Trane Technologies has entered a definitive agreement to acquire LiquidStack, a provider of liquid cooling technology for data centres headquartered in Carrollton, Texas. LiquidStack’s solutions support generative AI and hyperscale computing workloads.
LiquidStack offers liquid, direct-to-chip, and immersion cooling systems used to improve efficiency, sustainability, and performance in data centre operations and high-performance computing environments.
The acquisition builds on Trane Technologies’ minority investment in LiquidStack in 2023 and will expand Trane’s data centre thermal management portfolio, which includes chillers, heat rejection, and on-chip cooling. The integration of LiquidStack’s technology will allow these solutions to be scaled globally.
LiquidStack’s team and operations in Texas and Hong Kong will be incorporated into Trane Technologies’ Commercial HVAC business unit in the Americas. Joe Capes, co-founder and CEO of LiquidStack, will take a leadership role within Trane Technologies and continue to oversee LiquidStack’s operations.
The transaction is expected to close in early 2026, subject to closing conditions. Financial terms have not been disclosed. This follows Trane Technologies’ recently announced acquisition of Stellar Energy, expected to close in the first quarter of 2026.
The acquisition positions Trane Technologies to expand its thermal management solutions across the data centre ecosystem.
