Conduit
Conduit Power designs, builds, owns, and operates distributed natural gas and battery storage power generation for upstream oil and gas producers, industrial operators, and AI data center developers in Texas and Wyoming, generating revenue through PPAs, EPC services, and ERCOT merchant power sales.
- Company typePrivate
- Founded2022
- HeadquartersDallas, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Conduit does
Conduit Power, LLC is a Houston, Texas-based independent power producer and distributed generation platform founded in 2022 and controlled by Grey Rock Investment Partners. The company designs, builds, owns, and operates natural gas-fired distributed power generation assets co-located with customer operations, primarily in the Permian Basin and ERCOT Load Zone West. Its offering combines two core products—Conduit CORE (baseload onsite power) and Conduit EDGE (dispatchable power with proprietary dispatch analytics and FERC-approved QSE market services)—with integrated EPC, operations and maintenance, asset financing, and short-term bridge power supply. Revenue is generated through long-term power purchase agreements, merchant power sales into ERCOT, EPC contracts, and managed services, all priced on bespoke enterprise terms. Target customers include upstream oil and gas producers with stranded or flared gas (Riley Permian, Sunbridge, Diamondback, Granite Ridge), midstream and industrial operators, and—more recently—AI data center developers (Prometheus Hyperscale, Gruppo AB). The company's go-to-market relies on direct enterprise sales supported by co-investment from energy sector financial partners (Grey Rock, Eldridge Capital Management) and strategic offtake agreements.
The underlying technology stack pairs mobile natural gas engine generation with battery storage and a cloud-based SCADA control system (built with Hitachi Energy) that enables remote operation and ERCOT market dispatch. Conduit's modular deployment model—combined with the $200 million master equipment lease facility from Eldridge (April 2026)—is engineered to commission behind-the-meter generation in months rather than the 2+ year utility interconnection timeline, addressing two converging demand drivers: AI data center power scarcity and the Permian's stranded gas economics. Announced capacity has scaled from a single 5 MW facility at Sunbridge in April 2024 to a 2+ GW contracted pipeline across Texas and Wyoming by early 2026, anchored by a joint venture (RPC Power, LLC) with Riley Permian for flare gas monetization. The company competes against traditional utility-scale IPPs, gas turbine OEMs with mobile offerings, and ERCOT merchant generators; its differentiation rests on FERC-approved QSE status, upstream feedstock partnerships, and integrated project finance.
Conduit firmographics
Firmographics- Name
- Conduit
- Legal name
- Conduit Power, LLC
- Website
- https://conduitpower.co
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Conduit Power designs, builds, owns, and operates distributed natural gas and battery storage power generation for upstream oil and gas producers, industrial operators, and AI data center developers in Texas and Wyoming, generating revenue through PPAs, EPC services, and ERCOT merchant power sales.
- Ownership category
- akta.pro rank
Conduit industry classification
Industry- Product category
- Distributed Power Generation
- NAICS
- Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)
- SIC
- Cogeneration Services & Small Power Producers (4991), Electric Services (4911)
- akta.pro primary industry
- Utility-Scale Power Generation Asset Management (EUAEAMAA)
Keywords
Where Conduit is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Conduit business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales
Revenue model
- Power Generation & Sales: Design, build, own and operate distributed power generation assets. Revenue generated from selling power to utilities, data centers, and into ERCOT power markets as a producer. Includes baseload and dispatchable power generation.
- EPC (Engineering, Procurement, Construction): Turnkey design, procurement, and construction of electrical infrastructure for commercial and industrial customers.
- Operations & Maintenance: Ongoing operations and maintenance services for power generation equipment under long-term services agreements.
- Power Market Operations & QSE Services: Conduit is a FERC-approved ERCOT QSE providing portfolio and asset optimization, trading/structuring, and market operations. Dispatches power into ERCOT through its qualified scheduling entity.
- Asset Financing: Financing solutions for power generation infrastructure, including master equipment lease facilities and capital deployment for project development.
