CoVolt Power Files for IPO, Tapping Into Solar Power Demand
(Bloomberg) -- CoVolt Power Inc., a solar and battery storage company, filed for a US initial public offering as companies look to capitalize on data centers’ surging demand for energy.
The Houston-based engineering firm had net income of $35.4 million on revenue of $308.3 million in the six months ended June 30, compared with net income of $43.2 million on revenue of $451.4 million in the same period in 2025, according to its filing Friday with the US Securities and Exchange Commission.
Signal Energy, the company’s solar and battery energy storage unit, was founded in 2005, the filing shows. The business and Applied High Voltage, a high-voltage electrical contractor, were together rebranded in May as CoVolt Power, with the two units becoming the main subsidiaries of the combined business.
The company had a $3.6 billion backlog of utility-scale solar, battery energy storage and high-voltage transmission and distribution projects as of June 30, up 410% from a year earlier, according to the filing. It counts independent power producers, utilities, industrial facilities and data center operators among its customers.
The filing named competitors including Solv Energy Inc., which raised $589.4 million from its IPO in February and closed 13% above its IPO price on Friday.
The company’s backers include investment firms Davidson Kempner Capital Management, Man Group Plc, Eyre Street Capital and Marc Lasry’s Avenue Capital Group.
CoVolt’s offering is being led by JPMorgan Chase & Co. and Jefferies Financial Group Inc. The company expects its shares to trade on the New York Stock Exchange under the symbol KVLT.
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