Raising Capital for AI Data Center Power, Cooling & Grid-Interconnect Startups: which investors are active in the space.
AI data-center power & cooling in 2026 splits across (a) liquid-cooling + immersion + direct-to-chip DTC + rear-door-heat-exchanger (Vertiv $VRT Coolant Distribution Unit CDU+Liebert XDU+CoolPhase Flex+CoolChip CDU-70/90/1350+Vertiv 360AI Nvidia GB200 NVL72 reference-designs, Schneider Electric $SU.PA Motivair-2024-$1.13B-acquisition Motivair CDU+ChilledDoor+Dynamic Cold Plate+Iceotope-2024-investment+EcoStruxure IT Advisor+APC Netbotz+APC InRow, ABB $ABBN.SW Kortech-2024+HiPerGuard+Symmetra MW+ABB Ability Data Center Automation, Eaton $ETN xStorage+9395 Marine+PredictPulse+Brightlayer Data Centers+Green Motion+Tripp Lite-2021-$1.65B, CoolIT Systems Calgary KKR-2024-majority AHx+CHx+Rack-DLC direct-liquid-cooling largest-installed-CDU-hyperscaler Meta+Google+Microsoft-installed-base, Motivair Buffalo NY Schneider-2024-$1.13B-acquisition ChilledDoor rear-door-heat-exchanger+Coolant Distribution Unit CDU largest-Nvidia-HGX-DGX-partner, Iceotope UK $40M+ SDCL+British Patient+ABC Impact chassis-precision-liquid-cooling+HP-Meta-partnership, Submer Barcelona $50M+ Molten+A&G+Norrsken SmartPod+MicroPod+AuxPod immersion-single-phase+Intel-Nvidia-partnership, LiquidStack Singapore $20M+ Trane Technologies-2022+Wiwynn CarnotJet+DataTank+MacroModular two-phase-immersion 3M-Novec-2025-phase-out cautionary, ZutaCore NJ $22M+ Ericsson-2022+Mizuho waterless-two-phase-direct-liquid-cooling+HyperCool+Intel-HPE-partnership, JetCool Massachusetts $32M+ Series-B Schneider Electric+Chevron+Adit SmartPlate CDU+microconvective-liquid-cooling+Nvidia HGX+H200 partnership, Green Revolution Cooling Austin TX $85M+ SK Enmove+SK Lubricants ICEraQ single-phase-immersion+CarnotJet-precursor 15+ year-precedent, Asperitas Netherlands ImmersionIT single-phase-immersion, Iceotope+Meta+HPE OCS Open Compute Project ORV3+Google TPU-liquid+Microsoft Azure two-phase-2022-2024 Boyd+FTSE Rittal precedent-defining, Delta Group+Coolan+Chilldyne+Nortek Air Solutions+Munters+STULZ+Mitsubishi Electric+Fujitsu General air-cooling+CRAC-CRAH incumbent-precedent, Boyd Corp Goldman-2018+Compass Datacenters+Legrand+Bel Fuse+CommScope+Panduit+nVent Schroff+Rittal Friedhelm Loh+Chatsworth+Vertiv+Delta+DIRTT rack+containment). (b) on-site power + behind-the-meter + gas-turbine + fuel-cell + SMR-nuclear + geothermal (Bloom Energy $BE solid-oxide-fuel-cell SK Group+Equinix-Silicon-Valley-2015-precedent+AEP-2024+American Electric Power+Quanta Computer-Silicon Valley 100MW+Amazon Web Services+ Intel Ohio-1MW, GE Vernova $GEV LM6000+LM2500+LM9000+9HA.02+7HA.03 aeroderivative+combined-cycle-gas-turbine largest-hyperscaler-installed+Siemens Energy $ENR.DE SGT-A65+SGT-800+SGT5-9000HL+SGT6-9000HL, Mitsubishi Power JAC-M501JAC+M701JAC gas-turbine+Ansaldo Energia GT36+GT26, Wärtsilä Finland $WRT1V.HE 34SG+50SG+31DF+50DF flexible-gas-generator+Prime Movers Lab+Balance-of-Plant, Caterpillar $CAT 3500+3600+G3500+G3600+G3800+CG260 