- Short-term Power Supply: Bridge power supply for delays in utility infrastructure as short-term power supply services.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Conduit product offering
Product offeringCore offering
Conduit Power is an Independent Power Producer (IPP) that designs, builds, owns, and operates distributed power generation assets using natural gas and battery storage. It delivers two primary product offerings — Conduit CORE (baseload onsite power) and Conduit EDGE (dispatchable power with market dispatch analytics and QSE services) — along with integrated EPC, operations and maintenance, ERCOT market operations, and asset financing for commercial, industrial, and data center customers.
Product overview
Conduit Power is an Independent Power Producer (IPP) and services platform offering a portfolio of distributed power generation solutions. The company operates a platform-plus-modules architecture comprising two primary product offerings: Conduit CORE for baseload onsite power generation and Conduit EDGE for dispatchable power with market analytics. The portfolio also includes the RPC Power joint venture for flare gas utilization. Conduit delivers integrated services including turnkey EPC, operations and maintenance, market operations for ERCOT power sales, asset financing, and bridge power supply—all designed to help commercial and industrial customers control energy costs, improve reliability, and reduce carbon emissions.
Differentiator
Problem solved
Functional benefit
Brands
- Conduit CORE: Baseload onsite power generation solution for customers concerned about power reliability, pricing, and access from their utility provider.
- Conduit EDGE
Quantifiable outcome
- Reduces CO2 emissions by capturing flared natural gas for power generation
- +3 more outcomes
Companies that use Conduit
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
Conduit technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Conduit partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and major.
- Prometheus HyperscalecorePartnership to accelerate speed-to-market for AI data centers in Texas. Prometheus Hyperscale is developing a 506-acre data center campus in Wyoming (1.25 GW to 5 GW capacity). Conduit providing power generation solutions for rapid deployment.
- Gruppo ABmajorStrategic partnership to supply best-in-class power to data centers and the grid. Joint effort to address power needs for data center infrastructure.
- Hitachi EnergymajorCustomer success story for SCADA deployment. Hitachi Energy provides enterprise software for Conduit's cloud-based control system deployed during Texas storms, enabling remote management and optimization of power generation facilities.
- Riley Exploration Permian (Riley Permian) - RPC Power ExpansioncoreExpanded joint venture RPC Power to build 100 MW of natural gas fueled generation and battery energy storage systems for sale of energy and ancillary services to ERCOT. Riley Permian increased ownership from 35% to 50% and agreed to supply up to 10 MMcf/d of natural gas.
- Sunbridge Energy ServicescoreConduit delivered a 5 MW natural gas power generation facility at Sunbridge's CNG plant in the Permian Basin. Conduit engineered, procured, constructed, and operates the facility under a long-term services agreement. Facility provides baseload power 24/7 to Sunbridge's 50 MMcf/d CNG plant.
- Riley Exploration Permian (Riley Permian)coreJoint venture RPC Power, LLC formed to build power infrastructure utilizing captured flared natural gas for Riley Permian's operations in Yoakum County, Texas. Phase 1: 10 MW, Phase 2: additional 10 MW (20 MW total). RPC Power expanded in May 2024 to 100 MW natural gas generation and battery storage for ERCOT merchant power sales.
Scale indicators10 records
Recent moves6 records
Expansion highlights6 records
Conduit competitors and assessment
Company assessmentEmerging players
- Soluna Holdings: Soluna develops behind-the-meter renewable-powered data centers, co-locating computing with curtailed or stranded renewable energy. Comparable behind-the-meter model serving data center power demand, though using renewable (wind) rather than gas as primary fuel.
- Eolian Energy: Eolian develops, owns, and operates utility-scale battery storage and dispatchable generation assets, with focus on ERCOT and Texas markets. Overlaps with Conduit's Conduit EDGE dispatchable/battery storage component and shared ERCOT market focus.
