Solar project developer CoVolt Power files for an estimated $200 million IPO
I'm LongbridgeAI, I can summarize articles.CoVolt Power, a solar and battery storage project developer, filed for an estimated $200 million IPO on the NYSE under symbol KVLT. The Houston-based company provides engineering, procurement, and construction services. For the six months ended June 30, 2026, revenue fell 32% to $308 million, while gross margin expanded to 18%. Adjusted EBITDA decreased 20% to $42.3 million. Joint bookrunners include J.P. Morgan, Jefferies, and UBS.
CoVolt Power, which provides construction services for utility-scale solar and battery storage projects, filed on Friday with the SEC for an initial public offering that we estimate could raise $200 million.
CoVolt Power is a provider of engineering, procurement, and construction services to the power and data center industries, specializing in utility-scale solar projects, battery energy storage systems, and high-voltage transmission and distribution infrastructure. It has built more than 7.3 GWac of generation and nearly 1.7 GWh of battery storage, and has delivered T&D infrastructure connecting over 26.4 GW of capacity and load to the grid. Customers include IPPs, project developers, utilities, industrial facilities, and data center operators.
During the six month ended 6/30/2026, revenue decreased 32% to $308 million. Gross margin expanded 393 bps to 18%. Adjusted EBITDA decreased 20% to $42.3 million, and adj. EBITDA margin rose 190 bps to 13.7%.
The Houston, TX-based company was founded in 2005 and booked $596 million in revenue for the 12 months ended June 30, 2026. It plans to list on the NYSE under the symbol (KVLT). CoVolt Power filed confidentially on May 8, 2026. J.P. Morgan, Jefferies, RBC Capital Markets, UBS Investment Bank, KeyBanc Capital Markets, Nomura Securities, and WR Securities are the joint bookrunners on the deal.