Voltus Revenue, Valuation, Funding & Investors

Voltus is valued at $120M as of October 2020, a 2.6x revenue multiple. Voltus revenue was $47M, as disclosed with its latest round.

Last Voltus valuation

$120M

Series B · Oct 2020

Last Voltus funding round

$225M

Series D · Oct 2026

Voltus revenue

$47M

Series B · Oct 2020

Key investors in Voltus

  • Prelude Ventures
  • NGP Energy Technology Partners
  • Activate Capital Partners
  • Ajax Strategies
  • Climate Investment
  • Generation Investment Management

Voltus Overview

About Voltus

Voltus is a United States distributed energy resource platform that enables businesses and other energy users to earn money by making flexible load and on-site generation available to wholesale electricity markets and utility programmes. It was founded in 2016 and is led by chief executive Dana Guernsey. The platform aggregates customer assets such as industrial loads, batteries and backup generation into a virtual power plant, dispatches them when the grid is stressed, and shares market payments with participants. It operates across US power markets including PJM and MISO and in Canada, and runs a programme under which customers bring their own capacity to serve growing demand from data centres. Customers include commercial and industrial energy users and grid operators. It earns a share of the revenue its customers generate in capacity and demand response programmes.


Founded

2016

HQ

United StatesUnited States

Website

voltus.co

Status

Privately held

Customer focus

B2B

Revenue model

Commission

Revenue

$47M (Oct 2020)

Valuation

$120M (Oct 2020)

Voltus Valuation

Voltus is currently valued at $120M, based on its Series B in October 2020.

The $25M round was led by NGP Energy Technology Partners, with participation from Ajax Strategies and Prelude Ventures.

Voltus' valuation has grown 3.1x from $39M at its Series A in October 2017 to $120M in October 2020, across 2 priced rounds.

Voltus valuation by funding round

Revenue multiple
Voltus valuation by funding round
DateStageValuationRevenue Multiple
Oct 2020Series B$120M2.6x
Oct 2017Series A$39M-

Voltus Revenue

Voltus' latest recorded revenue is $47M, as of its Series B in October 2020. At a $120M valuation, that implies a 2.6x revenue multiple.

Voltus revenue by funding round

Voltus revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2020$47M$120M2.6xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Voltus Funding History

Voltus has raised a total of $291M across 4 funding rounds.

Voltus' first fundraising round was a $10M Series A in October 2017. The most recent completed round was a $225M Series D in October 2026.

Voltus funding rounds

Voltus funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2026Series DActivate Capital Partners (lead); Generation Investment Management (lead); Vitol (lead); All Aboard; Climate Investment; NGP Energy Technology Partners; Broadscale; Ajax Strategies$225M-Voltus raised USD 225 million in an oversubscribed Series D financing round announced on 8 October 2026. The round was led by Generation Investment Management, with Activate Capital and Vitol as co-leads, and Broadscale Group, Climate Investment, NGP, Ajax Strategies and All Aboard Fund also investing. It is the company's first raise since a USD 31 million Series C in 2021. Voltus said the proceeds will help close the grid's capacity gap, scale its platform to 20 gigawatts by 2030, carry out its Bring Your Own Capacity programme in PJM and MISO, and expand across the United States and Canada. Voltus is a San Francisco-based distributed energy resource and virtual power plant platform that lets participants reduce, shift or supply power to lower energy bills and earn revenue. Its site states it has brought over 15,000 MW to market.
May 2021Series CActivate Capital Partners (lead); NGP Energy Technology Partners; Ajax Strategies; Prelude Ventures$31M-Voltus, Inc. is a distributed energy resource (DER) platform that enables customers to participate in energy markets by optimizing assets like flexible loads for wholesale markets, generating cash through cost- and risk-free programs. The company closed a $31 million Series C financing round on May 13, 2021, led by Activate Capital with participation from existing investors NGP Energy Technology Partners, Prelude Ventures, and Ajax Strategies, bringing total equity financing to over $65 million. Activate Capital's Raj Atluru joined the board, highlighting Voltus's technology platform and growth model in the massive DER market. Prior rounds included a $25 million Series B in October 2020 and $10.1 million Series A in 2017. In early 2022, Voltus announced full-year 2021 revenue of $47.4 million, up 94% from 2020, with average revenue per MW rising 58% to $32,187 driven by ancillary services growth in markets like California, Texas, New York, and SPP; the DER portfolio averaged 1,473 MW in 2021 versus 1,203 MW in 2020. Gross profit reached $19 million at 40% margin. Contracted backlog grew to $323 million and pipeline to $1.9 billion by February 2022. Voltus later pursued a business combination with Broadscale Acquisition Corp. targeting Q2 2022, reaffirming financial forecasts.
Oct 2020Series BNGP Energy Technology Partners (lead); Ajax Strategies; Prelude Ventures$25M$120MVoltus, Inc. is a leading distributed energy resources (DER) platform that enables commercial and industrial customers to generate cash through demand response, energy storage, distributed generation, and other DER solutions in energy markets. The company maximizes the value of customers' operational flexibility, sharing generated cash while promoting cleaner, more reliable energy and cost savings. Founded in 2016 and headquartered in Wayne, PA, Voltus connects various DER types across U.S. markets, positioning itself ahead of regulatory changes like FERC Order 2222, which expands DER participation in wholesale markets. On October 29-30, 2020, Voltus closed a $25 million Series B funding round led by NGP Energy Technology Partners III, with participation from existing investors Prelude Ventures and Ajax Strategies. The post-money valuation reached $119.59 million, with a price per share of $6.51. Proceeds were allocated to hiring, product development, market expansion, and scaling operations to strengthen leadership in DER amid growing energy transition opportunities. NGP ETP III CEO Philip Deutch joined the board, praising Voltus's technology, customer network, and team. The round followed Voltus's Series A in 2017 valued at $38.8 million and preceded later raises, including a $31 million Series C extension in May 2021 and a $150 million Series C at $600 million valuation. Investors highlighted Voltus's rapid growth, regulatory tailwinds, and potential to accelerate DER adoption. Post-funding, Voltus appointed board members and pursued partnerships, such as with Octopus Energy US, to scale demand flexibility for data centers and other high-demand sectors.
Oct 2017Series APrelude Ventures (lead)$10M$39MVoltus raised $10.1 million in a Series A funding round on October 23, 2017, led by Prelude Ventures. The post-money valuation for this round was $38.8 million. The funding aimed to build and launch the first energy products for distributed energy resource (DER) monetization. Voltus provides cash-generating energy products to commercial, institutional, and industrial clients, enabling them to maximize the value of operational flexibility in energy markets. Prelude Ventures, a venture capital firm focused on clean energy and sustainability, participated in this and subsequent rounds including Series B in 2020 and Series C in 2021. The company later expanded, raising a Series B of $25 million in October 2020 led by NGP Energy Technology Partners and a Series C of $31 million in May 2021 led by Activate Capital, bringing total funding to approximately $66 million.

