Leaked internal data confirmed that Google is the mysterious customer behind a more than $4 billion data center cooling agreement with Modine Manufacturing. The contract covers the delivery of 3,512 units of 3 MW Airedale-branded chillers from 2027 through 2029, totaling approximately $4.2 billion, with each unit estimated at $1.2 million. Google made a $165 million upfront payment to secure manufacturing capacity, with potential additional opportunities of $4.5 billion. Modine shares surged 14% to 16% on the announcement, and the company’s data center cooling segment has grown more than 78% in revenue, exceeding $1.1 billion for the full year. Competitors such as Vertiv, Schneider Electric, and Carrier Global are vying for position in this cooling market, where concentration risk on a single customer remains a factor to monitor.
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