ProEnergy eyes US$50bil IPO valuation

NEW YORK: ProEnergy, a power generation firm backed by Energy Capital Partners (ECP), is seeking a valuation of as much as US$50bil in a US initial public offering (IPO), according to people familiar with the matter.

The company, which builds and tests gas turbines and small so-called dispatchable power facilities, is working with Morgan Stanley and JPMorgan Chase & Co on the IPO process, the people said, asking not to be identified because the information is private.

Depending on the market, the IPO could value ProEnergy at around US$40bil to US$50bil, one of the people said. ECP could also consider selling ProEnergy, a different person said.

ProEnergy’s PE6000 aeroderivative gas turbine can produce enough energy to power 40,000 homes, according to the company’s website.

The company struck a pact with artificial intelligence infrastructure provider Crusoe to power its data centre projects with a deal that features 13 of the turbines, according to a statement in April.

ECP paid about US$275mil for roughly 60% of the company in 2024, one of the people said.

Deliberations are ongoing, details of the deal may change and more banks could be added to the lineup, the people said. — Bloomberg