Trane Technologies, a global climate-control innovator based in Swords, Ireland, has agreed to acquire LiquidStack, a top provider of liquid cooling technology for data centers.

Headquartered in Carrollton, LiquidStack said its solutions are designed to meet the hefty demands of generative AI and hyperscale computing. Data centers and high‑performance compute organizations rely on LiquidStack for high-density liquid, direct-to-chip and immersion cooling solutions that improve efficiency, sustainability and performance, the company said.

LiquidStack’s HQ and manufacturing facility in Carrollton [Photo: LiquidStack]

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,” Capes said in a statement. “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’re very excited to expand our impact and continue our growth as part of Trane Technologies,” Capes added.

Building on 2023 investment

Building on Trane Technologies’ minority investment in LiquidStack in 2023, the acquisition enhances Trane Technologies’ data center 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 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.”

Trane Technologies said that the bolt-on acquisition follows the company’s proven model of adding leading technologies that enhance its core businesses and scaling them to yield strong returns over time.

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

New tech and growing in North Texas

Last year, Carrollton-based LiquidStack unveiled its new GigaModular coolant distribution unit, or CDU. Said to be an industry’s first, it’s scalable with up to 10MW cooling capacity made possible through the unit’s modular platform and pay-as-you-grow installation approach.

LiquidStack—which relocated its headquarters from the Boston area to Carrollton in 2024—opened a second manufacturing facility in Carrollton in 2025 to meet rising data center cooling demand and to serve as an R&D facility.

In fall 2024, LiquidStack secured a $20 million Series B funding from New York City-based Tiger Global to scale its data center cooling solutions.