Voltus, a San Francisco-based energy company, has raised $225 million in Series D funding. The company pays businesses and households to reduce electricity use, shift their power consumption to different times, or provide electricity to the grid when needed.

The funding round was led by Generation Investment Management, with Activate Capital and energy trading company Vitol serving as co-leaders. Other investors included Broadscale Group, Climate Investment, NGP, Ajax Strategies, and All Aboard Fund.

Voltus said the round was oversubscribed, meaning investor demand exceeded the amount of funding available. The company has not disclosed its valuation.

“Electricity is now the constraint behind almost every major ambition we have, but it doesn’t have to be,” said Dana Guernsey, Voltus’s chief executive.

“Voltus turns the flexibility of businesses, homes and batteries into reliable power, helping the AI buildout meet its growing energy needs while reducing pressure to build new fossil-fuel infrastructure,” said Dave Easton, a partner at Generation Investment Management.

Founded by CEO Dana Guernsey, Voltus is an energy technology company that helps businesses and households manage their electricity use. It connects energy resources to electricity markets and operates virtual power plants, which bring together different energy sources to support the power grid.

Voltus uses the unused capacity of batteries, cooling systems, and industrial equipment across thousands of businesses and homes. It helps these customers reduce or adjust their electricity use when demand is high, supporting a more reliable and affordable power supply.

Voltus helps commercial and industrial customers across the U.S. and Canada get more value from their energy resources. These include flexible electricity use, local power generation, energy storage, energy-efficient systems, and electric vehicle batteries. Its goal is to help customers manage energy costs while supporting a more sustainable electricity system.