NeoVolta Expands to Dedicated Production Facility
NeoVolta Inc. (OTCQB: NEOV) has launched a new manufacturing facility in Poway, California, aimed at doubling production and shipping efficiency. The 15,400 square-foot site features enhanced logistics capabilities, including four shipping docks and increased space for finished goods. The facility supports growing demand for NeoVolta's energy storage systems, including the NV14, which has a high storage capacity and safety features. Additionally, a three-year deal with PMP Energy is set to generate up to $15 million in orders, enhancing market reach.
- New facility expected to double production and shipping efficiency.
- Three-year agreement with PMP Energy worth up to $15 million in purchase orders.
- Energy storage systems feature advanced safety and high capacity.
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Manufacturing and Production Efficiency Expected to Double at New Facility
SAN DIEGO, March 09, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has opened a new dedicated manufacturing location in Poway, just north of San Diego. This state-of-the-art, energy-efficient facility with more than 15,400 square feet of space will support the company’s rapid growth by providing double the production and shipping efficiency.
The complex features four shipping and receiving docks, two at ground level and two above ground. This setup significantly increases efficiency. The floor plan has four times the space for finished goods, which can now be kept separate from production and shipping areas. Exterior storage is also available if needed.
The additional space at the facility will accommodate automation of labor-intensive tasks such as packaging and wire cutting. NeoVolta will also have the option of future expansion at the site.
“We are thrilled to have outgrown our previous co-located home,” said NeoVolta CEO Brent Willson. “This facility represents a major investment in our future, and we could not be more proud of it.”
The new site increases NeoVolta’s capability to support growing demand for its advanced home energy storage systems. In the second half of 2020, the company expanded its installation network to Northern California, Nevada, Arizona, and Utah. In August 2020, NeoVolta signed a three-year exclusive distribution agreement with PMP Energy. In exchange for a minimum of up to
NeoVolta’s flagship NV14 energy storage system has a very high storage capacity of 14.4 kilowatt-hours, expandable to 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The system’s inverter discharges 7.7 kilowatts of instantaneous power, more than most competitors in its class. Another key feature is safety: NeoVolta’s lithium iron phosphate battery chemistry is the nonflammable and nontoxic alternative to lithium ion.
For its safety, high performance and compatibility with any solar system, new or existing, the NV14 has been named one of Solar Power World’s top storage products two years in a row.
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.
