Elon Musk appears to have quietly added another company to his growing business empire, but unlike many of his high-profile deals, this one happened with almost no public attention.
The billionaire has acquired Jacksonville-based APR Energy, according to a filing with the Federal Trade Commission that only recently brought the transaction to light, weeks after it had already closed. Neither Musk nor APR Energy announced the acquisition publicly, leaving the deal to emerge through regulatory filings rather than a formal statement.
An FTC early termination notice dated May 14 identifies Musk as the acquiring party, while CF APR Super Holdings LLC and New APR Energy LLC are listed as the acquired entities. The filing also shows the transaction received early termination of antitrust review, allowing the acquisition to proceed without additional regulatory scrutiny.
The value of the deal was not disclosed in the FTC filing, but another regulatory document offers a clue to its scale.
In a May 28 filing with the Securities and Exchange Commission, Duos Technologies Group Inc. said it had sold its 5% non-voting stake in New APR Energy LLC, the company that holds APR Energy’s assets. The company said the transaction generated $50.4 million in net proceeds, suggesting the overall acquisition was valued at more than $1 billion.
The absence of any public announcement has sparked questions about why the acquisition was kept under wraps. Neither Musk nor Tesla has acknowledged the purchase, and APR Energy has also remained silent. There is no indication in the filings that the deal was intended to be confidential, but companies are not required to publicly announce acquisitions unless disclosure obligations apply.
APR Energy, headquartered in Jacksonville, Florida, specializes in modular power generation systems that can be deployed quickly. The company provides temporary and permanent power solutions for utilities, industrial customers, data centers, and other large-scale operations. It says its systems are designed to support high-density GPU infrastructure and AI workloads, with projects capable of being deployed within 15 to 30 days. According to the company, it has delivered more than 50 terawatt-hours of electricity across more than 35 countries.
The acquisition comes less than a year after Fortress Investment Group bought APR’s assets in late 2024. Following that transaction, the business was reorganized as New APR Energy LLC while continuing to operate under the APR Energy brand.
Under the Fortress transaction, Duos Technologies signed a two-year contract to oversee and deploy APR Energy’s assets, marking a shift from its core railroad technology business into energy solutions for the fast-expanding data center industry.
While Musk has not explained the rationale behind the purchase, APR Energy’s business aligns with his expanding interests in energy and artificial intelligence. Tesla operates a large energy business focused on battery storage through its Megapack systems, while xAI continues to build increasingly power-intensive AI infrastructure. A company capable of rapidly deploying large-scale power generation could complement those efforts as demand for electricity from AI data centers continues to grow.
For Jacksonville, the transaction means one of the city’s major energy infrastructure companies now sits under the ownership of one of the world’s wealthiest entrepreneurs, even though the change in control took place with little public attention.