Trane Technologies to Acquire LiquidStack to Accelerate End‑to‑End Data Center Thermal Management Solutions

• Strengthens Trane Technologies’ position as a full-service partner for data center cooling

• Scales LiquidStack’s advanced liquid cooling technology, to meet next‑generation high-density AI-scale workloads

SWORDS, Ireland–(BUSINESS WIRE)–Trane Technologies (NYSE: TT), a global climate innovator, announced that it has entered into a definitive agreement to acquire LiquidStack, a global leader in liquid cooling technology for data centers, headquartered in Carrollton, Texas.

LiquidStack solutions are engineered to meet the unprecedented 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.

Building on Trane Technologies’ minority investment in LiquidStack in 2023, this 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.”

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,” said Joe Capes, CEO, LiquidStack. “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 are very excited to expand our impact and continue our growth as part of Trane Technologies.”

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

This bolt-on acquisition follows Trane Technologies’ proven model of adding leading technologies that enhance its core businesses and scaling them to deliver strong returns over time. This follows the company’s recently-announced acquisition of Stellar Energy, which is expected to close in the first quarter of 2026.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our environmentally responsible portfolio of products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. Learn more at tranetechologies.com.

About LiquidStack

LiquidStack is the respected leader in liquid cooling for information technology hardware, telecommunications, and blockchain systems. Having pioneered the world’s highest density, most efficient, and sustainable liquid cooling solution in 2012, our advanced liquid cooling solutions continue to serve as the backbone for highly scalable and environmentally safe hyperscale, colocation, neocloud, enterprise, edge, and blockchain data centers. LiquidStack’s universal direct-to-chip CDUs, DataTank, EdgeTank, CryptoTank, MicroModular and MacroModular systems and services are enabling real-time advancement of computing and communications while supporting a sustainable planet. Learn more at liquidstack.com.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to the acquisition of LiquidStack and the anticipated impact of the transaction on the Company’s strategic initiatives and sustainability commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2025, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.

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