Increase in Wholesale Dealers and Installers Drives Revenue Growth
SAN DIEGO, Nov. 09, 2020 (GLOBE NEWSWIRE) — NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has announced financial results for the first quarter 2021. The company reported that revenues for the quarter ending September 30, 2020 were $1,000,171, compared to $321,650 for the same quarter of last year. This dramatic 211% growth quarter-on-quarter reflected a continuing increase in sales of the company’s NV14 and NV24 energy storage systems, primarily through a group of wholesale dealers and installers in California.
During 2020, NeoVolta expanded its California distribution network to 34 certified installers. NeoVolta also expanded its distribution network through an exclusive distributor agreement 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.
The NeoVolta NV14, named one of Solar Power World’s top storage products of 2019, features 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. NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and longer-lasting alternative to lithium ion batteries.
“Despite the challenges posed by the COVID-19 pandemic, NeoVolta has posted an exceptionally strong quarter,” said CEO Brent Willson. “With our continued dealer and distributor expansion in California and surrounding states, we are working on doubling production and plan to quadruple capacity by the end of this year.”
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 NeoVolta to quadruple capacity by the end of this year . 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.
Source: NeoVolta Inc.