Trane Technologies has signed a definitive agreement to acquire LiquidStack, a U.S.-based provider of advanced liquid cooling technologies for data centers. The move aims to strengthen Trane Technologies’ position as a full-service provider of data center thermal management solutions, especially for high-density, AI-driven computing environments.
LiquidStack, headquartered in Carrollton, Texas, delivers direct-to-chip and immersion liquid cooling systems designed to address the growing thermal demands of generative AI and hyperscale computing. The company’s technology portfolio supports increased efficiency and performance in high-performance computing (HPC) and data center environments.
Trane Technologies made a minority investment in LiquidStack in 2023. The full acquisition will expand its capabilities across thermal management systems, including chillers, heat rejection, controls, liquid distribution, and on-chip cooling. LiquidStack’s global team, along with its manufacturing, engineering, and R&D operations in Texas and Hong Kong, will be integrated into Trane Technologies’ Commercial HVAC business unit within its Americas segment.
“Customers need integrated cooling solutions that scale from the central plant to the chip and can adapt as performance demands continue to evolve,” said Holly Paeper, President, Commercial HVAC Americas, Trane Technologies. “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.”
LiquidStack co-founder and CEO Joe Capes will join Trane Technologies in a leadership role and continue to lead the LiquidStack business.
“Joining Trane Technologies enables us to accelerate our mission with the resources, scale and global reach needed to power next-generation AI workloads,” said Joe Capes, CEO of LiquidStack.
The transaction is expected to close in early 2026, subject to customary closing conditions. Financial terms were not disclosed.
