Launches Three-Year Exclusive Distribution Agreement in Exchange for Minimum of up to $15 Million in Purchase Orders
SAN DIEGO, Sept. 01, 2020 (GLOBE NEWSWIRE) — NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of patent-pending Smart Energy Storage Systems, announces PMP Energy’s initial orders worth $473,000. PMP Energy recently signed a three-year exclusive distribution agreement, in exchange for a minimum of up to $15 million in purchase orders, to provide dealers with training and certification to install NeoVolta systems in homes.
“Since the start of our relationship with NeoVolta, our intention has been to help the Company grow while maintaining the high standards of quality and service that Brent and his team demand,” said Dan Briggs, PMP Energy’s President and CEO, and a member of NeoVolta’s Board of Advisors. “To date we are proud to have trained and certified installers in 2 States plus the territory of Puerto Rico. The response to the product has been tremendous and we believe that the success thus far is just the scratching the surface of what is to come for PMP Energy and NeoVolta.”
NeoVolta systems deliver significant savings by storing solar energy for use in the evening when peak utility rates are often twice as high. And in the event of a blackout, the system will automatically disconnect from the grid and seamlessly power the critical loads needed to keep a home safe, comfortable, and connected during the crisis.
The NV14 battery system has a very high capacity of 14.4 kilowatt-hours and discharges 7.7 kilowatts of instantaneous power, more than most mainstream competitors. The NV14’s capacity can be amplified to 24.0 kWh by pairing it with the NV24 add-on – without the expense of installing a second inverter. Furthermore, NeoVolta’s lithium iron phosphate technology is a safer and longer-lasting alternative to ordinary lithium ion batteries.
For its high capacity and safe, long-lasting battery, the NV14 was named one of Solar Power World’s Top Solar Storage Products for 2019.
“Thanks to our strategic collaboration with PMP Energy, more homeowners are starting to reap the benefits of NeoVolta energy storage systems,” said CEO Brent Willson. “PMP Energy is vital to our mission of delivering energy resilience and utility savings to American households.”
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 whether PMP Energy will provided the $15.0 million in purchase orders required to obtain exclusivity under the distribution agreement. 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 “Business – Risk Factors” section of NeoVolta’s Form 1-K 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.
