Engine No. 1

Recent news

• Jul 3, 2026

  National Grid Ventures invests $1.75bn in Joulent for construction of gas plant powering 2GW Microsoft data center in Texas

  National Grid Ventures has announced a 35 percent stake acquisition in Joulent to support development of power and electrical infrastructure solutions for large data centers.

  • NGV acquired the stake for $1.75 billion to back Project Kilby, a 2.67GW co-located natural gas facility being developed with Chevron; the plant is intended to power Microsoft’s planned 2GW data center in West Texas.
  • The facility is expected to operate under a 20-year Power Purchase Agreement signed last month, with first power delivery in 2028; NGV will also contribute expertise in high-voltage networks, system integration, and project execution.
  • Joulent, founded by Engine No. 1 and formally launched in June, says its offering includes co-located gas generation, battery storage, renewables integration, and across-the-meter grid connections; it claims a multi-gigawatt pipeline beyond Kilby.