A billion-dollar acquisition by Elon Musk has come to light weeks after it was completed, with no announcement from either the billionaire or the company involved. The deal, which values Jacksonville-based APR Energy at more than $1 billion, surfaced only through regulatory filings, making it one of the major acquisitions of the year.
The transaction gives Musk control of a company that specialises in deployable power generation, a business that has become increasingly important as artificial intelligence drives unprecedented demand for electricity. The acquisition also expands Musk’s growing presence in the energy sector, complementing Tesla’s battery storage business and the power-intensive operations of xAI.
A billion-dollar deal hidden in regulatory filings
The acquisition first appeared in a Federal Trade Commission (FTC) early termination notice dated May 14, under transaction number 20261350. The filing lists Elon Musk as the acquiring party, CF APR Super Holdings LLC as the acquired party and New APR Energy LLC as the acquired entity.
The FTC granted the transaction early termination, meaning the acquisition did not require further antitrust review before it could be completed.
The filing did not reveal the value of the deal. However, another disclosure helped piece together the financial picture.
In a May 28 filing with the US Securities and Exchange Commission (SEC), Duos Technologies Group Inc. said it had sold its 5% non-voting stake in New APR Energy LLC for net proceeds of about $50.4 million. Based on that transaction, the overall valuation of APR Energy is estimated to be at least $1 billion.
All about APR Energy
APR Energy is headquartered in Jacksonville, Florida, and has built its business around providing temporary, large-scale power generation that can be deployed much faster than conventional power plants.
Unlike traditional power stations that can take years to build, APR’s modular systems can be transported to project sites and installed in as little as 15 to 30 days. The company uses trailer-mounted gas turbines along with reciprocating diesel and natural gas engines capable of reaching full output in less than 10 minutes.
According to the company’s website, it provides power solutions for utilities, industries and data centres across the world, with custom-built plants designed to support high-density GPUs and AI workloads for hyperscalers and large data centre developers.
The company says it has delivered power projects in more than 35 countries and supplied over 50 terawatt-hours of electricity during its operations.
A company that changed hands twice
APR Energy has gone through significant ownership changes in recent years.
Fortress Investment Group acquired the company’s assets in late 2024 and reorganised the business under the name New APR Energy LLC, while continuing to operate under the APR Energy brand.
As part of that transaction, Fortress signed a two-year agreement with Duos Technologies Group to manage and deploy APR’s energy assets. The partnership also marked Duos’ strategic shift from its traditional railroad safety technology business towards supplying energy infrastructure for data centres.
Less than two years later, the business has now moved into Musk’s portfolio.
A strategic fit for Musk’s AI ambitions
Although there has been no official explanation for the acquisition, APR Energy appears to fit naturally with Musk’s expanding AI and energy businesses.
Artificial intelligence infrastructure has dramatically increased electricity demand, with companies racing to secure reliable sources of power for large data centres. APR specialises in delivering electricity quickly, making it attractive for projects that cannot wait years for new grid connections or permanent power plants.
The acquisition also complements Tesla Energy’s grid-scale Megapack battery storage business while potentially supporting the growing computing requirements of xAI, Musk’s artificial intelligence venture.
APR’s technology relies on natural gas and diesel engines packaged into mobile systems that can be transported and installed rapidly. While they are not renewable energy sources, they offer immediate power generation where permanent infrastructure is unavailable or delayed.
What it means for Jacksonville
Despite the ownership change, APR Energy is expected to continue operating from its headquarters at 10375 Centurion Parkway North in Jacksonville’s Deerwood Park South area.
For the city, the acquisition means one of its growing energy infrastructure companies now has one of the world’s richest entrepreneurs as its owner. It also places Jacksonville-based APR Energy at the centre of one of the fastest-growing industries, where demand for electricity is being reshaped by artificial intelligence and hyperscale data centres.
