Neovolta Stock Price, News & Analysis

NeoVolta Inc. (OTCQB: NEOV) has expanded its distribution of energy storage systems to Texas, reaching over 10 million customers. The systems are now grid-connected, approved by on major utilities such as Oncor Electric Delivery and Bandera Electric Cooperative. Texas ranks second in the U.S. for solar capacity, behind California. Recently, NeoVolta secured a five-year supply agreement with its inverter manufacturer to support growth. Concerns over energy resilience have risen after severe weather events, highlighting the demand for NeoVolta's solutions.

NeoVolta Inc. (OTCQB: NEOV) announced a five-year exclusive supply agreement for inverters used in its energy storage systems, enhancing its ability to meet growing demand. The NV14 inverter delivers 7,680 watts, 50% more than competitors, and has a high storage capacity of 14.4 kWh, expandable to 24.0 kWh. The NV14, recognized by Solar Power World as a top storage product, uses noncombustible lithium iron phosphate chemistry for safety. This agreement strengthens NeoVolta’s commitment to product reliability and brand expansion.

NeoVolta Inc. (NEOV) has announced that its energy storage systems qualify for California's Self-Generation Incentive Program (SGIP), aimed at providing rebates for battery storage to residents in fire-prone areas. The program prioritizes communities affected by utility power shut-offs and financially vulnerable customers. NeoVolta’s NV14 and NV14 + NV24 systems are eligible, with capacities of 13,896 Watts and 23,160 Watts, respectively. The SGIP funds operate on a first-come, first-served basis, urging potential customers to act quickly to secure rebates.

NeoVolta Inc. (OTCQB: NEOV) reported a remarkable 193% revenue growth, reaching $3.86 million for the nine-month period ending March 31, 2021, compared to $1.32 million in the previous year. This surge is attributed to increased sales of its NV14 and NV24 energy storage systems through wholesale dealers and installers in California. The company entered into a new distributor agreement, enhancing its market presence across several states. Furthermore, NeoVolta launched improvements in product safety and efficiency, positioning itself for future growth.

NeoVolta Inc. (OTCQB: NEOV) has announced an upgrade to its NV14 energy storage system, increasing the battery life cycle from 4,000 to 6,000 cycles. This enhancement translates to approximately 16.5 years of useful life, solidifying NeoVolta's position in the residential market. The NV24 add-on battery has also been upgraded to 6,000 cycles. The company focuses on safety with noncombustible lithium iron phosphate chemistry and aims to offer competitive pricing alongside high performance. Recent developments cement NeoVolta's standing as a prominent player in energy storage solutions.

NeoVolta Inc. has developed a patent-pending technology that converts a backup generator's 240-volt AC power to DC, enhancing the efficiency of its NV14 energy storage system during power outages. This integration allows customers to utilize both AC generators and DC solar inputs without needing extra batteries or complex modifications, making it a cost-effective solution. The NV14 system boasts a 14.4 kWh capacity and is expandable to 24.0 kWh. Recognized for its safety, NeoVolta's innovation aims to provide homeowners with reliable backup protection.

NeoVolta Inc. (NEOV) has secured $1,327,339 in purchase orders from PMP Energy as part of a three-year distribution agreement potentially worth $15 million. This includes a recent reorder of $425,000 in March 2021. NeoVolta’s energy storage solutions support homeowners' utility savings and provide reliable backup power, addressing the growing demand amid severe power outages. The company has established 40 certified installers across several states and expanded its manufacturing capabilities to meet rising demand, reflecting a trend of six consecutive quarters of record growth in the home energy storage market.

NeoVolta Inc. has partnered with Sungage Financial to offer affordable financing options for its energy storage solutions, allowing homeowners to finance systems over 10 years at rates as low as 0.99%. Sungage provides up to $50,000 for storage batteries, including site preparation costs. This collaboration aims to increase accessibility to NeoVolta’s products in response to the growing demand for home energy storage amid rising power outages. The NV14 energy storage system, known for its superior safety and performance, continues to expand its market reach in California and neighboring states.

NeoVolta Inc. (OTCQB: NEOV) reported a remarkable 213% revenue increase for the six months ending December 31, 2020, achieving $2,545,922 from contracts, up from $812,954 in the prior year. This growth is attributed to an expanded network of wholesale dealers and installers since July 2019. The company has not faced negative impacts from COVID-19 on its financial performance. Highlights include the appointment of General James F. Amos to its Board and expansion into Northern California, along with recognition of the NV14 storage system as a leading product.