NeoVolta has been approved by two of the state's largest utilities, serving more than 2 million customers.
SAN DIEGO, CA / ACCESSWIRE / December 29, 2020 / NEOVOLTA INC. (OTCQB:NEOV) - NeoVolta, manufacturer of Smart Energy Storage Systems, has added Arizona to its coverage area, joining California and Nevada. NeoVolta has been approved for grid connection by two of the state's largest utilities, Arizona Public Service and Salt River Project, which serve more than 2 million customers combined.
As one of the sunniest states in the U.S., Arizona ranks fifth in solar electric capacity and has tremendous growth potential in home energy storage. NeoVolta's entry into the Arizona market was made possible through an exclusive distributor agreement with PMP Energy. Under the three-year term of the agreement, PMP Energy is able to secure specific geographic exclusivities for distribution, in exchange for making minimum purchases of up to $15 million. NeoVolta's purchase orders from PMP Energy have reached $902,000, the most recent reorder being for $425,000.
Meanwhile, NeoVolta's distribution network in California continues to grow, with 37 dealers now certified across the state. These include many of the state's leading installers. While expanding from Southern California into Northern California in 2020, the company has doubled production and plans to quadruple capacity by the end of this year.
NeoVolta's growth surge comes at a time of unprecedented demand for home energy storage. Despite the COVID-19 pandemic, the U.S. residential energy storage market posted its second-best quarter ever during Q2 2020. Industry analysts expect a very strong end of the year that could see 2020 double the home storage capacity installed in 2019.
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.
"As one of the top five states for solar energy, Arizona is key to our continued growth," said NeoVolta CEO Brent Willson. "Thanks to our strategic partnership with PMP Energy, homeowners in three Sun Belt states can now enjoy the superior utility savings and blackout protection of NeoVolta energy storage systems."
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.
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 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 "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.
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