Elon Musk buys APR Energy

Elon Musk has acquired New APR Energy according to a US Federal Trade Commission filing from May and subsequently reports in the US media.

Jacksonville-based APR Energy provides power for utilities and data centres, and deployment of its mobile gas generators would help support Musk’s own AI venture, xAI.

An APR Energy installation at a data centre. (Image: APR Energy)

The acquisition price has not been disclosed, and Reuters reported that neither Musk or APR have commented on the deal.

However, Duos Technology said in June this year that it had sold its 5% stake in APR for US$50.4 million, which would imply an overall valuation of around $1 billion.

The remaining 95% of APR was owned by private equity firm Fortress Investment Group, which made its investment in January 2025.

‘Data centre customers lined up’

Chuck Ferry, who was CEO of APR from January 2025 to June this year, told International Rental News last year; “We’re in the very enviable situation where we have more data centre customers lined up at the door than we can provide power for. It’s a great problem to have.”

At the time of the acquisition of APR by Fortress, it had a fleet of 30 gas turbines with generating capacity of 850MW. On 31 December 2024 it signed a deal to buy a further 10 Pratt & Whitney FT8 mobile packs and 20 General Electric TM2500 mobile gas turbines.

In addition to its data centre work, APR also provided bridging and temporary power to utility companies around the world. It is not clear what it’s strategy will be under the ownership of Musk.

Data centre work is fuelling heavy investment in power infrastructure. Aggreko, which is in the process of filing for an IPO on the New York Stock Exchange, reported that 19% of its revenue in the first six months of this year was generated by data centre projects.