Trane Technologies to Acquire LiquidStack to Accelerate End-to-End Data Centre Thermal Management Solutions

Executive Summary

• LiquidStack is being acquired by Trane Technologies in a move that will accelerate the data centre thermal management solutions and the company’s mission to innovate and deliver the most advanced, powerful, and sustainable liquid cooling solutions.
• Being part of Trane Technologies, CEO of LiquidStack, Joe Capes states, will further their mission with the resources, scale and global reach needed to power next‑generation AI workloads in the most demanding compute environment.
• This agreement builds upon Trane Technologies’ minority investment in 2023.

Trane Technologies (NYSE: TT), a global climate innovator, announced that it has entered into a definitive agreement to acquire LiquidStack, a global leader in liquid cooling technology for data centres, headquartered in Carrollton, Texas.

LiquidStack solutions are engineered to meet the unprecedented demands of generative AI and hyperscale computing. Data centres and high-performance compute organisations rely on LiquidStack for high-density liquid, direct-to-chip and immersion cooling solutions that improve efficiency, sustainability and performance.

Building on Trane Technologies’ minority investment in LiquidStack in 2023, this acquisition enhances Trane Technologies’ data centre thermal management solutions, spanning chillers, heat rejection, controls, liquid distribution, and on-chip cooling, and will scale LiquidStack’s pioneering technology globally.

The acquisition includes LiquidStack’s highly skilled 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.

“Rising chip-level power and heat densities combined with increasingly variable workloads are redefining thermal management requirements inside modern data centres,” 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’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 LiquidStack business.

“LiquidStack has been on a mission to innovate and deliver the most advanced, powerful and sustainable liquid cooling solutions,” said Joe Capes, CEO, LiquidStack. “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. We are very excited to expand our impact and continue our growth as part of Trane Technologies.”

The transaction is expected to close in early 2026, subject to closing conditions. Financial terms were not disclosed.

This bolt-on acquisition follows Trane Technologies’ proven model of adding leading technologies that enhance its core businesses and scaling them to deliver strong returns over time. This follows the company’s recently-announced acquisition of Stellar Energy, which is expected to close in the first quarter of 2026.