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In $2 billion deal, NVIDIA takes 20% stake in Woodlands-based Lancium

power play

Lancium has partnered with AI leader NVIDIA. Photo courtesy Lancium

With an initial investment of $2 billion, AI chip manufacturer NVIDIA just acquired a 20 percent stake in The Woodlands-based Lancium, which develops large-scale campuses that combine AI data centers and onsite power supplies.

Lancium recently announced the investment but didn’t disclose the dollar amount. The Information news website reported NVIDIA’s investment totaled $2 billion, with the possibility of an additional $1 billion if Lancium achieves certain milestones.

Dealroom.co calls NVIDIA’s investment a “form of supply-chain insurance.”

NVIDIA “is gaining exposure to the scarce physical assets that determine whether its chips can be deployed,” Dealroom.co says. “The move makes Nvidia look less like a pure chip company and more like an allocator of infrastructure capacity.”

Investment precedes possible IPO in 2027

Thanks to NVIDIA’s cash infusion, Lancium and its portfolio of land and power connections carry an enterprise value of about $10 billion, according to The Information.

The investment should enable Lancium to expand as it explores a potential IPO next year, The Information reported.

Neither Lancium nor NVIDIA is responding to requests for comment about the deal.

Lancium’s marquee project is a 1,000-acre data center and power generation campus in West Texas for the $500 billion Stargate initiative. Stargate, a joint venture comprising MGX, OpenAI, Oracle and SoftBank, is building data centers equipped to handle AI-level workloads.

“Epicenter of energy and AI infrastructure”

Founded in 2017, Lancium has 4 gigawatts of leased capacity and a more than 15-gigawatt development pipeline. In 2024, Blackstone Energy Transition Partners invested about $500 million in Lancium, giving Blackstone a roughly 50 percent stake.

“This partnership with NVIDIA is a strong testament to Lancium’s position at the epicenter of energy and AI infrastructure … . We look forward to continuing to partner with these leading companies to help power the next generation of AI innovation,” Bilal Khan, senior managing director at Blackstone, said in a release.

Through the NVIDIA partnership, Lancium’s data center and power generation campuses will use the tech company’s “AI factory” platform, including software, computing, and networking capabilities. This will give NVIDIA customers and partners access to power capacity that supports heavy AI workloads.

“We have spent years assembling the power, the land, and the infrastructure expertise needed to deliver AI data center capacity at a scale the world has never seen,” Michael McNamara, co-founder and CEO of Lancium, said in the release.

“Partnering with NVIDIA — the definitive technology platform for AI computing — ensures that every campus in our portfolio will be deployed with the industry’s most advanced technology and that NVIDIA’s customers will have access to the capacity they need to compete and lead in the AI era.”

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Pelican Energy Partners has made its second nuclear-related acquisition of 2026. Photo via Pexels

Houston private equity firm's nuclear acquisition tops energy news to know

Trending Topics

Editor's note: The biggest energy transition headlines to close out July include a major acquisition and Department of Energy investments in Houston-led projects. Below are the five most-read stories published on EnergyCapitalHTX, July 15-31, 2026:

1. Houston PE firm makes latest nuclear industry acquisition

Houston-based private equity firm Pelican Energy Partners has acquired California-based Veridiam for an undisclosed amount in an effort to further increase the firm’s focus on the nuclear energy sector. Veridiam is a strategic manufacturer that specializes in the precision fabrication of components and assemblies made from exotic metals or advanced alloys for the nuclear, aerospace, defense, space and medical fields. Continue reading.

2. 4 Houston researchers awarded projects in DOE's Genesis Mission

The U.S. Department of Energy has named the nearly 300 projects selected under the Trump Administration's Genesis Mission, which aims to address some of the largest science and technology challenges in the country. The group features four projects from Houston universities and companies. The initiative aims to unite government, industry, academia and philanthropy to lead to breakthroughs in energy, scientific discovery and national security. Continue reading.

3. Shell strikes $1.8B deal to offload solar and wind assets in India

Reflecting its ongoing de-emphasis of renewable energy, oil and gas giant Shell has agreed to sell its solar and wind power business in India for $1.8 billion. Aditya Birla Renewables Ltd. (ABRen) is the pending buyer of Solenergi Power Private Ltd., including the Sprng Energy group of companies. Sprng Energy develops, owns and operates utility-scale solar and wind power facilities in India. Shell, whose U.S. headquarters is in Houston, acquired Solenergi in 2022 for $1.55 billion. Continue reading.

