An initial pivot into the US DC market with Joulent

Research evidence excerpt

An initial pivot into the US DC market with Joulent

UK | Utilities & Clean Energy

National Grid EquityJulyResearch1, 2026

FIRST VIEWAn initial pivot into the US DC market with

RATING HOLDJoulent

PRICE 1,248.00p^

Conclusion

NG today announced that its Ventures division will invest $1.75bn (~2% PRICE TARGET | % TO PT 1,410.00p | +13%

of market cap) to acquire a 35% stake in Joulent, an energy company 52W HIGH-LOW 1,429p - 1,000p

delivering large-scale energy solutions for AI data centres. Joulent develops FLOAT (%) | ADV MM (USD) 129.4% | 250.72

contracted power generation and high-voltage infrastructure for large US MARKET CAP £46.2B | $61.3B

customers, offering integrated solutions to meet rising demand for reliable, TICKER NG/ LN

^Prior trading day's closing price unless otherwise

scalable power. NGV’s investment supports the Kilby Project, a JV with noted.

Chevron, a 2.67GW co-located power facility in West Texas supplying a

Microsoft data centre under a 20-year PPA. The transaction is not expected

to affect the Group's current five-year financial framework. Strategically, we

view the deal positively as it increases NG’s exposure to US data centre

growth and provides access to a multi-GW pipeline, supporting its US

expansion. However, disclosure remains limited, and their key project will

only become FCF-positive in the early 2030s. Overall, the move adds a new

growth angle to NG's story.

Detail

What Joulent does. Joulent is essentially a power solutions platform

for data centres and large industrial users. It develops co-located

generation (mainly gas, with batteries/renewables) and connects it directly

to customers under long-term contracts, enabling fast “speed to power”

outside the traditional grid bottlenecks — key for AI/data centre growth

Project Kilby.