SAN DIEGO, December 16, 2020 (GLOBE NEWSWIRE) – NEOVOLTA INC. (OTCQB: NEOV) – Nevada Energy, the state’s largest utility company, has officially approved NeoVolta Smart Energy Storage systems for grid operation. The utility serves more than 1.4 million customers across the state and approximately 50 million tourists annually. NeoVolta systems are currently being installed near Las Vegas in the Henderson area.
Nevada is one of the leading states for solar energy and currently ranks sixth in total capacity. NeoVolta’s expansion comes through an exclusive distribution agreement recently signed 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. As part of the agreement, PMP Energy offers retailers training and certification for the installation of NeoVolta energy storage systems in private households. The PMP Energy Certification Program contains the proper documentation to meet all licensing requirements for each state. So far, NeoVolta’s orders from PMP Energy have reached $ 902,000, most recently $ 425,000.
Back in the home state of California, NeoVolta’s distribution network has grown to 37 dealers, including some of the state’s leading plumbers. During the expansion from Southern California to Northern California in 2020, the company doubled production and plans to quadruple capacity by the end of this year.
NeoVolta’s growth spurt comes at a time of record demand for energy storage devices for private households. Despite the COVID-19 pandemic, the U.S. household energy storage market had its second-best quarter ever in the second quarter of 2020. Industry analysts predict 2020 will double the installed capacity for home batteries in 2019.
The NeoVolta NV14, which was selected as the top storage product by Solar Power World in 2019, offers a storage capacity of 14.4 kilowatt hours and a continuous power 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. All NeoVolta systems are equipped with advanced lithium iron phosphate chemistry, a safer, more durable alternative to common lithium ions.
“Nevada is one of the top 10 states for solar energy and the approval of our energy storage systems by the state’s largest public utility is an important milestone,” said Brent Willson, CEO of NeoVolta. “Our strategic collaboration with PMP Energy, one of the driving forces behind the storage of house energy, continues to pay off.”
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 the NeoVolta’s NV14 storage system and the NV14’s ability to be successfully integrated into household backup generators. 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.