Microgrid developer Scale is acquiring Reload, a firm specializing in finding and permitting powered land for large data center campuses.
The deal will expand Scale’s business with hyperscalers looking to bring their own onsite power — and potentially sidestep yearslong wait times to connect to the grid — as well as deepen the company’s expertise in securing local zoning, air, and water permits. Scale said it’s contracted at least one off-grid energy system for a “leading” hyperscaler, but didn’t disclose which one. Reload said it has a multi-gigawatt pipeline of its own.
“Over the years, we’ve done some smaller projects for data centers,” Scale CEO Ryan Goodman told Latitude Media. “We’re now entering this new regime, where the size of these projects are pretty substantial.”
The acquisition also expands Scale’s geographic footprint, Goodman said. Scale’s existing customers are mainly on the West Coast and Northeast, but Reload operates in more data center hot spots like Texas, Virginia, and Ohio.
Scale didn’t disclose the value of the transaction, which was backed by its equity partner EQT, a global private equity firm that’s growing its portfolio of fiber and data center development companies.
This comes amid a speed-to-power push from large loads who are placing a premium on powered land, which typically are sites already equipped with transmission lines, water, gas lines, and fiber optics. Companies like Reload that got out ahead of the demand seem to be primed for acquisition, or at least big investment.
Cloverleaf Infrastructure, a two-year-old company led by founders who previously worked at developers like Pattern Energy and ConnectGen — as well as at Microsoft — takes an energy-first approach to siting and developing. In 2024, CCO Brian Janous told Latitude Media that land and power used to be the smallest piece of a data center’s capital stack, but today powered land is “the most critical piece.” The company’s first raise raked in $300 million in capital commitments largely from the private equity investors NGP and Sandbrook Capital.
Janous said at the time that there has been “this sort of collective awakening that the cloud and AI business is a power business; it’s a power conversion business.” Now, Axios reported, the company is being courted by multiple buyers.
Bring your own power
In the speed-to-power race, hyperscalers are increasingly opting for behind-the-meter solutions. Jeffries analysts, in a February note to investors, said they expect BTM capacity to grow 17% annually and reach 25 gigawatts by 2030. How much of that capacity will be connected to the grid — either initially or eventually — remains to be seen.
“It is clear that BTM is the near term winner as it solves ‘speed to market’ and affordability concerns,” analysts wrote, nodding to concerns about rising energy bills in the U.S. and the impact of data centers’ massive power demands. “While we continue to argue that in the long-term, large loads will prioritize cheaper, reliable grid power (now 5-7 years away), we also acknowledge that it is possible to remain off-grid for longer.”
The trend creates an opportunity for Scale, which builds multi-tech microgrids that integrate solar, storage, natural gas, and fuel cells. The company has both customers that are off-grid and those that are grid-connected, Goodman said, but building fully off-grid data center campuses represents new territory.
“There’s a few different configurations on the data center side, depending on what the utility is demanding and what the customer is interested in,” he said.
However, gas equipment that some of these projects rely on is currently in short supply. Goodman acknowledged that there’s still a bottleneck, but added that Scale has locked up production slots in an effort to avoid project delays.
And while Goodman said the data center industry is leaning toward gas solutions, Scale also sees opportunities for solar plus battery storage to meet the growing demand.
