NeoVolta $250M Loan Application Part One Approved by the U.S. Department of Energy Loan Program
NeoVolta Inc. (NASDAQ: NEOV) has completed phase one of its $250M loan application from the U.S. Department of Energy Title 17 Loan Program and received approval to proceed with phase two technical due diligence. The company plans to establish a state-of-the-art manufacturing facility capable of employing over 150 workers and create regional deployment centers nationwide. The facility will focus on domestic battery cell technology production and inverter assembly. NeoVolta has received offers from 23 state economic development agencies, including various grants for expansion and development. The DOE loan program, offering interest rates as low as 0.0375%, typically takes 12 months to complete.
NeoVolta Inc. (NASDAQ: NEOV) ha completato la fase uno della sua richiesta di prestito da $250 milioni dal Programma di Prestiti Titolo 17 del Dipartimento dell'Energia degli Stati Uniti e ha ricevuto l'approvazione per procedere con la fase due di due diligence tecnica. L'azienda prevede di stabilire un impianto di produzione all'avanguardia in grado di impiegare oltre 150 lavoratori e di creare centri di distribuzione regionali in tutto il paese. L'impianto si concentrerà sulla produzione di tecnologie per celle di batteria nazionali e sull'assemblaggio di inverter. NeoVolta ha ricevuto offerte da 23 agenzie statali di sviluppo economico, comprese diverse sovvenzioni per l'espansione e lo sviluppo. Il programma di prestiti del DOE, che offre tassi di interesse fino allo 0,0375%, di solito richiede 12 mesi per essere completato.
NeoVolta Inc. (NASDAQ: NEOV) ha completado la fase uno de su solicitud de préstamo de $250 millones del Programa de Préstamos Título 17 del Departamento de Energía de EE. UU. y recibió aprobación para proceder con la fase dos de la diligencia técnica. La compañía planea establecer una instalación de fabricación de vanguardia capaz de emplear a más de 150 trabajadores y crear centros de despliegue regionales en todo el país. La instalación se centrará en la producción de tecnología nacional de celdas de batería y ensamblaje de inversores. NeoVolta ha recibido ofertas de 23 agencias estatales de desarrollo económico, incluidas diversas subvenciones para expansión y desarrollo. El programa de préstamos del DOE, que ofrece tasas de interés tan bajas como el 0,0375%, normalmente tarda 12 meses en completarse.
NeoVolta Inc. (NASDAQ: NEOV)가 미국 에너지부의 타이틀 17 대출 프로그램에서 2억 5천만 달러 대출 신청의 1단계를 완료하고 2단계 기술 실사를 진행할 수 있는 승인을 받았습니다. 이 회사는 150명 이상의 직원을 고용할 수 있는 첨단 제조 시설을 설립하고 전국에 지역 배치 센터를 만들 계획입니다. 이 시설은 국내 배터리 셀 기술 생산 및 인버터 조립에 중점을 둘 것입니다. NeoVolta는 다양한 확장 및 개발을 위한 여러 보조금을 포함하여 23개 주 경제 개발 기관으로부터 제안을 받았습니다. DOE 대출 프로그램은 0.0375%와 같은 낮은 이자율을 제공하며, 일반적으로 완료되는 데 12개월이 걸립니다.
NeoVolta Inc. (NASDAQ: NEOV) a complété la première phase de sa demande de prêt de 250 millions de dollars auprès du Programme de Prêts Titre 17 du Département de l'Énergie des États-Unis et a reçu l' approbation pour procéder à la diligence technique de la phase deux. L'entreprise prévoit d'établir une installation de fabrication à la pointe de la technologie capable d'employer plus de 150 travailleurs et de créer des centres de déploiement régionaux à l'échelle nationale. L'installation se concentrera sur la production de technologie de cellules de batterie domestiques et l'assemblage d'onduleurs. NeoVolta a reçu des offres de 23 agences de développement économique des États, y compris diverses subventions pour l'expansion et le développement. Le programme de prêts du DOE, qui propose des taux d'intérêt aussi bas que 0,0375 %, prend généralement 12 mois pour être complété.
NeoVolta Inc. (NASDAQ: NEOV) hat die erste Phase seines 250 Millionen Dollar Darlehensantrags beim Programm für Darlehen nach Titel 17 des US-Energieministeriums abgeschlossen und die Genehmigung erhalten, mit der technischen Due Diligence der zweiten Phase fortzufahren. Das Unternehmen plant, eine hochmoderne Produktionsstätte zu errichten, die über 150 Arbeiter beschäftigen kann, und regionalen Einsatzzentren im ganzen Land zu schaffen. Die Einrichtung wird sich auf die Produktion von nationaler Batteriezelltechnologie und die Montage von Wechselrichtern konzentrieren. NeoVolta hat Angebote von 23 staatlichen Wirtschaftsförderungsbehörden erhalten, einschließlich verschiedener Zuschüsse für Expansion und Entwicklung. Das Darlehensprogramm des DOE, das Zinssätze von bis zu 0,0375% anbietet, dauert in der Regel 12 Monate bis zur Fertigstellung.
