NeoVolta Signs First BESS Supply LOI with Infinite Grid Capital for Approximately $200 Million in Utility-Scale Deployments
NeoVolta (NASDAQ: NEOV) signed its first utility-scale BESS supply LOI with Infinite Grid Capital for approximately $200 million of domestically manufactured battery storage.
Rhea-AI Summary
NeoVolta (NASDAQ: NEOV) signed its first utility-scale BESS supply LOI with Infinite Grid Capital for approximately $200 million of domestically manufactured battery storage. The non-binding agreement covers around 1.1 GWh of projects in West Texas, Puerto Rico and PJM, aligned with NeoVolta’s Georgia plant ramp in Q3 2026.
Positive
- First commercial LOI tied to Pendergrass, Georgia manufacturing facility
- Approximately 1.1 GWh of identified utility-scale BESS project opportunities
- IGC targets about $200 million of domestically manufactured battery supply
Negative
- LOI is non-binding with no minimum purchase or supply obligations
- Future product commitments depend on negotiating definitive written agreements
Details
News Market Reaction – NEOV
On May 28, the day this news came out, NEOV closed 22.48% below the previous close.
Data tracked by StockTitan Argus for the May 28 session.
Key Figures
- LOI battery supply value
- $200 million
- Strategic procurement LOI with Infinite Grid Capital
- Total BESS deployments
- 1.1 GWh
- Aggregate utility-scale BESS pipeline under LOI
- West Texas project size
- 400 MWh
- Single utility-scale project in West Texas
- Puerto Rico project size
- 400 MWh
- Single utility-scale project in Puerto Rico
- PJM territory projects
- 300 MWh
- Multiple projects in PJM territory
- Georgia facility ramp
- Q3 2026
- Targeted start of production ramp at Pendergrass facility
Historical Context
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New CFO and Georgia facility ramp leadership realignment.
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Flat quarterly revenue with wider losses despite strong nine‑month growth.
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Announcement of earnings release date and conference call logistics.
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Ownership in NeoVolta Power raised to 80% using stock consideration.
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Recognition as 2026 Energy Storage Company of the Year.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
letter of intent financial
bess technical
battery energy storage technical
utility-scale technical
pjm technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
LOI for Approximately 1.1 GWh of Utility-Scale BESS Deployments Marks Commercial Inflection for Georgia Manufacturing Facility Ahead of Q3 2026 Production Ramp
SAN DIEGO, May 28, 2026 (GLOBE NEWSWIRE) -- NeoVolta Inc. (NASDAQ: NEOV) (“NeoVolta” or the “Company”), a U.S.-based energy technology company delivering scalable energy storage solutions, today announced that NeoVolta has entered into a Letter of Intent ("LOI") with Infinite Grid Capital ("IGC") for the strategic procurement of utility-scale battery energy storage products manufactured at its Pendergrass, Georgia manufacturing facility.
This is the first commercial LOI associated with the Pendergrass manufacturing facility, which remains on track to begin ramp-up in Q3 of calendar year 2026. The LOI identifies three initial utility-scale project opportunities totaling approximately 1.1 GWh across the United States: an approximately 400 MWh project in West Texas, an approximately 400 MWh project in Puerto Rico, and approximately 300 MWh across multiple projects in PJM territory. This LOI arises from the commercial framework contemplated at the time of IGC's December 2025 strategic investment in NeoVolta, when the parties announced plans to evaluate potential future commercial opportunities, including offtake arrangements that may align NeoVolta's commercial channels with IGC's grid-scale pipeline.
"This LOI with Infinite Grid Capital is a powerful validation of the platform we have been building," said Ardes Johnson, Chief Executive Officer of NeoVolta. "With the Georgia facility on track to begin ramp-up in Q3 of this year, we now have the framework for a strategic customer relationship that creates direct line-of-sight between our manufacturing ramp and a 1.1 GWh pipeline of identified utility-scale projects across West Texas, Puerto Rico, and PJM. This is exactly the kind of demand visibility that will support disciplined production planning as we approach first output, and it demonstrates that the market is actively seeking domestic, FEOC-compliant BESS supply from a trusted U.S. manufacturing partner."
"This LOI aligns closely with IGC's long-term strategic investment and infrastructure development vision in the United States," said Frank Liu, CEO of Infinite Grid Capital. "By securing approximately
The LOI is non-binding with respect to product purchase and supply obligations. Neither party has any obligation to purchase, sell, reserve, manufacture, deliver, or pay for any minimum quantity of products unless and until such obligations are expressly set forth in definitive written agreements.
About Infinite Grid Capital
Infinite Grid Capital ("IGC") is an energy infrastructure investment platform that develops and finances large-scale power projects, including battery energy storage systems, hybrid energy hubs, and dedicated power solutions for data centers across North America and selected global markets, including key U.S. power regions such as California, Texas, and the Southeastern United States. IGC focuses on building reliable and flexible energy assets that ensure continuous power for AI workloads, industrial operations, and other mission-critical facilities. IGC is an existing strategic investor in NeoVolta, having led the Company's
About NeoVolta
NeoVolta is an innovator in energy storage solutions dedicated to advancing reliable, high-performance power infrastructure for residential, commercial, and utility applications. With a focus on scalable technology, domestic manufacturing, and strategic partnerships, NeoVolta is positioned to support the accelerating transition toward resilient energy systems.
For more information, visit www.neovolta.com.
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 release include, without limitation, statements regarding: the anticipated timing of production commencement at the Georgia manufacturing facility; the potential volume, scope, and structure of supply arrangements contemplated under the LOI with IGC; the development, financing, and deployment of the identified utility-scale projects in West Texas, Puerto Rico, and PJM territory; the expected consummation of definitive agreements under the LOI; FEOC and domestic content compliance and related tax-credit eligibility; demand visibility and production planning associated with the manufacturing ramp; the competitive advantages anticipated from domestic manufacturing and incentive qualification; market demand for domestic, FEOC-compliant battery energy storage supply; and future operations generally. 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. 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 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.
Contacts
NEOV Investors
Alliance Advisors IR
ir@neovolta.com
NEOV Media
Email: press@neovolta.com
Phone: 800-364-5464
Infinite Grid Capital, Media Relations
Email: media@infinitegridcapital.com
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