- Companies
- Joulent
Joulent Valuation, Funding & Investors
Joulent is valued at $5B as of June 2026.
Last Joulent valuation
$5B
Undisclosed stage · Jun 2026
Last Joulent funding round
$1.8B
Undisclosed stage · Jun 2026
Cumulative funding Joulent raised
$1.8B
across 1 funding round
Key investors in Joulent
Narragansett Electric
About Joulent
Joulent is an energy infrastructure company. It creates large-scale power setups that integrate turbines, battery storage, and renewable sources aimed at data centers and industrial users. The system uses artificial intelligence to manage local and utility resources for reliable high-volume electricity supply.
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Valuation
$5B (Jun 2026)
Joulent Valuation
Joulent is currently valued at $5B, based on its undisclosed-stage round in June 2026.
The $1.8B round was led by Narragansett Electric.
Joulent valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2026 | Undisclosed stage | $5B |
Joulent Funding History
Joulent has raised a total of $1.8B across 1 funding round.
Joulent funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | Narragansett Electric (lead) | $1.8B | $5B | National Grid Ventures, the commercial arm of National Grid plc, agreed to invest $1.75 billion for a 35% strategic minority stake in Joulent LLC, a U.S. technology-driven energy platform developing multi-gigawatt power infrastructure for large load customers including data centers and AI infrastructure. The investment, announced July 1, 2026, is incremental to National Grid's five-year capital program of at least £70 billion ($90 billion) through 2031 and will be funded from balance sheet headroom, with a final investment decision expected by end-2026. Joulent's flagship Project Kilby, a 2.67 GW co-located power facility in West Texas, is being developed 50/50 with GE Vernova and Energy Forge (a Chevron subsidiary), secured critical equipment including GE Vernova turbines, and aims to deliver power by 2028 under a 20-year power purchase agreement with a Microsoft-operated data center campus. The deal strengthens Joulent's ability to execute its current multi-gigawatt project, advance its pipeline, and scale capabilities, leveraging National Grid Ventures' expertise in power management and supply chain for large-scale projects. Joulent is expected to become free cash flow positive from the early 2030s, potentially supporting further projects or distributions to joint venture partners. J.P. Morgan analysts expect returns above National Grid's regulated network equity target of 9-10%, reflecting a slightly higher risk profile. Joulent was formed by Engine No. 1 and has raised $1.75 billion in disclosed funding solely from this strategic investment. |
Who has invested in Joulent?
1 investor has backed Joulent across its funding rounds, including Narragansett Electric.
Lead investors include Narragansett Electric.
Joulent Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Joulent investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialJoulent Competitors
Joulent competitors include listed companies like Royal Vopak, Gibson Energy, Enagas and Aegis Logistics, and private ones like Ocensa and Sunwoda Electric Vehicle Battery.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.5B | $1.3B | $6.3B | 6.4x | ||
| Publicly listed | $7.7B | $406M | $4B | 0.7x | ||
| Private | - | - | $5B | - | ||
| Private | $2.2B | - | $5B | 2.3x | ||
| Publicly listed | $1.1B | $843M | $5B | 7.2x | ||
| Publicly listed | $864M | $158M | $4.9B | 5.3x |
Joulent Public Comps
Joulent is still privately-owned, but its public comps include Enagas, Aegis Logistics, Hess Midstream, Golar LNG, Transportadora de Gas del Sur, Archrock, International Seaways, Plains GP Holdings, Brookfield Infrastructure and Petronet LNG.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $843M | 6.6x | 7.2x | 8.7x | 9.8x | |||
| $864M | $158M | 6.0x | 5.3x | 32.9x | 27.3x | |||
| $1.6B | $1.2B | 5.4x | 5.4x | 7.0x | 7.0x | |||
| $394M | $152M | 18.0x | 17.3x | 46.6x | 23.7x | |||
| $1.1B | $597M | 3.8x | 3.2x | 7.2x | 6.0x | |||
| $1.5B | $850M | 5.3x | 5.2x | 9.2x | 8.9x | |||
| $843M | $508M | 6.8x | 4.7x | 11.3x | 6.6x | |||
| $44B | $2.8B | 0.6x | 0.5x | 9.6x | 9.3x | |||
This data is available for Pro users. Sign up to see all Joulent competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Joulent
| Where is Joulent headquartered? | Joulent is headquartered in Houston, TX, United States. |
| Is Joulent publicly listed? | No, Joulent is a private, VC-backed company. |
| What is Joulent's valuation? | Joulent was last valued at $5B in its undisclosed-stage round in June 2026. |
| How much funding has Joulent raised? | Joulent has raised $1.8B across 1 funding round. |
| What was Joulent's last funding round? | Joulent's last funding round was a $1.8B undisclosed-stage round in June 2026, led by Narragansett Electric. |
| Who are Joulent's investors? | Joulent's investors include Narragansett Electric. |
| Which companies are comparable to Joulent? | Companies comparable to Joulent include Royal Vopak, Gibson Energy, Ocensa, Sunwoda Electric Vehicle Battery, Enagas and Aegis Logistics. |
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