Google just closed its $4.75 billion acquisition of Intersect Power, previously announced in December.
Intersect’s grid-tied power business spun off as IPX Power, while Google gets the company’s in-development & under-construction assets and the digital power assets. Google, along with TPG, Climate Adaptive Infrastructure, and Greenbelt Capital Partners are investors in the IPX Power spinoff.
The largest tech companies no longer trust the grid to keep up. So they’re buying and building their own energy ecosystem, changing the entire risk profile of data center development.
We’re watching the rise of the tech-utility hybrid. If you want to shape the future of AI and computing, you can’t just rent space on the grid. Today, it seems you must have a direct hand in generation in some shape or form.
