The IPO Buzz: CoVolt Power (KVLT Proposed) of Texas Files to Go Public
Friday night lights with solar power and battery storage: CoVolt Power (KVLT Proposed) of Houston filed to go public after the closing bell tonight. It’s been awhile since we’ve seen a big IPO filing late on a Friday. This company designs, engineers and builds utility-size solar power plants as well as battery energy storage systems (BESS) and high-voltage transmission and distribution (T&D) infrastructure.
The IPO’s estimated proceeds were $100 million, a placeholder figure. Some think that CoVolt Power’s deal could easily raise at least twice that. This is a New York Stock Exchange listing.
J.P. Morgan and Jefferies are leading the joint book-running team. RBC Capital Markets and UBS Investment Bank are also joint book-runners along with KeyBanc Capital Markets and the Wolfe Nomura Alliance. Baird, Needham & Company and Roth Capital Partners are co-managers.
“Our customers include IPPs, project developers, utilities, industrial facilities and data center operators,” CoVolt Power said in the prospectus. (IPPs are independent power producers.)
“Since 2021, we have completed projects for 14 of the top solar 20 IPPs in the U.S. We seek to partner closely with our customers by engaging with them during the planning phases of their projects.”
In the prospectus, CoVolt Power said: “Since our founding in 2005, we have built more than 7.3 GWac of generation, nearly 1.7 GWh of battery storage and T&D infrastructure that connected over 26.4 GW of capacity and load to the grid. We are recognized as a top 10 utility-scale solar builder based on installations from 2015 to 2025 according to Solar Power World.”
CoVolt Power is profitable: Net income of $60.58 million on revenue of $739.4 million for the 12 months that ended on Dec. 31, 2025, according to the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-covolt-power-kvlt-proposed-of-texas-files-to-go-public/
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