracle (link), followed by partnering with Michael Sunshine

HAL to scale data centers in the Middle East, including an initial 400MW order (link). Research Analyst, Piper Sandler & Co.

212 284-9417, michael.sunshine@psc.comIn February, VoltaGrid announced a capacity order with INNIO for 1.5GW, bolstering its

proprietary QPac platform (25MW recip systems) and expanding its capacity to 6GW

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(link). Now its most recent transformative announcement came yesterday with a $1bn HAL 40.26

strategic equity investment ($775mm primary capital and $225mm secondary purchase AESI 18.84

from existing investors) from Blackstone and HAL to fund its upsized 7.5GW order book and LBRT 33.39

its acquisition of Propell. Additionally, VoltaGrid plans to expand Propell's existing facilities PUMP 16.65

by building two additional next-generation automated manufacturing plants, expanding its SEI 74.66

ability to deliver 300MW per month of recips and turbines.

INDUSTRY RISKS

Piper Sandler & Co. is serving as financial advisor to Halliburton on its equity investment MW over-capacity, substitute technology

displacing distributed power generation assets,in VoltaGrid.

an accommodating grid, increased competition

resulting in margin degradation.

• 7.5GW of contracted capacity further distances itself from peers.