SAN DIEGO, November 9, 2020 (GLOBE NEWSWIRE) – NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, maker of intelligent energy storage systems, announced financial results for the first quarter of 2021 as of September 30, 2020, up from $ 1,000,171 compared to $ 321,650 in the year-ago quarter. That dramatic 211% quarter-over-quarter growth reflected continued sales growth for the company’s NV14 and NV24 energy storage systems, primarily from a group of distributors and installers in California.
In 2020 NeoVolta expanded its distribution network in California to 34 certified installers. NeoVolta expanded its distribution network through an exclusive distribution agreement with PMP Energy. In return for minimum purchases of up to $ 15 million, PMP Energy can ensure certain geographic exclusivity for sales over the three-year contract period.
The NeoVolta NV14, which was named one of the best storage products by Solar Power World in 2019, has a storage capacity of 14.4 kilowatt hours and a continuous current discharge of 7.7 kilowatts. This high storage capacity can be scaled to 24.0 kWh with the optional NV24 additional battery without the need for an additional inverter. NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and more durable alternative to lithium-ion batteries.
“Despite the challenges posed by the COVID-19 pandemic, NeoVolta had an exceptionally strong quarter,” said CEO Brent Willson. “With our continued expansion of dealers and distributors in California and the surrounding states, we are working to double production and quadruple capacity by the end of this year.”
About NeoVolta – NeoVolta designs, develops and manufactures utility bills to reduce electricity costs in residential areas, so that you can keep your home running even when the grid fails. Focusing on safer lithium iron phosphate chemistry, the NV14 is equipped with a 14.4 kWh rechargeable solar battery, 7,680 watt inverter and a web-based energy management system with 24/7 monitoring. By storing energy instead of feeding it back to the grid, consumers can protect themselves from power outages, avoid expensive power peaks with peak demand that are collected by utility companies when no solar modules are producing, and get one step closer to grid independence.
For more information visit: http://www.NeoVolta.com Write us an eMail: IR@NeoVolta.com or call us: 858-239-2029
Forward-looking statements: Some of the statements in this press 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 that involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, the future performance, reliability, and security of NeoVolta’s NV14 storage system and NeoVolta’s ability to quadruple capacity by the end of this year. While NeoVolta believes that the expectations contained in such forward-looking statements are reasonable as of the date of publication, expectations may prove material different from the results expressed or implied in such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by using terminology including “believes”, “estimates”, “anticipates”, “expects”, “plans”, “plans”, “projects”, “plans”. intends, ” ” potential, ” ‘may,’ ” could, ” ‘could,’ ” will, ” ‘should,’ ” ‘about’ ‘or other words that convey uncertainty about future events or results to identify these forward-looking statements. These statements are predictions only and involve known and unknown risks, uncertainties and other factors, including those described in the “Risk Factors” section of NeoVolta Forms 1-A filed with the Securities and Exchange Commission (“SEC”) and updated from time to time his other public filings with the SEC. All forward-looking statements contained in this press release speak only as of the date of their publication. NeoVolta assumes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances that occur after their date or to reflect the occurrence of unexpected events.