4. Houston company lands first deal from new Blackstone energy transition fund

Asset manager Blackstone has agreed to buy Houston-based Dresser Utility Solutions from Connecticut private equity firm First Reserve for an undisclosed amount. First Reserve has a major presence in Houston. The deal represents the first investment from Blackstone Energy Transition Partners V. “Blackstone’s deep resources and experience in the utility sector make them an ideal partner as we continue to invest in innovation, expand our product portfolio, and deliver value for our customers,” Dresser CEO David Evans said. Continue reading.

5. KBR appoints C-suite duo to lead forthcoming spinoff

In advance of the spinoff of its Mission Technology Solutions unit, Houston-based KBR has made two C-suite hires for the new business. Michael LaRouche is coming aboard as president and CEO of the spinoff, currently called SpinCo, on Sept. 26. Nicholas Veasey joined as executive vice president and chief financial officer on July 1. Continue reading.

A 146-year-old Houston company is the first to land an investment from the Blackstone Energy Transition Partners V fund. Photo via dresserutility.com

Houston company lands first deal from new Blackstone energy transition fund

M&A activity

Asset manager Blackstone has agreed to buy Houston-based Dresser Utility Solutions from Connecticut private equity firm First Reserve for an undisclosed amount. First Reserve has a major presence in Houston.

The deal represents the first investment from Blackstone Energy Transition Partners V.

“Blackstone’s deep resources and experience in the utility sector make them an ideal partner as we continue to invest in innovation, expand our product portfolio, and deliver value for our customers,” Dresser CEO David Evans said in a news release.

Founded in 1880, Dresser provides metering technology, digital instrumentation and software, pressure and flow controls, and infrastructure repair products for gas and water utilities and industrial customers. The company employs about 850 people worldwide.

“As demands on the energy grid continue to grow, Dresser plays a critical role as a trusted partner to utilities managing essential infrastructure. The company’s products are foundational to the safe and reliable operation of gas and water networks, and its reputation for quality has helped build longstanding customer relationships,” David Foley, global head of Blackstone Energy Transition Partners, and JP Munfa, senior managing director, said in the release.

Blackstone Energy Transition Partners has invested more than $28 billion across the energy transition sector. New York-based Blackstone closed Blackstone Energy Transition Partners Fund IV at $5.6 billion in February 2025. Blackstone Energy Transition Partners Fund III closed in 2020 for $4.4 million, according to Pitchbook.

Other notable energy transition investments from Blackstone funds include Salt Lake City-based Energy Exemplar, French electronics manufacturing company Sediver, Plano-based Westwood Professional Services and others.

Two years ago, Dresser secured a $335 million credit facility from funds managed by asset manager Blue Owl Capital. At the time, Dresser said the money would go toward capital expenses, acquisitions and corporate needs.

This is the second notable investment Blackstone has made in a Houston-based energy company in recent months. In May, Blackstone and energy heavyweight Halliburton made a $1 billion equity investment in Houston power generation startup VoltaGrid, which provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.

VoltaGrid has developed a modular power generation system that improves reliability and limits emissions. Photo via voltagrid.com

Houston startup lands $1B from Blackstone and Halliburton, plans acquisition

power deal

Houston-based power generation startup VoltaGrid has nailed down a $1 billion equity investment from asset management heavyweight Blackstone and Houston-based oilfield services provider Halliburton.

The investment comes in two forms:

  • A $775 million primary capital raise
  • A $225 million secondary capital purchase from existing investors

VoltaGrid, founded in 2020, provides behind-the-meter mobile power generation equipment for data centers, microgrids and industrial customers.

Aside from the $1 billion investment, VoltaGrid has agreed to buy Propell Energy Technology, a VoltaGrid supplier, for an undisclosed amount. Propell offers a natural gas power generation platform for AI data centers. VoltaGrid plans to add two manufacturing plants at Propell’s facilities in Granbury, a Dallas-Fort Worth suburb.

The investment and acquisition deals are expected to close in mid-2026.

Funds managed by Blackstone Tactical Opportunities are contributing to the $1 billion investment. William Nicholson, managing director of Blackstone, called VoltaGrid “a highly differentiated platform addressing one of the most important infrastructure needs of the AI era: reliable, rapidly deployable power. This investment is a strong example of Tac Opps’ focus on providing flexible, scaled capital to exceptional entrepreneurs and businesses operating in Blackstone’s highest-conviction investment themes.”

