Vertiv completed its purchase of Italian heat-exchange equipment maker ThermoKey, adding dry coolers and natural refrigerant systems for high-density AI data centers.
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Vertiv Holdings completed its acquisition of ThermoKey on June 12, adding Italian-made heat-rejection and heat-exchange equipment to its product line. ThermoKey produces dry coolers, heat exchangers, and systems that run on low-global-warming-potential and natural refrigerants. The deal also brings manufacturing capacity in Europe, the Middle East, and Africa.
The purchase targets a bottleneck in AI infrastructure. Rising rack densities are turning cooling design into a facility-level constraint. Vertiv had already used ThermoKey technology in some products, which may lower integration risk. The combination extends Vertiv's coverage across the thermal chain, addressing heat removal beyond the immediate rack.
Vertiv supplies power management, thermal management, racks, monitoring systems, and lifecycle services for data centers and industrial facilities. The ThermoKey acquisition adds a piece of the cooling stack that becomes more critical with higher server densities from AI workloads. Returns will depend on project timing and pricing.
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