Who has invested in Voltus?

10 investors have backed Voltus across its funding rounds, including Prelude Ventures, NGP Energy Technology Partners, Activate Capital Partners, Ajax Strategies, Climate Investment and Generation Investment Management.

Lead investors include Activate Capital Partners, Generation Investment Management, Vitol, NGP Energy Technology Partners and Prelude Ventures.


Voltus Investors

Investors in Voltus by funding rounds participated
InvestorHQRoundsRoleFirst check
NGP Energy Technology PartnersUnited StatesWashington, DC3LeadOct 2020
Prelude VenturesUnited StatesSan Francisco, CA3LeadOct 2017
Ajax StrategiesUnited StatesSt Louis, MO2ParticipantOct 2020
Activate Capital PartnersUnited StatesSan Francisco, CA2LeadMay 2021
All AboardUnited StatesNew York City, NY1ParticipantOct 2026
Climate InvestmentUnited KingdomLondon1ParticipantOct 2026
Generation Investment ManagementUnited KingdomLondon1LeadOct 2026
BroadscaleUnited StatesNew York City, NY1ParticipantOct 2026

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Voltus Competitors

Voltus competitors include listed companies like Entech, Onde, Helios Solar and 7C Solarparken, and private ones like Drayson Technologies Group and Independence Hydrogen.

Public and private companies comparable to Voltus
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
EntechFranceFrancePublicly listed$85M$4M$151M1.2x
Drayson Technologies GroupUnited KingdomLondonPrivate--$206M-
Independence HydrogenUnited StatesWashington, DCPrivate--$120M-
OndePolandPolandPublicly listed$220M$12M$109M0.6x
Helios SolarGermanyGermanyPublicly listed$512K-$133M-
7C SolarparkenGermanyGermanyPublicly listed$74M$43M$144M-

Voltus Public Comps

Voltus is still privately-owned, but its public comps include Chariot, Renewal Fuels, McDermott, Schwager, Biotrend Enerji, Chilean Cobalt, Mitac Digital Technology, Naturelgaz, Path2 Hydrogen and Haffner Energy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Chariot-$943K--124.5x(15.5x)
Renewal Fuels$690K($11M)176.8x-(11.2x)-
McDermott$10B$208M0.1x-2.9x-
Schwager$116M$13M1.2x-10.3x-
Biotrend Enerji$59M$13M4.2x-18.2x-
Chilean Cobalt-($3M)--(36.6x)-
Mitac Digital Technology$253M$13M0.1x0.1x2.3x-
Naturelgaz$159M$37M0.7x-3.0x-

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Common questions about Voltus

When was Voltus founded?Voltus was founded in 2016.
Where is Voltus headquartered?Voltus is headquartered in United States.
Is Voltus publicly listed?No, Voltus is a private, VC-backed company.
What is Voltus' valuation?Voltus was last valued at $120M in its Series B in October 2020.
How much funding has Voltus raised?Voltus has raised $291M across 4 funding rounds.
What was Voltus' last funding round?Voltus' last funding round was a $225M Series D in October 2026, led by Activate Capital Partners, Generation Investment Management and Vitol.
Who are Voltus' investors?Voltus' investors include NGP Energy Technology Partners, Prelude Ventures, Ajax Strategies, Activate Capital Partners, All Aboard, Climate Investment, Generation Investment Management, Broadscale, Vitol and Ajax Strategies.
What is Voltus' revenue?Voltus' latest recorded revenue is $47M (October 2020).
What is Voltus' revenue multiple?Voltus' latest valuation implies a 2.6x revenue multiple ($120M valuation on $47M of revenue).
Which companies are comparable to Voltus?Companies comparable to Voltus include Entech, Drayson Technologies Group, Independence Hydrogen, Onde, Helios Solar and 7C Solarparken.

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