gas-generator+Solar Turbines Titan 250+Mars 100+Taurus 60+70+ Cummins $CMI QSK95+QSK78+QSV91G+HSK78G+Onan-Onsite gas-generator, Kohler $Kohler-Rolls-Royce mtu 4000+8000+16V+20V+Siemens-Alstom-Onshore diesel+gas-generator+Kohler-Clarke-2023, Rolls-Royce mtu Kohler-2023 8000+16V+20V gas+diesel-genset, MAN Energy Solutions+Wärtsilä+HIMOINSA+Generac Power Systems $GNRC+FG Wilson-Caterpillar+Aggreko rental-power. Fuel-cell: Bloom Energy $BE 100MW+Quanta+AEP 2024+Silicon Valley+ ESS Inc $GWH iron-flow-2022-SPAC-reset+Ballard Power $BLDP+Plug Power $PLUG-2024-going-concern-cautionary+Cummins-Hydrogenics+Nuvera+FuelCell Energy $FCEL DFC-EMRE-ExxonMobil-carbonate-fuel-cell, Doosan Fuel Cell PAFC+ PowerCell Sweden PS-100+MS-100+ Alkaline+PEM. SMR-nuclear: Oklo $OKLO Sam Altman-founded 2024-IPO-SPAC Aurora-fast-reactor+ADAGE 2024-Cook-Inlet+Idaho National Lab 15MWe-Rocky Flats-Diablo Canyon-partnership+ Equinix-2023-MOU+DFA Data Ford Alpha-2024-MOU, X-Energy $500M+ Amazon Web Services-2024-Dominion-Virginia-4-reactor+ARC-DoE $1.2B Advanced Reactor Demonstration Program+ Xe-100 HTGR pebble-bed 80MWe+Xe-Mobile, NuScale Power $SMR VOYGR-6+VOYGR-12+VOYGR-4 SMR 77MWe-2020-2023 UAMPS-cancelled cautionary+RoPower Romania+Standard Power Ohio-Pennsylvania-2024, Kairos Power $500M+ Google-2024-500MW-partnership+DOE-Advanced-Reactor-Demonstration+Hermes-1-Oak-Ridge-2024-under-construction fluoride-salt-cooled-high-temperature-reactor, TerraPower Bill Gates-founded $1B+ SK Group+Sk Hynix+Bechtel+GE Hitachi Natrium 345MWe sodium-cooled-fast-reactor+DOE-ARDP $2B+Wyoming Kemmerer-2028+HALEU-fuel-shortage cautionary, Holtec International Palisades-2024-restart+SMR-160+SPP Southern Power Palisades-Michigan-restart+DOE $1.52B-loan-2024, GE Hitachi BWRX-300 boiling-water-SMR 300MWe+Ontario Power OPG-Darlington-2024+TVA Clinch River-2024+Fermi Michigan-2028, Rolls-Royce SMR UK 470MWe+ ENEC UAE-Barakah reference+ Great British Nuclear 2024 shortlist, Westinghouse eVinci microreactor 5MWe+ AP1000-Vogtle 3&4-2023-2024-in-service+ AP300 SMR 300MWe-2024, EDF+Framatome Nuward SMR 340MWe France, Newcleo lead-fast-reactor UK+Italy-2024 ARIA-DOE, Ultra Safe Nuclear MMR-5-10MWe microreactor 2024-DoD-partnership-Ch-11-October-2024-cautionary, ThorCon molten-salt Indonesia, Terrestrial Energy IMSR 195MWe integral-molten-salt Ontario-2028, Copenhagen Atomics thorium+molten-salt Denmark, Seaborg compact-molten-salt Denmark, Moltex Energy stable-salt-reactor+SSR-W 300MWe+ARC-100 Canada. Geothermal+enhanced-geothermal-EGS: Fervo Energy $500M+ DCVC+Breakthrough Energy Ventures+Google-Nevada-Project-Red-2023-3.5MW+Southern-Company+Devon-2024-drilling-partnership+SoCalGas+Cape Station Utah 400MW-2028+Google-2024-140MW-DPA, Eavor Technologies Calgary $182M+ OMV+bp Ventures+Chevron+Vickers+Temasek Eavor-Loop closed-loop-geothermal+ Geretsried Germany 2024-drilling-8.5km+ EU Innovation Fund, Sage Geosystems Houston $17M+ Chesapeake+Nabors+Virya+ Meta-2024-150MW-PPA+Duke-Energy+Chevron+Nabors-Corva