UK National Grid invests $1.75 billion in US AI power company

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BlockBeats News, July 1, according to Bloomberg, London-listed power network company National Grid Plc has a large electricity and natural gas business in the northeastern United States. To seize the opportunities brought by the booming U.S. data center industry, the company is taking significant steps by investing in a firm developing power generation facilities for Microsoft (MSFT.O). The utility will invest $1.75 billion to acquire a 35% stake in Joulent LLC.

Joulent LLC is partnering with oil giant Chevron (CVX.N) to develop a natural gas power plant for Microsoft in Texas. Energy companies are broadly seeking to tap into investment opportunities in the artificial intelligence sector through data center power projects. This deal values privately held Joulent at $5 billion and will expand National Grid's business footprint from the northeastern U.S. to one of the country's hottest power markets.

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