PVTIME – US-based renewable energy infrastructure firm CoVolt Power has started the process of going public after submitting formal IPO documentation to the US Securities and Exchange Commission. The company is set to make its debut on the New York Stock Exchange under the trading symbol KVLT, with the offering expected to raise up to $200 million in capital.
Picture: CoVolt Power
Founded in 2005 and based in Houston, Texas, CoVolt Power provides end-to-end engineering, procurement and construction services to the power and data centre industries. The company focuses on utility-scale solar projects, battery energy storage systems, and high-voltage transmission and distribution infrastructure. To date, the company has completed construction work on over 7.3GWac of power generation assets and almost 1.7GWh of battery storage capacity. Its commissioned grid infrastructure has facilitated the connection of over 26.4GW of power generation and load capacity to public power networks. The company serves a diverse client base, including independent power producers, project developers, utility operators, industrial sites, and data centre operators.
Published financial results for the six-month period ending 30 June 2026 outline significant changes in the company’s operational performance. Corporate revenue totalled $308 million over the period, representing a 32% reduction compared with the equivalent period the previous year. However, profitability metrics demonstrated positive improvement, with the gross margin rising by 393 basis points to reach 18%. Although adjusted EBITDA decreased by 20% to $42.3 million, the corresponding adjusted EBITDA margin increased by 190 basis points to 13.7%. Cumulative revenue for the twelve months ending 30 June 2026 totalled $596 million.
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