Oilfield services just moved one step deeper into data-center power.

Gas-to-AI power is moving from customer contract to platform capitalization.

• VoltaGrid signed a $1B equity investment from funds managed by Blackstone Tactical Opportunities and Halliburton — $775M of primary capital and $225M secondary at a reported >$10B valuation, with mid-2026 closing expected. The capital backs behind-the-meter generation for data centers, microgrids, and industrial applications, against a stated 7.5 GW order book through 2030.

• VoltaGrid is also acquiring Propell Energy Technology Ltd. and its affiliates, building two next-generation automated manufacturing plants at Propell’s Granbury, Texas facility — lifting combined capability to ~300 MW per month across reciprocating engines and turbines. Halliburton isn’t just selling into oilfield activity; it is helping finance the fast-power stack for AI load.

• Venture Global signed two binding agreements May 12: a new 0.85 MTPA TotalEnergies contract for ~5 years starting 2026, and an expansion of Vitol’s 5-year deal to 1.7 MTPA from 1.5 — both supplied from VG’s portfolio. The two agreements total 2.55 MTPA of signed/expanded volume, with 1.05 MTPA of net new incremental supply (TotalEnergies 0.85 + Vitol 0.2 step-up).

• Q1 revenue hit $4.6B (+59% y/y) on 130 cargos / 481 TBtu (both quarterly records, ~2x Q1 2025); VG raised 2026 EBITDA guidance to $8.2–$8.5B from $5.2–$5.8B, says it has sold 84% of available 2026 cargos at a weighted-average $4.51/MMBtu liquefaction fee, and tightened its 2026 cargo range to 494–523.

• Fervo priced its IPO (first covered in April 21’s “The Firm Power IPO”) at $27/share for 70M shares — raising $1.89B at an implied ~$7.66B valuation, roughly 3x the April S-1 — backed by ~500 MW under construction, 658 MW of contracted offtake, and a stated ~$7.2B revenue backlog.

• INNIO filed for Nasdaq under INIO (Jenbacher and Waukesha gas engines; Goldman, JPM, Morgan Stanley joint leads) on a cumulative installed base of ~44 GW and an active fleet delivering ~3.4 GW as of Dec. 31, 2025 (up from 42 GW / 2.5 GW a year earlier). WhiteHawk filed for an NYSE listing under WHK with 2025 revenue of $67.6M vs. $9.5M in 2024 and royalty interests across ~3.4M gross unit acres in the Marcellus and Haynesville — exposure to ~13% of U.S. natural-gas production.

INNIO · WhiteHawk

• Ford Energy’s flagship is a standardized 20-ft DC block built on 512 Ah LFP prismatic cells, listing 5.45 MWh rated energy, 1,040–1,500 VDC, liquid cooling, and 20 GWh/year of planned manufacturing capacity — with 2-hr (FE-250) and 4-hr (FE-450) configurations available beginning 2027.

• Ford plans to invest ~$2B over two years into a Glendale, Kentucky gigafactory designed for Section 48E eligibility and domestic-content pathways, with first customer deliveries in late 2027 — taking stranded EV manufacturing capacity and pointing it at the market with better near-term demand visibility: grid storage and data-center-adjacent resilience.

PV Magazine

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