Двухнедельный обзор фондовых рынков №352. Игра от обороны
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
CoVolt Power IPO. Utility-Scale Solar and Grid Infrastructure
On August 21, 2026, CoVolt Power filed for an IPO. The company provides engineering and construction services for large-scale solar projects, battery energy storage systems and grid infrastructure. The underwriters are J.P. Morgan, Jefferies, RBC Capital Markets, UBS Investment Bank, KeyBanc Capital Markets, Wolfe|Nomura Alliance, Needham & Company, and Roth Capital Partners.
| Issuer | CoVolt Power |
| Ticker | KVLT |
| Exchange | NYSE |
| Underwriters | J.P. Morgan, Jefferies, RBC Capital Markets, UBS Investment Bank, KeyBanc Capital Markets, Wolfe|Nomura Alliance, Needham & Company, Roth Capital Partners |
Investment Potential
Company Overview. CoVolt Power provides engineering, procurement and construction services for the energy and data center industries, with a focus on utility-scale solar, battery energy storage systems, and high-voltage transmission and distribution infrastructure. The company has built more than 7.3 GW AC of generation capacity and nearly 1.7 GWh of battery storage. It has also deployed transmission and distribution infrastructure connecting more than 26.4 GW of generation capacity and load to the grid. As of June 30, 2026, backlog across utility-scale solar, battery storage, and high-voltage transmission and distribution projects stood at $3.6bn, up 410% YoY. Customers include independent power producers, utilities, industrial facilities and data center operators.
Market Opportunity. According to Wood Mackenzie, annual investment in utility-scale solar projects and battery energy storage systems above 200 MW DC is expected to rise from $28.5bn in 2026 to $41.9bn in 2031. Annual investment in transmission and distribution infrastructure is also projected to increase, from $149.7bn to $218.5bn over the same period.
Financials. Revenue grew 67% in 2025, before declining 32% in the first six months of 2026 as several projects were pushed out. Profitability, however, improved materially. EBIT margin increased from -2% in 2024 to 8% in 2025 and 11% in the first six months of 2026. The company ended 2Q 2026 with no debt on its balance sheet.