Nathan Ough, founder and CEO of VoltaGrid, said in a release that the Blackstone investment “is a powerful endorsement of the platform we have built and the role VoltaGrid is playing in delivering the energy infrastructure of the AI era.”

Last October, VoltaGrid and Halliburton said they had forged a partnership to supply power for data centers around the world, with the Middle East picked as the initial target. Two months later, the companies said they had arranged the manufacturing of 400 megawatts of natural gas power systems that’ll be delivered in 2028 to support new data centers in the Eastern Hemisphere.

Jeff Miller, president and CEO of Halliburton, said his company’s investment in VoltaGrid “reflects our shared focus on long-term solutions for the world’s most demanding power environments, and advances VoltaGrid’s ability to deliver reliable, distributed power at scale.”

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Houston geothermal companies secure more than $45M in DOE funding

geothermal boost

Three Houston-based companies—Fervo Energy, Quaise Energy and XGS Energy—have been selected by the U.S. Department of Energy to advance geothermal technologies and field tests.

Combined, the companies will receive more than $45 million in funding from the DOE's Next-Generation Geothermal Field Tests and Geothermal Resource Characterization and Confirmation initiative. The projects were among 21 selected from around the country to receive a total of $99 million.

Fervo was selected to conduct two projects under the initiative for approximately $20 million in funding. For the first project, the geothermal unicorn, which achieved first power at its flagship geothermal plant last week, will drill and complete enhanced geothermal systems (EGS) wells in Elmore County, Idaho, and will deploy high-temperature seismic monitoring technology at record-high temperatures at or above 200°C.

For the second project, the company will conduct an appraisal drilling campaign at a "high-priority" site in Humboldt County, Nevada, to confirm if the reservoir is suitable for EGS development.

“We are grateful to the Department of Energy for funding these grants. We believe this is a clear indication from the federal government that expanding geothermal energy to new states is a national priority,” Jack Norbeck, CTO and co-founder of Fervo Energy, said in a news release. “We expect this funding to accelerate Fervo’s pipeline and advance the cutting edge of geothermal technologies.”

Fresh off a $180 million Series B, Quaise Energy also received $25 million in DOE funding through the initiative to support its Project Obsidian super hot geothermal plant in Central Oregon. The funding will go toward the analysis of the drilling, stimulation and flow results of the first two wells at the Project Obsidian site, which will help the company optimize its third well on site.

“This DOE support is a recognition of what we are building at Quaise and the progress we are making in the field, including the confirmation well currently being drilled at Project Obsidian,” Carlos Araque, CEO and president of Quaise, said in a release. “Our ambition has always been to make superhot geothermal a commercial reality, and Project Obsidian is where we first deliver on that promise.”

XGS Energy, which recently relocated its headquarters from Palo Alto, California, to Houston, was also selected for an exploration drilling project. The company will drill a deep vertical appraisal well in Socorro County, New Mexico, to determine if the site is a viable source of geothermal energy. XGS had not disclosed a funding estimate at press time.

The full value of the proposed DOE funding is subject to completion of award negotiations, according to Quaise.

Data from these projects will be shared through DOE’s Geothermal Data Repository (GDR), providing valuable information to researchers and stakeholders in the geothermal sector.

“This is an excellent example of how public and private entities can partner together to scale critical energy technologies,” Tim Latimer, CEO and co-founder of Fervo, added in a release. “With this funding, the Department of Energy is making important investments to help Americans across the country gain access to clean, affordable geothermal energy.”

Other geothermal companies and institutions from around the country will complete the 17 remaining projects. They include:

  • Denver-based 400C Energy Inc.
  • Salt Lake City-based AlterG Resources
  • Denver-based DAVINCI EP LLC
  • Anchorage-based GeoAlaska LLC
  • Oklahoma City-based GreenFire Energy Inc.
  • Virginia-based Hexagon Energy LLC
  • Virginia-based INTEK Inc.
  • Chicago-based Invenergy Geothermal Development LLC
  • Massachusetts-based LiPower Geothermal LLC
  • Fort Worth-based Oriah Geothermal LLC
  • Reno-based Raser Power Systems LLC
  • Santa Fe-based San Ildefonso Services LLC
  • Salt Lake City-based The University of Utah
  • Reno-based TLS Geothermics Corp.
  • Salt Lake City-based Zanskar Geothermal and Minerals

Read more about the full list of projects here.

