NGG News & Events

National Grid Ventures, the commercial arm of National Grid, has agreed to invest $1.75B for a 35% stake in Joulent LLC, forming a broad strategic partnership to develop contracted power and electrical infrastructure solutions for U.S. large load demand. NGV's investment will enable the development of Joulent's foundational project, Project Kilby, in a 50/50 partnership with Chevron Corporation. Kilby is a 2.67 GW co-located power facility in West Texas that will provide dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. Development of the project is at an advanced stage with secured critical equipment including GE Vernova turbines and reserved EPC capacity, and it is targeting first power delivery by 2028.

Joulent announced that National Grid (NGG) has agreed to a $1.75B strategic minority investment in the company. The investment strengthens Joulent's ability to execute on its current multi-gigawatt project, advance its project pipeline and scale its capabilities. National Grid makes the investment through its National Grid Ventures arm, which brings high-impact capital, expertise in power management for large-scale projects, and critical supply chain capabilities to accelerate Joulent's growth. The investment from National Grid Ventures further expands Joulent's strategic relationships with leading companies across energy, infrastructure, and technology, including GE Vernova Inc. (GEV) and Chevron Corp. (CVX). Together, these relationships reflect Joulent's role as an operating platform capable of bringing together the capital, supply chain, and proven team of builders to deliver power at scale. 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. 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.