Blackstone, Halliburton Are Investing $1 Billion in VoltaGrid

Blackstone Inc. and Halliburton Co. are investing a combined $1 billion into VoltaGrid, an energy startup that makes gas-powered microgrids that are used to power data centers.

Blackstone’s Tactical Opportunities strategy and Halliburton are injecting $775 million of fresh capital and buying $225 million from existing shareholders, according to a statement Monday confirming an earlier Bloomberg News report.

The investment values Houston-based VoltaGrid at more than $10 billion, people familiar with the matter said. Representatives for Blackstone, Halliburton and VoltaGrid didn’t immediately provide comment on the valuation.

Meanwhile, VoltaGrid is acquiring one of its suppliers, an 800-person private company ...