Direct peers
- Enchanted Rock: Enchanted Rock designs, builds, owns, and operates on-site natural gas generation and battery storage for commercial, industrial, and data center customers. Directly comparable to Conduit's Conduit CORE baseload onsite model and its Build-Own-Operate PPA structure.
- Generate Capital: Generate Capital is a sustainable infrastructure platform that finances, builds, owns, and operates distributed energy and resilience assets. Highly comparable integrated EPC+O&M+Financing model serving commercial, industrial, and data center customers with behind-the-meter and grid-edge solutions.
- Wellhead Electric: Wellhead Electric develops, owns, and operates distributed natural gas-fired generation assets co-located with oil & gas operations in California and other markets. Comparable distributed gas IPP model with similar on-site, behind-the-meter value proposition for upstream and industrial customers.
- ProEnergy Services: ProEnergy provides mobile and packaged natural gas turbine power generation solutions for utility, industrial, and oilfield customers worldwide. Comparable to Conduit's modular distributed generation model using mobile/engine-based gas generation technology.
- Crusoe Energy: Crusoe Energy operates flare-gas-to-power and modular natural gas generation assets sited near oil & gas operations, and has pivoted to powering AI data centers (Crusoe Cloud) using stranded gas. Closely comparable to Conduit's dual business of stranded-gas monetization for upstream operators and behind-the-meter power for data center / AI customers.
Broad incumbents
- Capital Power: Capital Power is a North American independent power producer operating natural gas, wind, solar, and storage assets. Comparable IPP business model with overlapping dispatchable gas generation portfolio and merchant market exposure.
- Vistra Corp: Vistra is one of the largest independent power producers in the U.S., with a large ERCOT generation portfolio including natural gas, nuclear, and battery storage. Broad incumbent competing in the same ERCOT merchant market with overlapping dispatchable and baseload assets.
- Bloom Energy: Bloom Energy manufactures and deploys solid-oxide fuel cell distributed power systems for commercial, industrial, and data center customers. Comparable behind-the-meter, on-site generation value proposition for data center and industrial customers, though using fuel cell technology rather than reciprocating engines.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Conduit social profiles
Digital presenceConduit financial estimates
Financial estimateRevenue estimate
Valuation estimate
Conduit leadership team
Management profileNumber of profiles
Profiles5 records
Conduit subsidiaries and ownership
Company hierarchySubsidiaries1 record
Conduit funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Conduit M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Conduit
What does Conduit do?
Conduit Power is an Independent Power Producer (IPP) that designs, builds, owns, and operates distributed power generation assets using natural gas and battery storage. It delivers two primary product offerings — Conduit CORE (baseload onsite power) and Conduit EDGE (dispatchable power with market dispatch analytics and QSE services) — along with integrated EPC, operations and maintenance, ERCOT market operations, and asset financing for commercial, industrial, and data center customers.
Is Conduit a public or private company?
Conduit is a private company. It is classified as private equity controlled and is currently operating.
When was Conduit founded?
Conduit was founded in 2022. It employs 51 to 100 people.
Where is Conduit based?
Conduit is headquartered in Dallas, United States, in the North America region.
How does Conduit make money?
Six revenue lines are on record. Power Generation & Sales are the primary driver. The others are EPC (Engineering, Procurement, Construction), operations & Maintenance, power Market Operations & QSE Services, asset Financing and short-term Power Supply.
Who are Conduit's main competitors?
Emerging players on record are Soluna Holdings and Eolian Energy. Direct peers are Enchanted Rock, Generate Capital, Wellhead Electric, ProEnergy Services and Crusoe Energy. Broad incumbents are Capital Power, Vistra Corp and Bloom Energy.
Does Conduit have an API?
No public API is recorded for Conduit.
What industry is Conduit in?
Conduit's product category is Distributed Power Generation. Its primary akta.pro industry code is EUAEAMAA, Utility-Scale Power Generation Asset Management. Its NAICS code is 22111 and its SIC code is 4991.