Blackstone Energy Transition Partners agreed on 11 March to acquire a majority stake in Advanced Cooling Technologies, a Lancaster, Pennsylvania-based maker of thermal management systems for advanced computing and other high power-density applications.
Why Blackstone Energy Transition Partners is buying Advanced Cooling Technologies (majority stake)
Blackstone managing director Mark Zhu said ACT is well positioned for accelerated growth as thermal management grows in importance amid rising power intensity and AI, including its work on next-generation data centre and high-performance chip cooling. ACT chief executive and co-founder Jon Zuo said the aim is to build the world's leading thermal management company.
Deal terms and financing
Financial terms were not disclosed. Blackstone's investment is intended to add manufacturing capacity and capabilities, with ACT's executive team continuing as significant shareholders.
Regulatory approvals and timing
The transaction was expected to close in the second quarter of 2026, subject to customary conditions.
Market context
Founded in 2003, ACT's products include two-phase liquid cooling, heat pipes, phase change materials, cold plates, environmental control units and composite thermal structures, serving data centre, space, defence, energy and HVAC customers.
