IndustryTrane Technologies|March 3, 2026
Trane Technologies completed its acquisition of LiquidStack, a global leader in two-phase immersion cooling. It's the latest sign that incumbent HVAC companies are buying into liquid cooling rather than building organically.
- LiquidStack specializes in high-density liquid, direct-to-chip, and immersion cooling for data centers. Headquarters in Carrollton, TX
- Builds on Trane's minority investment in LiquidStack from 2023, a bet-then-buy strategy
- Integrates into Trane's Commercial HVAC business, creating an end-to-end thermal management portfolio: chillers, heat rejection, controls, liquid distribution, and on-chip cooling
- Includes LiquidStack's manufacturing, engineering, and R&D operations in Texas and Hong Kong
- Financial terms not disclosed







