Trane Technologies (NYSE: TT) announced that it has entered into a definitive agreement to acquire LiquidStack, headquartered in Carrollton, Texas. 

LiquidStack solutions are engineered to meet the demands of generative AI and hyperscale computing. Data centers and high performance computer organizations 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 aims to enhance Trane Technologies’ data center thermal management solutions, spanning chillers, heat rejection, controls, liquid distribution and on chip cooling, and scale LiquidStack’s pioneering technology globally. 

The acquisition 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. 

“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’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 center 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 Capes. “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’ model of adding 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.