Trane to acquire LiquidStack
Author: Joe Peck
Trane Technologies, a US manufacturer of heating, ventilation, and air conditioning (HVAC) systems, has entered into a definitive agreement to acquire LiquidStack, a US-based provider of liquid cooling technology for data centres.
LiquidStack, headquartered in Carrollton, Texas, develops direct-to-chip and immersion cooling systems for high-density and hyperscale computing environments. The company’s technology is used to support generative AI and other compute-intensive workloads.
Trane Technologies made a minority investment in LiquidStack in 2023. The proposed acquisition expands its data centre thermal management portfolio, which includes chillers, heat rejection systems, controls, liquid distribution, and on-chip cooling.
Expanding liquid cooling capabilities
The deal includes LiquidStack’s manufacturing, engineering, and research and development operations in Texas and Hong Kong. Following completion, the business will operate within the Commercial HVAC unit of Trane Technologies’ Americas segment.
Holly Paeper, President, Commercial HVAC Americas, Trane Technologies, says, “Rising chip-level power and heat densities, combined with increasingly variable workloads, are redefining thermal management requirements inside modern data centres.
“Customers need integrated cooling solutions that scale from the central plant to the chip and can adapt as performance demands continue to evolve.
“LiquidStack’s direct-to-chip and immersion cooling capabilities and talent, combined with Trane’s systems expertise and global footprint, strengthen our ability to deliver end-to-end, future-ready thermal management across the entire data centre ecosystem.”
LiquidStack co-founder and CEO Joe Capes will join Trane Technologies in a leadership role and will continue to lead the business.
Joe says, “LiquidStack has been on a mission to innovate and deliver the most advanced, powerful, and sustainable liquid cooling solutions.
“Joining Trane Technologies enables us to accelerate that mission with the resources, scale, and global reach needed to power next-generation AI workloads in the most demanding compute environments.”
The transaction is expected to close in early 2026, subject to customary conditions. Financial terms have not been disclosed.
Trane Technologies also recently announced the acquisition of Stellar Energy, which is expected to complete in the first quarter of 2026.
For more from Trane Technologies, click here.
