Trane Technologies to Acquire LiquidStack to Expand End-to-End Data Center Thermal Management Portfolio

Acquisition Expands Data Center Cooling Capabilities

Trane Technologie has entered into a definitive agreement to acquire LiquidStack, a Texas-based company producing liquid cooling technologies for data centers.

LiquidStack designs high-density liquid, direct-to-chip and immersion cooling systems made to support generative AI and hyperscale computing workloads. The company’s platforms are used by data center and high-performance computing operators wanting to improve efficiency, sustainability, and thermal performance.

The transaction builds on Trane Technologies’ minority investment in LiquidStack in 2023 and expands its data center thermal management portfolio, which includes chillers, heat rejection, controls, liquid distribution, and on-chip cooling technologies. Trane said the acquisition will support global scaling of LiquidStack’s liquid cooling technologies.

Integration Within Commercial HVAC Business

The acquisition includes LiquidStack’s global workforce as well as its manufacturing, engineering and R research and development operations in Texas and Hong Kong. Upon closing, LiquidStack will operate within the Commercial HVAC business unit of the Trane Technologies Americas segment.

“Rising chip-level power and heat densities combined with increasingly variable workloads are redefining thermal management requirements inside modern data centers,” said Holly Paeper, President, Commercial HVAC Americas, Trane Technologies. “Customers need integrated cooling solutions that scale from the central plant to the chip and can adapt as performance demands continue to evolve.”

LiquidStack co-founder and CEO Joe Capes will join Trane Technologies and continue leading LiquidStack.

“Joining Trane Technologies enables us to accelerate our mission with the resources, scale and global reach needed to power next-generation AI workloads in the most demanding compute environments” Capes said.