Jul 04, 2026 | Posted by Abdul-Rahman Oladimeji
National Grid Ventures (NGV), the commercial arm of National Grid, has acquired a 35% stake in Joulent for $1.75 billion to support development of power infrastructure for large data centers. The investment will help fund Project Kilby, a 2.67GW natural gas facility being developed with Chevron. The plant is expected to supply Microsoft’s planned 2GW data center in West Texas under a 20-year power purchase agreement signed last month, with first power delivery targeted for 2028.
Joulent was founded by Engine No. 1, which last year partnered with Chevron on gas plant development for the data center sector. Formally launched in June, the company offers co-located gas generation, battery storage, renewable integration, and “across-the-meter” grid connections designed to accelerate large load deployment without passing infrastructure costs to local ratepayers.
“NGV’s investment strengthens Joulent’s ability to deliver large-scale power for AI infrastructure,” said CEO Chris James. NGV will also provide expertise in high-voltage networks and project delivery, supporting National Grid’s data center connection program, which targets over 10GW of demand in the UK and US within five years. Joulent says it has a multi-gigawatt pipeline beyond Project Kilby, without disclosing locations.
