Friday night lights with solar power and battery storage: CoVolt Power (KVLT Proposed) of Houston filed to go public after the closing bell tonight. 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 are $100 million, a placeholder figure. 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 joint book-runners. KeyBanc Capital Markets and the Wolfe Nomura Alliance, Baird, Needham & Company and Roth Capital Partners are on the investment banking team.
“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.”
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, according to the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.