NeoVolta Selected as Strategic Partner with Barrio Eléctrico for Growth in Puerto Rico as part of $21M Award

Rhea-AI Summary

NeoVolta Inc. (NASDAQ: NEOV) has been chosen as a strategic partner by Barrio Eléctrico for a major expansion of residential solar and energy storage in Puerto Rico. This partnership, part of a $21 million Department of Energy award, will see NeoVolta systems installed in up to 1,000 homes, with initial shipments beginning this month. The project aims to enhance energy security in Puerto Rico's most vulnerable communities.

NeoVolta estimates revenues exceeding $8 million from the full deployment of the program. This initiative is part of a larger $440 million DOE investment focused on installing rooftop solar and batteries across Puerto Rico to improve energy infrastructure and reduce fossil fuel dependence.

Positive

• Partnership with Barrio Eléctrico to install NeoVolta systems in up to 1,000 homes in Puerto Rico
• Estimated revenues exceeding $8 million from full program deployment
• Part of a larger $440 million DOE investment in Puerto Rico's energy infrastructure
• Expansion into a new market with potential for growth
• Contribution to energy resilience and independence in vulnerable communities

Negative

• None.

Partnership Will Deploy NeoVolta NV14s to Power Up To 1,000 Homes

SAN DIEGO, Sept. 17, 2024 (GLOBE NEWSWIRE) -- (NASDAQ: NEOV), NeoVolta Inc., a leading provider of advanced energy storage solutions, has been selected as a strategic partner with Barrio Eléctrico for a significant expansion of residential solar and energy storage aimed at enhancing energy security in Puerto Rico. This initiative will see NeoVolta systems installed in up to 1,000 homes, with the first shipments starting this month.

Empowering Puerto Rico’s Energy Future
Barrio Eléctrico, a non-profit organization dedicated to building reliable and affordable power for all communities in Puerto Rico, received $21 million from the Department of Energy to provide resilient and clean energy to the island’s most vulnerable communities. As part of this initiative, NeoVolta will provide state-of-the-art energy storage systems.

“The island of Puerto Rico is known for the largest power outage in U.S. history, when most residential meters waited 2 to 5 months for restoration and 200,000 families waited 5 to 11 months,” said Lauren Rosenblatt, founder of Barrio Eléctrico. “We see NeoVolta as a partner in our work to reach low- and moderate-income homes with advanced energy storage solutions. NeoVolta’s equipment in our fleet of installations providing electricity across Puerto Rico will differentiate and strengthen the service we offer. We are excited to be using NeoVolta to serve a large market segment that has been left behind by the residential solar market.”   

NeoVolta’s Role in Barrio Eléctrico’s Expansion
NeoVolta’s energy storage systems are designed to provide safe, reliable, and long-lasting power, making them an ideal choice for this DOE-funded program. By partnering with Barrio Eléctrico, NeoVolta aims to contribute significantly to Puerto Rico’s energy independence and resilience. NeoVolta estimates revenues in excess of $8M from the full deployment of the program.

“We are honored to be selected as a strategic partner by Barrio Eléctrico for this transformative DOE program,” said Ardes Johnson, CEO of NeoVolta. “This initiative aligns perfectly with our commitment to providing advanced energy storage solutions that enhance energy security and resilience. We look forward to working closely with Barrio Eléctrico to deliver our systems to the homes that need them most.”

A Commitment to Energy Resilience
This program, supported by a $440 million investment from the DOE, focuses on installing rooftop solar and batteries in Puerto Rico’s most vulnerable communities. It is part of a broader effort to improve the island’s energy infrastructure and reduce dependence on fossil fuels.

For more information about the program, visit the DOE’s announcement https://www.energy.gov/articles/doe-announces-440-million-install-rooftop-solar-and-batteries-puerto-ricos-most-vulnerable

Get Involved and Learn More
For additional information about NeoVolta and their energy storage solutions, please visit https://neovolta.com   To learn more about Barrio Eléctrico and their mission, visit https://www.barrioelectrico.org

About NeoVolta
NeoVolta designs, manufactures, and sells advanced energy storage systems, focusing on safety, reliability, and longevity. As a leading provider in the industry, NeoVolta is dedicated to supporting communities with cutting-edge energy solutions.

About Barrio Eléctrico
Barrio Eléctrico is a non-profit organization committed to building resilient and sustainable energy communities in Puerto Rico. By leveraging advanced technologies and innovative partnerships, Barrio Eléctrico aims to ensure energy security for everyone living and working in Puerto Rico regardless of income.

For more information visit: NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2349

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.

FAQ

What is the value of the DOE award for the NeoVolta and Barrio Eléctrico partnership in Puerto Rico?

The partnership between NeoVolta and Barrio Eléctrico is part of a $21 million award from the Department of Energy to provide resilient and clean energy to Puerto Rico's most vulnerable communities.

How many homes in Puerto Rico will receive NeoVolta's energy storage systems?

NeoVolta's energy storage systems are planned to be installed in up to 1,000 homes in Puerto Rico as part of this initiative.

What is the estimated revenue for NeoVolta (NEOV) from this Puerto Rico project?

NeoVolta estimates revenues in excess of $8 million from the full deployment of the program in Puerto Rico.

When will NeoVolta (NEOV) begin shipping its systems to Puerto Rico for this project?

NeoVolta will start shipping its energy storage systems to Puerto Rico for this project in September 2024.