Voltus, a San Francisco company that runs a virtual power plant, announced on 8 October 2026 that it had raised $225m in an oversubscribed Series D round. Generation Investment Management, the firm founded by former US vice president Al Gore, led the round, with Activate Capital and the Dutch energy trader Vitol as co-leads.
Broadscale Group, Climate Investment, NGP, Ajax Strategies and All Aboard Fund also took part. The company did not disclose a valuation.
It is Voltus's first raise since a $31m Series C in 2021, according to Latitude Media.
“We have proven this thesis. This is an execution play.”Dana Guernsey, CEO, Voltus
What Voltus does
Voltus pools distributed energy resources such as batteries and industrial equipment and connects them to electricity markets. Businesses and homes are paid to reduce, shift or supply power when the grid needs it, which gives grid operators capacity without building new plants.
Its newest product, Bring Your Own Capacity (BYOC), launched in the PJM market in September 2025. Under it, data centres pay to unlock flexible capacity in the communities around them and bring those megawatts to utilities as part of their own capacity. Google became the first official BYOC customer in June. Voltus has also signed partnerships with Octopus Energy U.S. and the residential solar company Sunrun, and bought the energy storage start-up Brightfield, Latitude Media reported.
When it raised its Series C, Voltus had 1.7 gigawatts of load under management. Since summer 2025 it has dispatched resources every day of the year, answering emergency calls in the Mid-Atlantic and short daily requests for balancing support in the Southwest Power Pool, according to Latitude Media. Guernsey told the publication that virtual power plants have become a foundational part of the grid.
Who invested
Activate Capital also led the 2021 round. Chief executive Dana Guernsey told Latitude Media that demand for the deal let the company choose investors that would bring more than money.
Voltus had not planned to raise in 2026, Guernsey said. It changed course in the spring, when signing BYOC contracts convinced the team that it was time to speed up. The raise was known internally as Project Accelerate.
What the money is for
Voltus will use the money to expand BYOC in the PJM and MISO markets and to scale its operations across the US and Canada, according to The SaaS News. Latitude Media said the plan includes deploying more batteries through the Brightfield team and growing sales and customer onboarding.
The company's target is 20 gigawatts under management by 2030, which Latitude Media said would more than double its current capacity. The publication noted that PJM has agreed to count added capacity at existing sites, such as new batteries, which supports that plan.
The road to a listing
In June, Axios described the Series D as the company's final private raise before going public, Latitude Media reported. Guernsey did not comment directly on listing plans but said an IPO is one of several options Voltus is considering.
Company website: voltus.co