Methodology

Most public datasets on corporate clean energy procurement stop at power purchase agreements and renewable energy certificates. DealVolt goes further. The platform captures the full spectrum of strategic energy investments made by the largest technology companies — including PPAs, direct equity investments in energy companies, outright acquisitions, major infrastructure capital expenditure, and joint ventures or co-development partnerships.

The distinction matters. Routine REC purchases and green tariffs are accounting mechanisms: they shift attribution of existing electrons without adding new capacity or placing capital at risk. By contrast, a corporate equity stake in a nuclear SMR developer, a long-term PPA underwriting new offshore wind construction, or a direct acquisition of a battery storage company all signal something qualitatively different — a company that is moving from passive energy consumer to active participant in energy infrastructure.

This shift is the central thesis of DealVolt. As hyperscale compute and AI workloads drive data center power demand to levels that utility procurement alone cannot satisfy on the required timelines, the largest technology companies are increasingly building, buying, and financing the infrastructure directly. DealVolt tracks that transition — deal by deal — so that sustainability professionals, investors, and policy analysts can benchmark who is committing real capital and who is not.

What DealVolt does not track as standalone deal entries: renewable energy certificates purchased in the spot market, green tariff subscriptions, carbon offset purchases, or general energy efficiency programs. These may appear in deal notes for context, but they do not constitute strategic investments by the definition applied here.

DealVolt covers the 50 largest companies in the NASDAQ-100 by market capitalization, after excluding sectors where energy strategy is not primarily driven by compute and data center demand. The excluded sectors — per Industry Classification Benchmark (ICB) classification — are Health Care, Consumer Staples, Basic Materials, and Utilities. The four included sectors are:

• Technology — semiconductor manufacturers, cloud infrastructure providers, software platforms, IT services
• Consumer Discretionary — e-commerce, streaming, connected devices, and digital marketplaces
• Industrials — companies whose operational energy footprint is shaped by logistics, manufacturing, or compute-adjacent infrastructure
• Telecommunications — network operators and infrastructure providers with large, power-intensive physical plant

The rationale for this universe is not that other NASDAQ-100 companies lack interesting energy strategies — it is that the energy strategies of Technology, Consumer Discretionary, Industrials, and Telecommunications companies are most directly shaped by the same underlying driver: the explosive growth of compute-intensive workloads. This makes cross-company comparison meaningful. A pharmaceutical company's energy footprint is determined by manufacturing chemistry; a hyperscaler's footprint is determined by server density and cooling loads. These are not usefully comparable.

The company list is reviewed annually against current NASDAQ-100 market cap rankings. Companies that fall outside the top 50 eligible members, or that migrate into an excluded sector through reclassification, are noted in the changelog. Historical deal data for companies removed from the active list is retained but marked accordingly.

Each deal in DealVolt is assigned to exactly one of five investment categories. The categories are mutually exclusive: a transaction that involves both equity and a long-term offtake agreement is classified by its primary legal and financial form, with secondary characteristics noted in the deal record.

Every deal is tagged with a primary energy type and, where applicable, a subtype. Subtypes are not cosmetic — they carry analytical weight. An offshore wind investment requires different development timelines, capital structures, and regulatory pathways than an onshore wind PPA. A commitment to advanced nuclear or fusion represents a fundamentally different risk appetite and time horizon than a contracted purchase from an existing nuclear fleet. Preserving this granularity allows DealVolt users to distinguish between companies making near-term procurement decisions and those placing long-dated bets on emerging technologies.

The full taxonomy is as follows:

Every deal entry in DealVolt carries a confidence level indicating how the disclosed financial figures and deal terms were sourced. Confidence levels are assigned at the deal level, not the company level — a company may have some confirmed deals and some estimated ones depending on its disclosure practices.

DealVolt's financial totals — at the company level, category level, or platform-wide — only include deals for which a financial value has been disclosed. Deals where terms are not public are not assigned estimated values for the purpose of aggregate calculations. This means that every displayed total is a floor, not a ceiling, and is always accompanied by a count of the undisclosed deals that are excluded from the sum.

The distinction between "undisclosed" and "unconfirmed" is intentional and important. "Undisclosed" means the deal itself is documented and its occurrence is established — the company simply has not made the financial terms public. It does not imply doubt about whether the deal happened. A deal that is undisclosed is still included in the deal count and deal list; it is excluded only from financial aggregations.

Each individual deal entry in DealVolt displays a clear indicator for each key field — capacity (MW), contract value, contract duration — showing whether that field is disclosed or undisclosed. Users can see, for any company's total, exactly how many deals contributed to the financial figure and how many are tracked but excluded because terms were not public.

DealVolt does not synthesize or aggregate figures from third-party databases that themselves carry undisclosed sourcing. Every figure in the database is traceable to a specific source at the deal level.

DealVolt aims to be comprehensive, but no database of this type is complete. Users should be aware of the following structural limitations:

• Paywalled coverage. Deals reported exclusively in paywalled publications — including some Bloomberg and Financial Times coverage — may not be captured if no accessible secondary source exists and no primary source is available.
• Pre-2015 deals. Transactions that predate 2015 have more limited web presence, and press releases or news coverage from that period may no longer be accessible at their original URLs. Earlier deals are included where sourcing can be established, but coverage is less complete.
• Coverage depth by company. Heavily covered companies — particularly hyperscalers like Google, Microsoft, Amazon, and Meta — have robust deal documentation because their announcements receive extensive press attention. Smaller or less media-covered companies in the universe may have deals that went unreported and are therefore absent from the database, understating their activity.
• Geographic concentration. Coverage is strongest for deals in the United States and Western Europe, where press coverage of corporate energy procurement is most developed. Deals in Asia-Pacific, Latin America, and other regions may be underrepresented, particularly where local-language press is the primary coverage vehicle.
• Update frequency. DealVolt is refreshed periodically as new deal information becomes available. It is not a real-time feed. Deals announced in the interval between updates will not appear until the next refresh. The last update date is displayed on the platform.
• What is not tracked. The following are explicitly outside the scope of DealVolt's deal database: renewable energy certificates (RECs) purchased in the spot market or through brokers; green tariff subscriptions; carbon offsets and voluntary carbon market purchases; energy efficiency programs and retrofits; and demand response participation. These may be referenced in company profile summaries for context but do not appear as deals.

Each company in DealVolt's universe has an analytical profile that synthesizes its energy strategy from the structured deal data and publicly available commitments. These profiles are AI-generated from sourced inputs, not authored by the companies themselves, and should be interpreted accordingly.

Profiles are organized around three analytical dimensions:

• Energy & Emissions Commitments — publicly stated targets, including science-based targets, 24/7 carbon-free energy commitments, net-zero pledges, and renewable energy percentage goals, with the source and stated deadline for each
• Business Strategy Context — the operational drivers behind the company's energy demand, including data center growth, AI infrastructure investment, manufacturing footprint, and geographic expansion plans, drawn from earnings calls, SEC filings, and investor communications
• Energy Strategy Synthesis — an analytical summary of how the company's deal activity maps onto its stated commitments and operational context: whether the portfolio reflects a coherent strategy, where gaps exist, and how the approach compares to peers in the universe

Profile content is derived from the deal database and from publicly available information as of the last profile update. Profiles are reviewed and updated periodically — they are not live documents. The update date is shown on each company profile page.

DealVolt profiles are analytical tools for sustainability professionals, not endorsements or assessments of any company's overall environmental performance. They do not account for Scope 1 or Scope 2 emissions not related to electricity, supply chain emissions, or non-energy aspects of a company's sustainability program. Users should refer to each company's own sustainability reporting for a complete picture.