National Grid Ventures Invests $1.75 Billion in Joulent to Expand U.S. AI Data Center Power Infrastructure
National Grid Ventures has agreed to invest $1.75 billion in Joulent LLC to develop large-scale power infrastructure for AI data centers and other electricity users across the U.S. This partnership will support projects like Project Kilby in West Texas, a 2.67-gigawatt facility dedicated to a Microsoft-operated data center. The investment aims to address the surging electricity demand driven by AI deployments and hyperscale data centers.
National Grid Ventures (NGV), the commercial investment arm of National Grid plc, announced a $1.75 billion investment in Joulent LLC, acquiring a 35% stake. This strategic partnership aims to develop large-scale power infrastructure to meet the unprecedented electricity demand from artificial intelligence (AI) deployments and hyperscale data centers across the United States.
National Grid Chief Executive Zoë Yujnovich described the investment as a disciplined expansion into critical infrastructure serving the AI economy. Joulent specializes in integrated power systems, including co-located natural gas generation, battery storage, and renewable energy integration, designed to provide faster electricity delivery than traditional grid connections.
The investment will significantly support Project Kilby, Joulent's flagship initiative in West Texas. This 2.67-gigawatt co-located power facility, developed in a 50-50 partnership with Chevron Corporation, is specifically dedicated to a Microsoft-operated data center under a 20-year power purchase agreement. Critical equipment, including GE Vernova turbines, has already been secured, with the project targeting its first power delivery in 2028.
Chris James, Joulent's founder and CEO, highlighted that the investment strengthens the company's capability to deliver reliable, large-scale electricity on accelerated timelines required by AI infrastructure. Microsoft's President of Cloud Operations + Innovation, Noelle Walsh, also welcomed the partnership, emphasizing the need for closer coordination between energy developers and digital infrastructure providers to support high-performance computing at scale.