National Grid invests $1.75B in energy startup Joulent

National Grid has agreed to a $1.75 billion strategic minority investment in Joulent, LLC, a Houston-based energy company developing large-scale power infrastructure for data centers and industrial customers, according to a press release from Joulent.

The investment is made through National Grid's National Grid Ventures arm. Joulent said the funding will support its current multi-gigawatt project, advance its pipeline, and expand its team and capabilities.

"American innovation is moving faster than the power infrastructure built to support it," said Chris James, Joulent's Founder and CEO. "This investment from National Grid Ventures strengthens our ability to deliver reliable, large-scale power on the timelines AI infrastructure and advanced industry now requires."

National Grid Chief Executive Zoë Yujnovich described the investment as "a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy," adding that it diversifies the company's regional U.S. exposure and extends its focus on long-duration infrastructure with contractual cash flows.

As part of the announcement, Joulent formalized a 50% ownership interest in its first project, called Kilby, developed in collaboration with GE Vernova Inc. (NYSE: GEV) and Energy Forge, a subsidiary of Chevron Corp. (NYSE: CVX). Kilby is designed to deliver approximately 2.67 gigawatts of generation capacity under a 20-year power purchase agreement to support a Microsoft-operated data center campus.

Pablo Koziner, Chief Commercial and Operations Officer at GE Vernova, said the company is collaborating with Joulent on large-scale power generation and electrification solutions for AI computing demands, noting that National Grid's investment "signals confidence in Joulent and the strong collaboration between our companies."

Joulent's model, which it calls "Across-the-Meter," co-locates power generation with customer demand while eventually connecting to the broader grid. The company said the approach is intended to avoid adding costs to local utility ratepayers. Future expansions are planned to incorporate renewable energy sources, beginning with solar.

You May Also Be Interested In

• Chevron (CVX) PT Lowered to $224 at Mizuho
• Penguin Solutions plans $650M convertible notes offering due 2031
• Cadrenal Therapeutics (CVKD) files for 2.94M share offering by sellign stockholders