geopressured-geothermal+GeoPressured Geothermal System GGS, XGS Energy $20M+ Khosla+Kimmeridge closed-loop-EGS, GreenFire Energy+Baseload Capital+Ormat Technologies $ORA+CalEnergy Berkshire+Enel Green Power+Iceland Energy Authority incumbent-precedent, Meridian Energy+Contact Energy+Mercury NZ New Zealand geothermal-precedent. Behind-the-meter+co-location: Talen Energy-Amazon-Susquehanna-Nuclear-Pennsylvania-960MW-March-2024-$650M+FERC-November-2024-rejected-uprate-cautionary, Constellation Energy-Microsoft-Three Mile Island-Crane Clean Energy Center-Pennsylvania-835MW-September-2024-2028-restart+ Vistra Comanche Peak-Texas+ Duke Energy-Amazon-Fayetteville+ Entergy-Meta-Louisiana-2024-4-block-behind-the-meter+ AEP-Amazon-Ohio+ Dominion-AWS-Virginia+ Xcel Energy-Sherco-Minnesota+ Evergy-Panasonic-Kansas+ TVA-Google-Alabama+ ERCOT-Texas 2024-2025 stranded-nuclear-behind-the-meter-precedent. Prometheus Hyperscale WY+Applied Digital $APLD+Iris Energy $IREN+Hive Digital+Marathon Digital $MARA+Riot Platforms $RIOT+Core Scientific $CORZ-2023-Ch-11-restructured+CleanSpark $CLSK+TeraWulf $WULF+Cipher Mining $CIFR+Bitfarms $BITF+Hut 8 $HUT-US Bitcoin merger stranded-gas+curtailed-power+bitcoin-to-HPC-pivot precedent-defining, Crusoe Energy Denver $600M+ Founders Fund+Valor+G2+B Capital+Fidelity+Mubadala flare-gas-to-bitcoin-2018-2023 pivot-to-AI-HPC-2024-Nvidia-partnership+Abilene Texas 200MW+Oracle-OCI-2024-partnership+Abilene-Stargate-2025). (c) medium-voltage+HVDC+solid-state-transformer+switchgear+DCIM+utilization+grid-interconnect (Nvidia+Meta+Microsoft OCP Open Compute Project 800VDC+MtVDC medium-voltage-DC 2024-2025 spec+ Nvidia 800VDC 2027-Rubin-Ultra+Vertiv+Schneider+ABB+Eaton+Delta reference-designs, ABB HiPerGuard MVDC+HiPerGuard UPS+ABB Ability Data Center Automation+Symmetra MW+PCS100+ACS880 medium-voltage-drive, Schneider Electric EcoStruxure IT Advisor+APC Galaxy VXL medium-voltage-UPS+Motivair-2024+Iceotope-2024-investment+EcoStruxure Modular Data Center+Uniflair+ISX Modular, Vertiv Liebert EXL S1+Liebert Trinergy Cube+Vertiv 360AI Nvidia GB200 NVL72 reference-design+ Vertiv Chloride EBC+Vertiv Powerbar iMPB+ Vertiv MSK, Eaton 9395 Marine+xStorage+PredictPulse+Brightlayer+ Eaton-Green Motion+Tripp Lite 2021-$1.65B, Delta Group InfraSuite+UPS+ Modulon DPH+Amplon RT-series+MCS-M Series, Siemens Sivacon 8PS+Sivacon 8PT+SIMOTICS+SITRAS SFC medium-voltage+Sinamics+SiSTRA Sensformer-2024-Digital-Transformer, Hitachi Energy $6720.T ABB Power Grids-2020-$11B-acquisition Lumada Asset Performance Management+eMesh+ Modular Data Center+ TXpert+Grid-eMotion. Solid-state-transformer+DC-Bus: SMA Solar+Delta+Delta+Enphase-Sunlight+SolarEdge-Fluence Fluence-Siemens-2024-JV+ EnerVenue metal-hydrogen 2024-DOE-loan+ Wärtsilä GEMS+ ATCO CentralPower+ HPE Fabric Interconnect+ Cisco Nexus 9800+ Arista 7800R3+ Marvell Prestera+ Broadcom Tomahawk+Jericho+ Marvell Teralynx+ Cisco Silicon One+ Innoviz+ Coherent+Lumentum silicon-photonics+CPO co-packaged-optics-Nvidia-2024-2025 