Google has been identified as the unnamed hyperscaler (large-scale cloud computing company) behind Modine Manufacturing’s more than $4 billion cooling equipment agreement, based on leaked internal data that surfaced on August 21. The deal, announced by Modine (NYSE: MOD) in late May, covers about 3,512 Airedale-branded 3 MW chillers at approximately $1.2 million each, for an estimated total of $4.214 billion, with deliveries scheduled from 2027 through 2029. Structured as a long-term capacity arrangement, the agreement includes a $165 million upfront payment from Google for manufacturing capacity investments. The leaked information also points to another $4.5 billion in potential opportunities tied to the relationship. Modine shares surged 14% to 16% when the contract was first disclosed. The company’s data center cooling revenue has grown by more than 78% in recent quarters, while full-year segment sales have exceeded $1.1 billion. The contract could establish a pricing and scale benchmark for rivals including Vertiv, Schneider Electric and Carrier Global, but it also increases Modine’s dependence on Google’s data center expansion. A slowdown, construction delay or renegotiation could have an outsized effect, although the upfront payment provides some mitigation.