Joulent, a developer of AI-powered multi-gigawatt energy infrastructure to power North American data centers, secured a $1.75 billion strategic minority investment from National Grid Ventures, an investment arm of National Grid.
Chris James, Joulent’s Founder and CEO, said: “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.”
“We are building an independent company designed for speed, scale, and execution, without shifting the cost of that growth onto local communities, while also providing tailor-made and cost-competitive solutions for our customers,” added Chris James.
With this investment, Joulent has also formalized a 50% ownership interest in its first project, Kilby, which the company has developed through ongoing collaboration with GE Vernova and Energy Forge, a subsidiary of Chevron Power Solutions, contributing engineering, commercial and financial expertise to help shape the project.
Kilby will deliver approximately 2.67 gigawatts of generation capacity to support a Microsoft-operated data center campus under a 20-year power purchase agreement.
The Project Kilby represents the first model of the multi-project, large-scale platform Joulent intends to scale ahead to provide cost-competitive speed to power solutions without burdening local grids or raising rates for ratepayers.