Voltus, a distributed energy resource technology platform and virtual power plant operator, has raised $225 million in an oversubscribed Series D funding round to expand its distributed energy resource platform.

Generation Investment Management led the funding round, with Activate Capital and Vitol as co-leads. Other investors included Broadscale Group, Climate Investment, NGP, Ajax Strategies, and All Aboard Fund.

Voltus plans to use the funding to expand its platform to 20 GW by 2030 through its Bring Your Own Capacity program in the PJM and MISO electricity markets. The company also plans to expand its operations across the U.S. and Canada.

“Flexibility is the fastest and cheapest capacity the grid can add, and Voltus has spent a decade building the platform and market access to deliver it at scale,” said Raj Atluru, Managing Partner at Activate Capital. “We first backed Voltus on that thesis, and demand from data centers and electrification has only strengthened it. Voltus is the best solution we’ve seen to the challenge of interconnecting large loads and decarbonizing our energy system while keeping retail rates affordable.”

The funding comes amid growing electricity demand and concerns about available grid capacity. According to the North American Electric Reliability Corporation, peak electricity demand is expected to increase by 24% over the next decade, more than double the growth projected two years ago.

Through its platform, Voltus aims to increase the utilization of existing distributed energy resources to help address the gap between electricity demand and available grid capacity.

According to Mercom’s 1H and Q2 2026 Smart Grid Funding and M&A report, VC funding for Smart Grid companies in 1H 2026 decreased 35% YoY to $711 million across 34 deals, compared with $1.1 billion raised across 41 deals in 1H 2025.

In August, Emerald AI, a developer of software for managing data center electricity consumption and computing workloads, raised $150 million in an oversubscribed Series A funding round at a $1.05 billion valuation, led by Energize Capital and DCVC.