$1.75B to power AI: Chevron and National Grid make energy the new data-center bottleneck
National Grid Ventures invests $1.75B for 35% of Houston-based Joulent. Flagship project: Kilby, a 2.67 GW plant in West Texas in a 50/50 JV with Chevron, dedicated to a Microsoft data center under a 20-year PPA. The O&G value chain is becoming a cloud supplier.
On 1 July, National Grid Ventures announced a $1.75B investment for a 35% stake in Joulent, a Texas energy company specialised in powering compute-intensive loads. The foundational project, Kilby, is a 2.67 GW plant in West Texas developed in a 50/50 joint venture with Chevron: electricity will flow directly from turbine to server ('across-the-meter'), never touching the grid, for a Microsoft-operated data center under a 20-year power purchase agreement. GE Vernova turbines are secured, with first power targeted for 2028.
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Sector impact, operational recommendations and key figures.
Analysis by
Emeric Stamper · Fondateur Cardan-AI · PhD
PhD in Economics. Expert in industrial AI, aerospace and energy.
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