CenterPoint gets $50M DOE grant to improve Houston power grid

grid grant

A $50 million federal grant will help Houston-based CenterPoint Energy strengthen Houston’s power grid.

The U.S. Department of Energy (DOE) grant will support power substation upgrades in the Houston area.

“Our mission is to build the most resilient coastal grid in the nation for the 2.9 million customers we proudly serve in the greater Houston area … [The grant] will directly fund industry-leading technology improvements that are expected to strengthen resiliency, reliability, and meet the growing energy needs of our region,” Jason Ryan, CenterPoint Energy’s executive vice president for regulatory services and government affairs, said in a release.

CenterPoint says the project will make it one of the first U.S. utilities to install Siemens Energy’s grid-stabilizing technology.

The project will create more than 500 construction and installation jobs, CenterPoint says.

“Generations of CenterPoint customers and families in the region will benefit from the advanced technology this grant is funding,” said Kathleen Jackson, a member of the Public Utility Commission of Texas. “And any time companies make improvements like this to their systems, the long-term impact is making the entire grid stronger for Texans.”

The $176.7 million substation project is part of CenterPoint’s Greater Houston Resiliency Initiative, which launched in 2024.

So far, the initiative has:

  • Installed nearly 82,400 storm-resilient poles and equipment
  • Trimmed and cleared more than 13,700 miles of trees and vegetation near power lines
  • Added nearly 820 grid automation and intelligence devices
  • Put more than 880 miles of power lines underground

The initiative kicked off three years after Winter Storm Uri. CenterPoint received harsh criticism for what customers complained was the utility’s slow response to the 2021 storm. Uri caused a massive power outage and at least 246 deaths across Texas.

CenterPoint blamed the Electric Reliability Council of Texas (ERCOT), which operates the power grid for most Texans, for not supplying the utility with enough electricity during and after the storm.

EnergyTech Cypher names 7 startup winners from Pilotathon pitch event

startup spotlight

Houston Energy and Climate Week was full of fast-paced pitches and inspiring technology, showcased during some of the week's signature events.

EnergyTech Cypher's annual Piloathon and Startup Showcase was one of the places to be, bringing together 16 pilot-ready startups to present their best seven-minute pitches before investors, plus 52 companies that demonstrated their technologies on the showcase floor.

"This year's cohort raised the bar," Nada Ahmed, co-founder of EnergyTech Cypher, shared in a news release. "Working with these founders through the pitch preparation process, we saw firsthand the depth of technology and commercial readiness they brought to the stage. Three ties in four categories says it all."

Seven startups took home top honors in various categories, all under this year's theme of "The NEW Energy Industrial Revolution," with three categories ending in a tie. Judges included leaders from Baker Tilly, NRG Energy, Shell, Aramco Ventures, Baker Hughes, Avatar Innovations, Kanin Energy, NoviDigiTech, aiCTO Services, and the FIFA World Cup Houston Committee.

Here's who won in their respective categories:

Future of Industrial Work: Houston-based BigMachine AI, an AI engineer for industrial projects, and Oslo, Norway-based OTee, an automation machinery manufacturer. Otee was also named one of the 10 most-promising startups at the Rice Alliance Energy Tech Venture Forum during HECW.

Industrial Decarbonization: Berkeley-based Oleo, which is developing a biomanufacturing platform to transform biomass waste into carbon-negative, cost-competitive oil feedstocks for advanced fuels

Grid Infrastructure and Distributed Energy: Edinburgh-based Mocean Energy, which works to deliver renewable ocean energy to power offshore industry, and Tulsa-based RyuGen Energy Solutions Inc., which works to turn underused commercial power into distributed AI infrastructure

Critical Minerals and Resource Security: Houston-based Resollant, which is working to produce battery-grade graphite and ultra-low-cost hydrogen, and Berkeley-based Sunchem, which provides precision separation of critical metals from sources including e-waste, evaporator scrap, solar panels, and mining ores and concentrates.

Last year, the Pilotathon named eight winners from the competition, which focused on the theme of "Energy Access and Resilience." See the winners here.

EnergyTech Cypher rebranded from EnergyTech Nexus earlier this year. The energy transition hub also launched Cephyron, EnergyTech Cypher's new investor relationship management platform, built specifically for energy and climatech founders.

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