Joulent Secures $1.75B Strategic Investment from National Grid to Accelerate Growth as Technology-Driven Energy Company Powering American Innovation

Partnership to strengthen Joulent’s first-mover advantage of delivering power solutions reliably, at speed and scale.

Joulent, LLC ("Joulent" or the "Company"), a technology-driven energy company developing multi-gigawatt power infrastructure to meet the accelerating demands of American industry and innovation, today announced that National Grid has agreed to a $1.75 billion 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.

"American innovation is moving faster than the power infrastructure built to support it," said Chris James, Joulent's Founder and CEO. "Joulent was created to close that gap. 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."

"Our investment in Joulent is a disciplined, partner-led investment in contracted critical infrastructure for the AI-driven large load economy," said Zoë Yujnovich, National Grid Chief Executive. "Through National Grid Ventures, we are gaining exposure to a major source of electricity demand growth that diversifies our regional U.S. exposure and is supported by strong partners. It extends National Grid’s core strengths of investing in long-duration infrastructure with contractual cash flows and attractive risk-adjusted returns."

The investment from National Grid Ventures further expands Joulent’s strategic relationships with leading companies across energy, infrastructure, and technology, including GE Vernova Inc. (NYSE:GEV) and Chevron Corp. (NYSE: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.

"We are collaborating with Joulent in providing the large-scale power generation and electrification solutions that are needed to meet the specific demands of AI compute," said Pablo Koziner, Chief Commercial & Operations Officer, GE Vernova. "National Grid is a valued customer across the U.S. and Europe and their investment signals confidence in Joulent and the strong collaboration between our companies."

National Grid brings deep experience across large-scale energy infrastructure, including expertise in high-voltage networks, system integration and balancing, infrastructure development, and project execution. National Grid also provides established access to high-voltage electrical equipment, supply chain capabilities, and complex electrical solutions that will help Joulent execute its strategic vision by avoiding bottlenecks to develop and deliver power with speed and certainty.

As large load customers including data centers, industrial electrification projects, and new technologies become increasingly important drivers of growth, the energy landscape is creating new opportunities to serve customers with greater certainty around reliability, timing, and cost. The investment in Joulent builds on National Grid's strong foundation in critical energy infrastructure and provides additional access to the rapidly growing U.S. power market designed for long-duration, infrastructure-backed growth.

Joulent’s "Across-the-Meter™" solutions provide scalable baseload power that is co-located with customer demand while eventually connecting to the grid. This approach gives the ability to scale quickly to multi-gigawatt campuses and over time, exportable capacity from Joulent projects is expected to enable capacity expansion for local power markets. The model also provides a foundation for future expansions through renewable energy sources, beginning with solar and working with future power generation sources.

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.

With this strategic investment, Joulent will continue advancing its project pipeline and expanding its team and capabilities to meet the rising demand for reliable, large-scale power from AI infrastructure and advanced industrial customers.

About Joulent

Joulent is a technology-driven energy company purpose-built to deliver reliable, multi-gigawatt energy at the speed and scale required to build the compute for artificial intelligence and other compute-intensive industries. Joulent develops and delivers firm, baseload power solutions engineered to meet the unique demands of advanced computing while minimizing impacts on existing power grids. Its modular, Across-the-Meter™ approach integrates generation, storage, and advanced controls to deliver scalable power directly to new industrial loads, while reducing strain on existing grids and providing exportable power over time.

With an initial multi-gigawatt development portfolio and strategic partnerships across the energy, infrastructure, and data center ecosystem, Joulent is helping remove power constraints to enable the next chapter of American innovation and U.S. reindustrialization in the AI era.

For more information about Joulent, visit www.joulent.com or www.linkedin.com/company/joulentofficial.

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