NeoVolta Inc. - NEOV STOCK NEWS

NeoVolta (NASDAQ: NEOV) has successfully completed phase one of its $250M loan application from the U.S. Department of Energy Title 17 Loan Program and advances to phase two technical due diligence. The company plans to establish a new manufacturing facility employing over 150 workers, focusing on domestic battery cell technology production and inverter assembly.

The company has received offers from 23 state economic development agencies for establishing headquarters, manufacturing facilities, and regional offices. These offers include various grants for capital expenditures, workforce development, and expansion costs. The DOE loan program, which offers interest rates as low as 0.0375%, typically takes 12 months to complete and requires projects to support clean energy deployment and reduce greenhouse gas emissions.

NeoVolta (NASDAQ: NEOV), in collaboration with Barrio Eléctrico and the U.S. Department of Energy, has successfully completed its first installation of NV24 battery storage systems in Puerto Rico. This achievement marks Barrio Eléctrico's 100th installation and fourth under the DOE's Puerto Rico Energy Resilience Fund. Ardes Johnson, NeoVolta's CEO, emphasized the significance of this collaboration in reaching overlooked communities.

The company is actively expanding its operations across the United States and Puerto Rico, with additional NV24 battery storage systems already in transit. This initiative demonstrates NeoVolta's commitment to providing sustainable energy solutions and meeting the unique solar storage needs of these communities.

NeoVolta Inc. (NASDAQ: NEOV) has secured a $1.4 million deal with National Renewable Energy Partners (NREP), expanding its dealer network into Ohio, Texas, Connecticut, Indiana, and Pennsylvania. The purchase order for 150 NV14s highlights growing demand for energy storage across the U.S. as states focus on enhancing grid resilience.

CEO Ardes Johnson emphasized the significance of this partnership in empowering homeowners with innovative solar energy storage solutions. NREP President Antonio Ranieri expressed excitement about the collaboration, stating it strengthens their mission to provide sustainable energy solutions and drives the clean energy revolution forward.

NeoVolta expects the trend of solar systems with storage adoption to expand to other states, following California's nearly 100% adoption rate due to regulatory changes.

NeoVolta Inc. (NASDAQ: NEOV) has been chosen as a strategic partner by Barrio Eléctrico for a major expansion of residential solar and energy storage in Puerto Rico. This partnership, part of a $21 million Department of Energy award, will see NeoVolta systems installed in up to 1,000 homes, with initial shipments beginning this month. The project aims to enhance energy security in Puerto Rico's most vulnerable communities.

NeoVolta estimates revenues exceeding $8 million from the full deployment of the program. This initiative is part of a larger $440 million DOE investment focused on installing rooftop solar and batteries across Puerto Rico to improve energy infrastructure and reduce fossil fuel dependence.

NeoVolta Inc. (NASDAQ: NEOV), a leader in solar energy storage solutions, has secured a $5 million Line of Credit (LOC) from National Energy Modelers, Inc. This strategic financial arrangement strengthens NeoVolta's working capital without diluting shareholder equity. The LOC is a pure debt financing agreement with no equity component, allowing the company to pursue short-term objectives and capitalize on opportunities in the residential energy sector.

Key points:

• NeoVolta agreed not to utilize its Form S-3 registration statement without the lender's consent, addressing investor concerns about potential dilution.
• The LOC will provide capital for advancing strategic initiatives and innovation in the solar storage market.
• NeoVolta aims to establish itself as the "Swiss Army knife of the energy storage industry."

NeoVolta Inc. (NASDAQ: NEOV) has expanded its market reach through new approvals from EnFin solar loans and Sungage Financial. EnFin, a subsidiary of Qcells, has added NeoVolta's NV14 and NV24 energy storage systems to its Approved Vendor List (AVL). Sungage Financial has expanded NeoVolta's presence on its AVL by including the NeoVolta NV7600 inverter, in addition to previously approved battery equipment.

These approvals come at a time of increasing demand for sustainable energy solutions. NeoVolta's systems are designed to provide long-lasting, safe, and efficient energy storage, with their inverters known for reliability. The expanded partnerships aim to make solar energy more accessible to a broader audience, offering enhanced energy security and reliability through NeoVolta's innovative storage solutions.

NeoVolta Inc. (NASDAQ: NEOV) has partnered with Store Energy California in a joint venture to provide energy storage solutions for low-income housing in California. The initiative leverages state-funded incentive programs to install battery storage systems at no cost to eligible families. NeoVolta will supply its advanced Lithium Iron Phosphate (LiFe) batteries, while Store Energy California will manage the application process and connect homeowners with approved installers.

The program targets approximately 1.3 million California homeowners who qualify as low-income, earning between 50% to 80% of the Area Median Income. This partnership aims to enhance energy security and resilience for vulnerable communities, addressing the issue of frequent power outages experienced by California residents. The initiative began in July 2024 and will continue as long as state-funded incentive programs are available.

NeoVolta (NASDAQ: NEOV) announced a strategic letter from new CEO Ardes Johnson outlining aggressive growth plans in the energy storage market. Key initiatives include forming a national sales team, initiating partnerships with leading solar installers, and advancing next-gen energy storage systems. The company plans to expand into high-potential regions like Hawaii, Texas, Florida, and Puerto Rico, and is seeking vendor approval with major leasing companies to make products more accessible. NeoVolta aims to enter the commercial market in 2025 with solutions tailored for this sector and will launch a Virtual Peaker Solution to address utilities' demand for storage-only options.

NeoVolta's CEO, Ardes Johnson, testified before the US International Trade Commission (USITC) to advocate for favorable renewable energy policies. Johnson's insights are aimed at protecting U.S. manufacturing from unfair trade practices within the renewable energy sector. The USITC investigates the effects of dumped and subsidized imports and adjudicates cases involving intellectual property rights infringements. Johnson, with over a decade of experience in renewable energy, aims to position NeoVolta as a leading U.S.-based manufacturer. His background includes significant roles at Meyer Burger Americas and Tesla, where he achieved notable successes in expanding manufacturing capacities and securing substantial contracts.