National Grid Ventures, the commercial division of National Grid plc, has announced a significant investment of $1.75 billion for a 35% equity stake in Joulent LLC. This strategic partnership aims to develop contracted power and electrical infrastructure solutions tailored for U.S. enterprises with large load demand.
Zoë Yujnovich, Chief Executive of National Grid, said: “Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy. Through National Grid Ventures, we are gaining exposure to a major source of electricity demand growth with strong partners. It extends National Grid’s core strengths of investing in long-duration infrastructure with predictable cash flows and attractive risk-adjusted returns.”
Chris James, Founder and CEO of Joulent, said: “This investment from National Grid Ventures strengthens Joulent’s 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.”
Understanding the Market Demand
Growing electricity consumption from data centers and other power-intensive operations has created a substantial gap between demand and available supply through traditional grid connection methods. Organizations increasingly require dedicated, scalable power systems that can be deployed on accelerated timelines, often exceeding what conventional grid infrastructure can accommodate..
Joulent’s Comprehensive Approach
Joulent has established capabilities and resources specifically designed to create integrated power solutions for U.S. large load customers, including prominent data center operators.
The platform incorporates co-located gas generation facilities, advanced battery storage systems, renewable energy integration, and proprietary “Across-the-Meter” grid connection technology. This comprehensive model enables rapid scaling to accommodate near-term large load demand while supporting sustainable economic growth and limiting costs borne by existing local communities. The system is engineered to facilitate a longer-term transition pathway to grid connectivity
Project Kilby: Foundation for Growth
The investment will facilitate development of Joulent’s flagship initiative, Project Kilby, structured as a 50/50 partnership with Chevron Corporation. This 2.67 gigawatt co-located power facility, located in West Texas, will supply dedicated electricity to a data center operation under a 20-year power purchase agreement.
The project has advanced significantly in its development stage. Critical equipment procurement, including GE Vernova turbines, has been secured, and essential EPC capacity has been reserved. The initiative targets initial power delivery during 2028.
Broader Partnership Benefits
Beyond capital investment, National Grid Ventures brings operational expertise that strengthens Joulent’s capabilities. This includes deep knowledge of high-voltage network systems, technical integration and load balancing, infrastructure development methodologies, and project execution expertise accumulated across decades of energy infrastructure operations.
The collaboration is expected to enhance National Grid’s existing data center connection program, which projects connecting more than 10 gigawatts of demand across United Kingdom and United States markets within the next five years.
The planned investment is in addition to National Grid’s current five-year capital investment programme of at least £70 billion (approximately $90 billion) through 2031. Funding will be provided through the Group’s available balance sheet capacity, while a final investment decision is anticipated in 2026. The move underscores the company’s measured, long-term strategy to help develop and support future energy systems.
