Trane Technologies announced that it entered a definitive agreement to acquire LiquidStack, a provider of liquid cooling technology for data centers.
Headquartered in Carrollton, Texas, LiquidStack engineers its solutions to meet the demands of generative AI and hyperscale computing. Data centers and high‑performance compute organizations rely on LiquidStack for high-density liquid, direct-to-chip and immersion cooling solutions.
Building on Trane Technologies’ minority investment in LiquidStack in 2023, the North Carolina-based company expects the acquisition to enhance its data center thermal management solutions, spanning chillers, heat rejection, controls, liquid distribution and on‑chip cooling.
The deal includes LiquidStack’s global team and manufacturing, engineering and research and development operations in Texas and Hong Kong. Upon closing, LiquidStack will operate globally within the Commercial HVAC business unit of the Trane Technologies Americas segment.
LiquidStack Co-Founder and CEO Joe Capes will join Trane Technologies in a leadership role and will continue to lead the LiquidStack business.
“LiquidStack has been on a mission to innovate and deliver the most advanced, powerful and sustainable liquid cooling solutions,” Capes said. “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 parties anticipate the transaction will close in early 2026, subject to closing conditions. They did not disclose financial terms.
The move follows the Trane Technologies’ recently-announced acquisition of Stellar Energy, which it expects to close in the first quarter of 2026.
