Trane Technologies to Acquire LiquidStack for Liquid Cooling
Trane Technologies' acquisition of LiquidStack signals a strategic expansion into data centre liquid cooling technology. This acquisition, expected to close in early 2026, builds upon Trane's existing minority investment in LiquidStack made in 2023. This move demonstrates a focused pivot towards the specific challenges of data centre thermal management, particularly as facilities grapple with the increasing demands of AI and high-performance computing.
The acquisition allows Trane to integrate LiquidStack's liquid cooling technology – including liquid immersion and on-chip cooling – into its existing portfolio of chillers, heat rejection systems and controls. LiquidStack’s operations, including its manufacturing, engineering, and R&D in Texas and Hong Kong, will be absorbed into Trane Technologies’ Commercial HVAC business unit within the Americas segment. LiquidStack recently opened a 17,000ft2 manufacturing facility in Carrollton, Texas, that serves as an R&D and service training facility. The Carrollton facilities manufacture LiquidStack's CDU-1MW, two-phase and single-phase immersion cooling solutions, and the company’s MacroModular and MicroModular data centres. Joe Capes will continue to lead the LiquidStack business and join Trane Technologies in a leadership role.
While the financial terms of the deal remain undisclosed, the acquisition underscores Trane's commitment to data centre cooling and its anticipation of increased demand for advanced thermal management solutions. The acquisition is expected to be completed in early 2026.
This acquisition includes LiquidStack’s 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.