- Secured phase one approval for $250M DOE loan application
- Received offers from 23 state economic development agencies for grants and incentives
- Plans for vertical integration of manufacturing supply chain
- Potential for additional revenue through 3rd party battery cell sales
- 12-month timeline for complete loan approval process
- Significant capital expenditure required for manufacturing facility
- No guarantee of final DOE loan approval
Insights
The
The company's receipt of proposals from 23 state economic development agencies suggests strong governmental support and potential additional financial incentives. However, investors should note that phase two technical due diligence and final approval are still pending, with typical DOE application processes taking 12 months to complete.
The planned manufacturing expansion represents a strategic pivot to capitalize on IRA domestic content requirements. The facility's scope - encompassing battery cell production (both cylindrical and prismatic), inverter manufacturing and assembly - positions NeoVolta to capture both direct sales and third-party opportunities. The creation of 150+ high-paid manufacturing jobs and regional deployment centers indicates a comprehensive scaling strategy.
The vertical integration approach could significantly reduce supply chain dependencies and production costs while improving margins. However, executing such an ambitious manufacturing expansion requires substantial operational expertise and careful facility location selection from the 23 state proposals.
Company Enters Technical Due Diligence for
SAN DIEGO, Nov. 13, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: NEOV), NeoVolta Inc., a leading innovator in energy storage solutions, announced today that it has completed phase one of its loan application for
To meet domestic content requirements for commercial grade Battery Electric Storage Systems (BESS) and other components, the company will establish a state-of-the-art manufacturing facility that can accommodate more than 150 high-paid employees.
Additionally, NeoVolta will establish regional deployment and support centers to meet growing demand nationwide. The company will vertically integrate the manufacturing supply chain, primarily producing its battery cell technology, both cylindrical and prismatic. A percent of that production will be utilized for 3rd party sales, enabling more manufacturers to participate with domestic content. The company will also expand into inverter production and assembly.
Domestic content requirements for the entire industry were codified in the bipartisan Inflation Reduction Act (IRA) in 2022, and President-elect Trump has continued to promote American production throughout this transition announcements. "Strengthening U.S. manufacturing and increasing vital domestic content is a bi-partisan issue that transcends national elections, and we are proud to be part of this national effort," stated Ardes Johnson, Chief Executive Officer of NeoVolta.
NeoVolta has received financial offers for the establishment of a headquarters, manufacturing facility, and regional offices from 23 state economic development agencies, offering a wide range of grants for capital expenditures, workforce development, cost of relocation, cost of expansion, and off take agreements with state utilities. The company is now reviewing each of these offers, making a determination on where to proceed for a best and final offer.
"Given the renewed focus on U.S. manufacturing and componentry, combined with the need for grid resilience and stability, NeoVolta is preparing to launch and expand U.S. manufacturing, while completing the development of our commercial grade products," added Johnson. "We are pleased to hear the President-elect's multiple pro-solar energy statements throughout the campaign and look forward to providing American made solar technology storage solutions that will strengthen our grid and efforts to achieve energy independence."
Under the Title 17 Clean Energy Financing Program, projects must be able to feasibly and financially support clean energy deployment infrastructure and investment to reduce greenhouse gas emissions and air pollution. The program has been financed since the Energy Policy Act of 2005 and has since been amended, most recently by the Infrastructure Investment and Jobs Act in 2021 and the Inflation Reduction Act in 2022.
NeoVolta is seeking to be deemed by DOE as an "Innovative Energy" project that will reduce greenhouse gas emissions through designing, creating, producing and selling advanced commercial Battery Energy Storage Solutions nationwide using lithium iron. DOE LPO programs are backed by a federal guarantee, with a favorable interest rate as low as .
"We are confident in our application to the DOE," added Johnson, "and believe that we are well positioned to provide technical feasibility, as well as other required due diligence."
CONTACT: Press@NeoVolta.com, Kate Countryman (317) 407-0782
NeoVolta
NeoVolta is a leading innovator in energy storage solutions dedicated to advancing the future of clean energy. Founded to provide reliable, sustainable, and high-performance energy storage systems, the company has quickly established itself as a critical player in the industry. NeoVolta’s flagship products are designed to meet the growing demand for efficient energy management in residential and commercial applications. With a focus on cutting-edge technology and strategic partnerships, NeoVolta is committed to driving progress in renewable energy and enhancing how the world stores and uses power.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ‘believes,’ ‘estimates,’ ‘anticipates,’ ‘expects,’ ‘plans,’ ‘projects,’ ‘intends,’ ‘potential,’ ‘may,’ ‘could,’ ‘might,’ ‘will,’ ‘should,’ ‘approximately’ or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. “Risk Factors” in the Company’s most recently filed Form 10-K filed with the Securities and Exchange Commission (“SEC”) and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
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