SAN DIEGO, Dec. 16, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – Nevada Energy, the state’s largest utility, has officially approved NeoVolta smart energy storage systems for grid operations. The utility serves more than 1.4 million customers throughout the state, as well as some 50 million tourists each year. NeoVolta systems are now being installed near Las Vegas in the Henderson area.
Nevada is one of the leading states for solar energy, currently ranking sixth in total capacity. NeoVolta’s expansion there comes through an exclusive distribution agreement recently signed with PMP Energy. In exchange for making minimum purchases of up to $15 million, PMP Energy is able to secure specific geographic exclusivities for distribution over the three-year term of the agreement. Under the agreement, PMP Energy provides dealers with training and certification to install NeoVolta energy storage systems in homes. The PMP Energy certification program includes the proper documentation to satisfy all permitting requirements for each state. So far, NeoVolta’s purchase orders from PMP Energy have reached $902,000, the most recent reorder being for $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 installers. While expanding from Southern California into Northern California in 2020, the company has doubled production and plans to quadruple capacity by the end of this year.
NeoVolta’s growth surge comes at a time of record demand for home energy storage. Despite the COVID-19 pandemic, the U.S. residential energy storage market posted its second-best quarter ever during Q2 2020. Industry analysts predict that 2020 will double the home battery capacity installed in 2019.
The NeoVolta NV14, chosen as a Solar Power World top storage product of 2019, delivers a storage capacity of 14.4 kilowatt-hours and 7.7 kilowatts of continuous power discharge. That high storage capacity can be scaled up to 24.0 kWh with the optional NV24 add-on battery, without the expense of an additional inverter. All NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and longer-lasting alternative to ordinary lithium ion.
“Nevada is one of the top 10 states for solar, and having our energy storage systems approved by the state’s largest public utility is a major milestone,” said NeoVolta CEO Brent Willson. “Our strategic collaboration with PMP Energy, one of the driving forces in home energy storage, continues to pay dividends.”
About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage batteries capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar re chargeable 14.4 kWh battery, 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.
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.