Solar energy project developer CoVolt Power (KVLT.US) applies for U.S. listing, seeks to raise $200 millions

According to reports from Zhihui Finance APP, CoVolt Power, a company providing construction services for utility-scale solar projects and battery storage projects, filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) last Friday. The IPO is expected to raise as much as $200 million. The company plans to list on the New York Stock Exchange under the ticker symbol "KVLT".

Headquartered in Houston, Texas, and founded in 2005, CoVolt Power is an engineering, procurement, and construction (EPC) service provider for the power and data center industries. It specializes in utility-scale solar projects, battery energy storage systems, and high-voltage transmission and distribution infrastructure. The company has already completed more than 7.3 GWac of power generation facilities and nearly 1.7 GWh of battery storage facilities, and has delivered transmission and distribution (T&D) infrastructure that connects over 26.4 GW of generation capacity and load to the grid. Its clients include independent power producers (IPPs), project developers, utilities, industrial facilities, and data center operators.

Data indicates that for the six months ended June 30, 2026, the company's revenue declined by 32% to $308 million; gross margin expanded by 393 basis points to 18%; adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 20% to $42.3 million, while adjusted EBITDA margin increased by 190 basis points to 13.7%. In addition, for the twelve months ended June 30, 2026, revenue was $596 million.