"Alphabet says it has inked a definitive agreement to acquire Intersect for $4.75 billion in cash, plus the assumption of its debts. Google already has a minority stake in the firm from an earlier funding round. The move will provide Google with access to Intersect's "multiple gigawatts" of energy resources and the datacenter projects it has under development, while Intersect claimed that it is exploring a range of emerging technologies to diversify energy supplies."
"However, the pair insist that the deal will enable the further buildout of datacenter infrastructure without, they claim, passing on costs to grid customers. "Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new datacenter load, and reimagine energy solutions to drive US innovation and leadership," said Google and Alphabet CEO Sundar Pichai. In a blog post, Kimber said that the merger is a logical extension of the existing partnership between the two firms."
Alphabet will acquire Intersect for $4.75 billion in cash plus assumed debt, securing access to Intersect's gigawatts of energy resources and datacenter projects under development. Intersect will remain a separate brand led by CEO Sheldon Kimber. Assets in Texas and California will be acquired by existing investors and operated as a separate company that will continue to build new assets including the world's largest battery energy storage system. The companies say the deal will expand datacenter capacity and build new power generation in lockstep with load without passing costs to grid customers. Kimber described the merger as a logical extension of the partnership.
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