INNIO seeks a US listing as data-centre power orders expand

INNIO seeks Nasdaq listing as its shareholder proposes selling 75 million shares, alongside increasing gas-engine orders and reserved capacity for data centres.

Shareholder proposes a Nasdaq offering

INNIO’s principal shareholder AI Alpine is offering 75 million common shares at an indicated price of $24–$27 each. The upper end would produce approximately $2.03 billion for the selling shareholder. The Munich-based gas-engine manufacturer in Germany is targeting a valuation of about $20.3 billion and has applied for a Nasdaq listing under the symbol INIO.

The proposed transaction concerns shares sold by AI Alpine. It is not an announcement that INNIO has received that amount as new manufacturing capital. The registration statement has been filed with the Securities and Exchange Commission but is not yet effective. Goldman Sachs, J.P. Morgan and Morgan Stanley are managing the offering.

Engine components on an assembly workbench — Engine assembly components

Gas engines, services and manufacturing

INNIO owns the Jenbacher and Waukesha engine brands and supplies distributed power and compression equipment, alongside equipment servicing and repairs. Its manufacturing footprint exceeds seven million square feet, with production hubs in Austria and North America. Facilities in the United States include Waukesha, Wisconsin; Waller, Texas; and Trenton, New Jersey.

Advent International acquired General Electric’s distributed-power business in 2018 and established INNIO as a standalone company. Abu Dhabi Investment Authority entered through a minority investment in 2023. Funds managed by Advent and ADIA co-own the Luxembourg-based selling shareholder. The offering terms and ownership structure precede a completed flotation.

Data-centre demand and a reserved engine allocation

INNIO’s new orders from data-centre customers increased from $27 million in 2023 to $2.3 billion in 2025. For the quarter ended 31 March 2026, total new orders reached $1.6 billion, more than double the year-earlier amount. Quarterly revenue rose 35% to $668.6 million, while the company recorded a $9 million net loss, against a $35 million profit a year earlier.

INNIO and Rehlko signed a framework agreement on 9 April 2026 reserving 1.25 GW of gas-engine capacity over three years. The allocation includes Rehlko’s existing 700 MW firm reservation; those quantities are not separate additions. It covers demand for data-centre power and flexible generation.

Advent International

Rehlko will deliver the projects through Clarke Energy, its engineering, delivery and lifecycle platform. Clarke Energy has worked with INNIO for more than 30 years and supports a global installed base exceeding 10 GW, much of it under long-term service agreements. That installed base is distinct from the new reserved capacity.

INNIO chief executive Olaf Berlien described the agreement as providing long-term planning certainty. Rehlko chief executive Brian Melka highlighted greater visibility into multi-year supply for customers investing in power infrastructure. These are the executives’ assessments of the arrangement, rather than guarantees of project commissioning or a completed securities offering.