The UK National Grid invests $1.75 billion in Joulent, expanding into the US AI power track.

The London-listed electricity grid company, National Grid Group, has a large scale power and gas business in the Northeastern United States. The company is taking a crucial step forward by investing in the booming US data center market, by acquiring a stake in a company building power facilities for Microsoft. The utility company will invest $1.75 billion to acquire a 35% stake in Quorum Corporation. Quorum is partnering with oil giant Chevron to build a natural gas power plant in Texas for Microsoft. Many energy companies are currently investing in data center-related power station projects to capitalize on the artificial intelligence boom. The overall valuation of Quorum, a privately held company, reaches $5 billion with this deal. After the transaction, National Grid's business portfolio will expand beyond the Northeastern US to one of the hottest power markets in the country.