NeoVolta and PMP Energy Continue Distribution Agreement of Up to $15 Million
SAN DIEGO, Dec. 08, 2020 (GLOBE NEWSWIRE) — NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has received a total of $902,000 in purchase orders from PMP Energy. The most recent is a reorder of $425,000. This purchase order is part of a three-year exclusive distribution agreement signed earlier in 2020. In exchange for a minimum of up to $15 million in purchase orders, PMP Energy will provide dealers with training and certification to install NeoVolta systems in homes and other locations. To date they have trained and certified installers in four states plus the territory of Puerto Rico.
This latest order follows an initial purchase order from PMP Energy for $473,000, which was announced on September 1. According to Dan Briggs, PMP Energy’s President and CEO, “This is the first reorder of what we expect to be monthly orders of this size or larger.”
The large orders from PMP Energy come at a time of growing demand for home energy storage. Despite the COVID-19 pandemic, the U.S. residential energy storage market recorded its second-best quarter ever during Q2 2020. Industry analysts predict that 2020 could double the home battery capacity installed in 2019.
The NeoVolta NV14 is one of the best-performing systems in this space, with 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.
For its superior performance and safe, long-lasting battery chemistry, the NV14 was named one of Solar Power World’s top storage products of 2019.
“PMP Energy has proven to be an outstanding distributor,” said NeoVolta CEO Brent Willson. “They have established a strong installer network and formalized a comprehensive training program for new and existing installers. PMP Energy is on the cutting edge of the Energy Storage space when it comes to developing distribution capabilities often overlooked by our competitors.”
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 ability of PMP Energy to continue to provide reorders and orders of the size discussed in the release, 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 section Item 1. Business – Risk Factors 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.