NeoVolta Receives Purchase Orders of $575,900

Rhea-AI Summary

NeoVolta Inc. (OTCQB: NEOV) has received purchase orders worth $575,900 from PMP Energy as part of a three-year distribution agreement initiated in 2020. The agreement could potentially lead to a total of $15 million in orders. NeoVolta's NV14 energy storage system continues to gain traction, with over 50 certified installers in California and installations across several states. The NV14 has also been recognized as one of Solar Power World’s Top Solar Storage Products for three consecutive years. This partnership signifies a positive step towards NeoVolta's expansion plans.

Positive

• Secured purchase orders valued at $575,900 from PMP Energy within the last three months.
• Potential for up to $15 million in total purchase orders under the distribution agreement.
• Increased number of certified installers to over 50 in California, expanding national presence.
• NeoVolta's NV14 energy storage system recognized among Solar Power World’s top products for three consecutive years.

Negative

• None.

NeoVolta and PMP Energy Continue Distribution Agreement Worth Up To $15 Million

SAN DIEGO, March 01, 2022 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, today announced purchases by PMP Energy valued at $575,900 were received by NeoVolta during the past three months. These purchase orders are part of a three-year exclusive distribution agreement signed by the two companies in 2020. In exchange for receiving a minimum of up to $15 million in purchase orders, PMP Energy will provide dealers with training and certification to install NeoVolta energy storage systems in homes and other locations. PMP Energy has totaled nearly $2 million worth of purchase orders to date.

“The strategic alliance we’ve forged with PMP Energy is a major catalyst in our expansion plans,” said Brent Willson, CEO of NeoVolta Inc. “We’re excited to see these substantial orders, which reflect the continued success of our distribution agreement.”

NeoVolta now has more than 50 certified installers in California alone, with installations also taking place in Nevada, Arizona, Utah, Oklahoma, Georgia, Florida, Texas, and Colorado. In January 2022, the NeoVolta NV14 system was named one of Solar Power World’s Top Solar Storage Products for the third year in a row.

Dan Briggs, PMP Energy’s President and CEO, said, “We are delighted to partner with NeoVolta in their rollout across the Sun Belt. We’re expecting another year of growth based on their vision and their superior product.”

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 ability of PMP to continue to increase its purchase orders for NeoVolta products, and 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 "Item 1. Business - Risk Factors" section of NeoVolta’s Form 1-K for its most recently completed fiscal year 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/406916ca-a817-4463-acff-040cb053170d

FAQ

What is the recent distribution agreement between NeoVolta and PMP Energy?

NeoVolta and PMP Energy have a three-year distribution agreement that has led to orders worth $575,900, potentially totaling $15 million.

How many certified installers does NeoVolta have?

NeoVolta has over 50 certified installers, primarily in California.

What is the value of the recent orders received by NeoVolta?

NeoVolta has received $575,900 in purchase orders from PMP Energy in the past three months.

What product is NeoVolta known for?

NeoVolta is known for its NV14 energy storage system, which has been recognized as one of Solar Power World’s top products.

How does the partnership with PMP Energy benefit NeoVolta?

The partnership with PMP Energy provides training and certification for installers, facilitating NeoVolta's expansion and increasing product distribution.