Trane Technologies acquires LiquidStack..
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.
Trane Technologies, the global climate-control specialist headquartered in Swords, Ireland, has reached an agreement to acquire LiquidStack, a leading developer of liquid cooling solutions for data centres.
Based in Carrollton, Texas, LiquidStack provides advanced cooling technologies built to handle the intense requirements of generative AI and hyperscale computing. Its high-density direct-to-chip and immersion cooling systems are designed to boost efficiency, sustainability and performance in modern data centre environments.
LiquidStack co-founder and CEO Joe Capes will take on a leadership role within Trane Technologies and will continue to oversee the LiquidStack business.
“LiquidStack has been driven by a mission to deliver the most advanced and sustainable liquid cooling solutions,” Capes said. “Becoming part of Trane Technologies allows us to accelerate that mission with the scale, resources and global reach needed to support next-generation AI workloads in the world’s most demanding compute settings.”
Expanding on a 2023 partnership
The acquisition builds on Trane Technologies’ minority investment in LiquidStack made in 2023. It strengthens Trane’s data centre thermal management portfolio, which already includes chillers, heat rejection systems, controls, liquid distribution and on-chip cooling. The deal will also enable LiquidStack’s innovative technology to expand globally.
LiquidStack’s international team, along with its manufacturing, engineering and R&D operations in Texas and Hong Kong, will be included in the transaction. Once completed, LiquidStack will operate within Trane Technologies’ Commercial HVAC business unit in the Americas segment.
Holly Paeper, President of Commercial HVAC Americas at Trane Technologies, noted that increasing chip-level heat and power densities are reshaping cooling demands in today’s data centres.
“Customers require integrated solutions that can scale from the central plant all the way to the chip,” she said. “LiquidStack’s expertise in direct-to-chip and immersion cooling, combined with Trane’s systems knowledge and global footprint, strengthens our ability to deliver end-to-end thermal management across the entire data centre ecosystem.”
Trane Technologies said the acquisition aligns with its strategy of adding high-impact technologies to its core business and scaling them over time for long-term growth.
The deal is expected to close in early 2026, pending customary conditions. Financial details were not disclosed.
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