NeoVolta Expands to Colorado, Fourteenth-Ranked State in Solar Capacity

Rhea-AI Summary

NeoVolta Inc. (OTCQB: NEOV) has expanded its distribution network to Colorado, adding this state to an already growing list since December 2020. This growth is attributed to a strategic partnership with PMP Energy, involving a three-year agreement worth $15 million. Colorado, receiving over 300 sunny days annually, has a significant solar capacity and various incentive programs for solar installations. NeoVolta's storage systems, particularly the NV14, offer backup power during outages and reduce utility bills, featuring a high storage capacity and safety through lithium iron phosphate chemistry.

Positive

• Expansion into Colorado enhances market reach and potential sales.
• Strategic agreement with PMP Energy guarantees $15 million in minimum purchases.
• Colorado's favorable solar conditions support growth.
• NV14 storage system offers backup power and utility savings.
• High energy storage capacity of 14.4 kWh, expandable to 24 kWh.

Negative

• Colorado's power grid faces threats from climate change, including extreme heat and wildfires.

With Over 300 Sunny Days Each Year, Colorado Has Tremendous Solar Potential

SAN DIEGO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has expanded its distribution network to Colorado. Since December 2020, the company has added eight states to its distribution network. NeoVolta now has certified installers in California, Nevada, Utah, Arizona, Oklahoma, Georgia, Florida, Texas, and Colorado, as well as the territory of Puerto Rico. The expansion is a result of an August 2020 strategic distribution agreement with PMP Energy. The three-year deal secures PMP Energy specific geographic exclusivities in exchange for making minimum purchases of up to $15 million.

Colorado, which enjoys more than 300 days of sunshine each year, ranks fourteenth in the nation in solar capacity. It was one of the first states in the U.S. to adopt a Renewable Energy Standard, and it has multiple incentive programs available for installing rooftop solar.

Colorado’s power grid has long been susceptible to winter storms and freezing temperatures but now faces new climate-related threats. One is extreme heat, which can overload the grid when air conditioning use surges, triggering power outages. The other threat comes from the increase in wildfires. Colorado utilities now cut power as a precaution any time hot, dry conditions elevate the risk of wildfire.   

When the grid goes down for any reason, NeoVolta storage systems immediately provide backup power. And under normal conditions, they can significantly reduce utility bills. NeoVolta’s advanced lithium iron phosphate chemistry is a noncombustible and nontoxic alternative to ordinary lithium ion batteries. The NV14 system has a very high storage capacity of 14.4 kilowatt-hours—expandable to 24.0 kWh with the optional NV24 battery add-on, without the expense of a second inverter. NeoVolta’s inverter can charge or discharge 7.7 kilowatts of continuous power, about 50% more power than most competitors in its class.

NeoVolta storage systems are compatible with any residential solar system—new or existing, AC or DC—and have a long life cycle of 16.5 years.

“Year-round energy resilience is a growing need in Colorado,” said NeoVolta CEO Brent Willson. “NeoVolta is here to meet that demand, with powerful yet affordable energy storage systems that will deliver energy resilience and utility savings to Coloradans.”

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter and a web-based energy management system with 24/7 monitoring. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies when solar panels aren’t producing, and get one step closer to grid independence. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.

For more information visit: http://www.NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2029

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. Forward-looking statements in this press release include, without limitation, the future performance, reliability and safety of NeoVolta’s NV14 storage system and the ability of the NV14 to be successfully integrated with residential backup generators. Although NeoVolta 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. NeoVolta 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 the "Risk Factors" section of NeoVolta’s Form 1-A filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta 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.

FAQ

What recent development has NeoVolta made regarding its distribution network?

NeoVolta has expanded its distribution network to Colorado, adding this state to its list of markets.

What is the significance of NeoVolta's partnership with PMP Energy?

The partnership secures a three-year agreement worth $15 million in minimum purchases for NeoVolta.

How does Colorado's climate affect NeoVolta's market potential?

Colorado's sunny climate, with over 300 sunny days a year, makes it an ideal market for solar energy solutions.

What are the key features of NeoVolta's NV14 storage system?

The NV14 offers 14.4 kWh of energy storage, backup power, and significant utility bill savings.

What challenges might NeoVolta face in Colorado?

Colorado's power grid is threatened by extreme heat and wildfires, which could impact energy reliability.