NeoVolta’s Purchase Orders from PMP Energy Reach $1,327,339

Rhea-AI Summary

NeoVolta Inc. (NEOV) has secured $1,327,339 in purchase orders from PMP Energy as part of a three-year distribution agreement potentially worth $15 million. This includes a recent reorder of $425,000 in March 2021. NeoVolta’s energy storage solutions support homeowners' utility savings and provide reliable backup power, addressing the growing demand amid severe power outages. The company has established 40 certified installers across several states and expanded its manufacturing capabilities to meet rising demand, reflecting a trend of six consecutive quarters of record growth in the home energy storage market.

Positive

• Secured $1,327,339 in purchase orders from PMP Energy.
• Potential total value of the distribution agreement is up to $15 million.
• Established 40 certified installers across California, Nevada, Arizona, Utah, and Puerto Rico.
• Expanded manufacturing facility to support increasing demand.
• Market context shows six consecutive quarters of record growth in the home energy storage sector.

Negative

• None.

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

SAN DIEGO, April 13, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, announced that it has received a total of $1,327,339 in purchase orders to date from PMP Energy. The most recent was a reorder in March 2021 valued at $425,000. These purchase orders are part of a three-year exclusive distribution agreement the two companies signed in 2020. In exchange for 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.

The latest reorder from PMP Energy follows one from December 2020, also for $425,000. The company has said it expects to place additional orders of a similar size.

“This alliance with PMP Energy is a critical catalyst for our growth strategy,” said NeoVolta CEO Brent Willson. “With their resources and expertise, more homeowners will benefit from the utility savings and reliable backup power provided by NeoVolta energy storage.”

NeoVolta now has 40 certified installers in California, Nevada, Arizona, Utah, and Puerto Rico. Earlier this month, the company expanded to a new dedicated manufacturing facility to support the growing demand for its storage systems. The home energy storage market overall has had six consecutive quarters of record growth. Crippling power outages throughout the country, caused by wildfires and extreme weather, have underscored the urgent need for energy resilience.

Dan Briggs, PMP Energy’s President and CEO, said, “We are so excited to partner with NeoVolta, one of the true innovators in home energy storage. We are confident that we can expand their commercial reach by connecting homeowners with certified NeoVolta installers.”

NeoVolta storage systems are designed for safety and performance. They use lithium iron phosphate battery chemistry, the nonflammable and nontoxic alternative to ordinary lithium ion. NeoVolta’s flagship NV14 energy storage system has a very high storage capacity of 14.4 kilowatt-hours, expandable to an industry-leading 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The NV14’s inverter discharges 7.7 kilowatts of instantaneous power, more than most competitors in its class.

For its superior safety, performance and compatibility with any solar system, new or existing, the NV14 has been named one of Solar Power World’s top storage products for 2019 and 2020.

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 is the recent distribution agreement between NeoVolta and PMP Energy?

NeoVolta has a distribution agreement with PMP Energy worth potentially up to $15 million, with $1,327,339 already secured in purchase orders.

How much was the most recent order from PMP Energy?

The most recent order from PMP Energy was valued at $425,000 in March 2021.

How does NeoVolta support homeowners in energy management?

NeoVolta provides energy storage solutions that help homeowners achieve utility savings and ensure reliable backup power.

How many certified installers does NeoVolta have?

NeoVolta has 40 certified installers across several states including California, Nevada, Arizona, Utah, and Puerto Rico.

What recent growth has NeoVolta experienced in the energy storage market?

NeoVolta is part of a market that has seen six consecutive quarters of record growth in home energy storage solutions.