800G+1.6T-optics-hyperscaler-scale. DCIM+utilization+workload-orchestration: Sunbird Software DCIM Enterprise Nlyte-Carrier-2024, Nlyte Software Carrier-2019+Sunbird-2024, Vertiv Environet+Trellis+Avocent+Geist rack-power-monitoring, Schneider Electric EcoStruxure IT Advisor+APC Netbotz, ABB Ability Data Center Automation, Eaton Brightlayer Data Centers+PredictPulse, Cormant Corp+Modius OpenData+FNT Command+Optimum Path+RackTables+iTracs CPI+ NetZoom+ Device42+ IBM Turbonomic-2021+ VMware Aria Operations Broadcom-2023, Cato Digital Chicago+ Aligned Data Centers+ EdgeConneX EQT-2023+ Chirisa+ DataBank AMP Capital+ Cyxtera Ch-11-2023-Brookfield+ Sabey+ Iron Mountain $IRM Data Centers+ H5 Data Centers-DataBank-2024+ Cologix+ Netrality+ TierPoint-Cerberus+ Flexential Morgan Stanley+ Element Critical+ US Signal+ Colovore-Zayo, largest-hyperscaler-tenant: Digital Realty $DLR $46B mcap+PlatformDigital+Interxion 2020 $8.4B+Teraco 2022 $3.5B+ Turkcell 2023, Equinix $EQIX $80B mcap+xScale+Metronode 2018+Verizon 2016 $3.6B+Bell Canada 25 sites 2020+Empenzo Total Solutions 2021+MainOne 2022 $320M+ Metronode 2018+ Nabiq Data Centers 2020+ Metronode 2018+ Boston Manchester 2023+ Empenzo 2021, CyrusOne KKR+Global Infrastructure Partners 2022 $15B, QTS Realty Blackstone 2021 $10B+ Digital Bridge, Vantage Data Centers Digital Bridge+DigitalBridge+Silver Lake+ADIA+ Digital Realty $46B+Vantage+ QTS-Blackstone+ CyrusOne-KKR-GIP+ Aligned-Macquarie+ EdgeConneX-EQT+ Chirisa+ Cologix-Stonepeak+ Netrality-Macquarie+ TierPoint-Cerberus+ Flexential-Morgan Stanley+ NTT GDC $NTT+Global Switch-Chinese-consortium-2019-Fangda+ Colt DCS-Fidelity-International+ IDX+ Yondr+ Compass Datacenters Ontario Teachers+ EdgeCore-Bogart+ Aligned-Macquarie+ DataBank-AMP Capital+ Sabey-National Real Estate+ DCX-CENIC. Grid-interconnect+utility-partnership+queue-reform: PJM 2024 clusterization+ ERCOT+ CAISO+ MISO+ SPP+ NYISO+ ISO-NE FERC Order 2023-July-2023 queue-reform+ FERC Order 2222+ FERC Order 1920-May-2024+ FERC Order 1977+ Dominion Virginia-Loudoun+ AEP-Ohio+ Duke-Charlotte+ Xcel-Colorado+ Talen-PJM-Susquehanna-uprate-November-2024-FERC-rejected-cautionary+ Constellation-Three Mile Island 2028-restart+ Vistra Comanche Peak+ NextEra 2028+ Southern Company Vogtle 3&4 2023-2024+ TVA Clinch River+ Ontario Power OPG-Darlington+ AWS-X-Energy Virginia 4-reactor 2024+ Google-Kairos 500MW 2024+ Microsoft-Constellation Three Mile Island 2024+ Meta-Sage Geosystems 150MW 2024+ Google-Fervo Nevada 3.5MW+ 140MW 2024+ Amazon-Talen Susquehanna 960MW+Amazon-X-Energy Dominion 4-reactor+ Oracle-OCI-Crusoe Abilene 200MW+Stargate 2025-OpenAI-SoftBank-MGX-Oracle+ xAI-Colossus-Memphis 200,000-GB200 2024+ Microsoft Wisconsin+ Meta Louisiana+ Amazon Mississippi+ Google Uruguay+ Meta El Paso 2024-billion-dollar-scale — CBRE 2024 data-center-vacancy-2.8%+ 20-year-low+ North-Virginia-Ashburn 3,500MW-under-construction+ Phoenix+Dallas+Chicago+Atlanta+Columbus+ Boydton VA-Microsoft+ Council Bluffs IA-Google+ Prineville OR-Meta+ New Albany OH-Meta-Google+ Lincoln NE-Meta+ Umatilla OR-Meta+ Los Lunas NM-Meta+ Council Bluffs IA-Google+ Henderson NV-Google+ Storey County NV-Tesla+Google+Blockchains+ Reno-Sparks NV+ Northern-Virginia Ashburn+Loudoun+Prince William+Manassas+ Northern-California Santa Clara+ Northern-Texas Dallas+Plano+Frisco+ Central-Ohio Columbus+New Albany+ Chicago+ Elk Grove Village+ Aurora+ Atlanta+ Douglasville+ Lithia Springs+ Suwanee+ Phoenix+Mesa+Chandler+Goodyear+ Salt Lake City+ Portland+Hillsboro+ Seattle+Quincy+ Reno-Sparks+ Council Bluffs+ Lincoln+ Kansas City+ Nashville+ Charlotte+ Raleigh-Durham+ Miami+ New York+New Jersey+ Boston+ Amsterdam+Frankfurt+London+Paris+Dublin+Madrid+Milan+Zurich+Stockholm+Oslo+Helsinki+Warsaw+ Singapore+Hong Kong+Tokyo+Osaka+Seoul+Sydney+ Mumbai+Chennai+Bangalore+Hyderabad+ São Paulo+ Santiago+ Mexico City+Querétaro+Monterrey+ Johannesburg+Cape Town+Lagos+ Dubai+Riyadh+ Doha+ Muscat+ Tel Aviv+ Istanbul+ Toronto+Montreal+Vancouver+Calgary hyperscale-cluster-precedent — AI-data-center 2024-2027 300GW+ US-alone Boston Consulting Group+McKinsey+Goldman Sachs+Morgan Stanley+Bernstein+ IEA World Energy Outlook 2024 data-center 2030-1,000TWh+ scale, all-against Talen-Amazon-Susquehanna FERC-November-2024-rejected-uprate cautionary+ Ultra Safe Nuclear Ch-11-October-2024+ Plug Power going-concern-2024+ ESS Inc SPAC-reset+ Core Scientific 2023-Ch-11-restructured+ LiquidStack 3M-Novec-2025-phase-out+ NuScale VOYGR UAMPS-cancelled-2023+ TerraPower Kemmerer HALEU-shortage cautionary — with FERC Order 2023-July-2023 queue-reform+ FERC Order 1920-May-2024 long-term-transmission-planning+ FERC Order 1977 backstop-siting+ FERC Order 2222 distributed-energy-aggregation+ NERC ERO reliability+ NRC Nuclear Regulatory Commission Part-50+52+53+Micro-Reactor+ DOE ADVANCE Act-July-2024+ ADVANCE Act-July-2024 SMR-microreactor-licensing-reform+ IRA-2022 45U-nuclear-production+45V-hydrogen+45Q-CCS+ADAge $85/ton+48C Advanced Manufacturing Investment+45X Advanced Manufacturing Production+ DOE LPO $400B remaining-authority+ DOE OCED Industrial Demonstrations+ EU Net-Zero Industry Act-2024+ EU AI Act-2024+ EU Data Act-2024+ EU CSRD-January-2024+ ESRS E1-climate+ SEC Climate Rule-March-2024-stayed+ CA SB-253+SB-261+ FERC transmission-2024-2025+ NERC winter+summer-reliability+ NRC 10 CFR Part 53+ NEI Nuclear Energy Institute+ EEI Edison Electric Institute+ ASME BPVC+ IEEE 1547+ IEEE C57+ IEC 61850+ EPRI 3002+ Uptime Institute Tier-I-II-III-IV certification+ ISO 27001+ ISO 22301+ SOC 2 Type II+ PCI DSS+ HIPAA+ FedRAMP+ CJIS+ ITAR+ IRAP Australia+ ENS Spain+ C5 Germany+ SecNumCloud France+ Cyber Essentials UK+ CCCS Canada+ EN 50600 European Standard for Data Centres+ TIA-942+ ASHRAE TC 9.9 Thermal Guidelines for Data Processing Environments+ Open Compute Project OCP ORV3+MtVDC+800VDC+ Sustainable Digital Infrastructure Alliance SDIA+ Climate Neutral Data Centre Pact 2021+ EU Energy Efficiency Directive Article 12-2024 data-center-reporting cautionary called out.
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