300% increase in manufacturing capacity will supply California statewide product rollout beginning summer 2019
SAN DIEGO, June 06, 2019 (GLOBE NEWSWIRE) -- NeoVolta Inc., a manufacturer of residential energy storage systems, co-located to a new 21,150ft² San Diego production facility that allows for an increased production capability of 300% to 10,000+ units annually. The company’s expansion in manufacturing will facilitate a California statewide rollout of the company’s lithium-iron home battery beginning in summer 2019.
“This move will be a major upgrade in our production capability allowing us to aggressively grow our dealer network throughout California. By implementing Lean Six Sigma manufacturing to eliminate waste and improve efficiencies, we expect to reduce cost and improve margin while scaling up production. Our goal is to have this new line fully operational by early August 2019,” said Brent Willson, CEO of NeoVolta. “It comes at a time when California has 970,000 solar installations and counting, already generating close to 20 percent of the state’s electricity. For each residential installation, an energy storage system such as the NV14 offers more reliable power and a significant cost savings.”
NV14 is a complete home energy management system, designed with a 14.4 kWh rechargeable lithium iron phosphate 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, homeowners can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies at night when solar panels aren’t producing, and move towards energy independence. Fueled by high utility rates, ample sunshine and $830 million in State sponsored energy storage rebates, consumer demand for solar batteries in California is high.
Grant Magoffin, Director of Operations at SolarTech Energy Systems, a leading Southern California solar installer, explained, “One of the major challenges we face in the energy storage market is product availability. We have experienced prolonged shortages with both Tesla and LG Chem products, which made it difficult to meet customer expectations. In some cases, we have had customers waiting well over 6 months for their batteries. Now with the addition of the NeoVolta product line, we are really excited to have access to a more consistent supply chain that can meet our customer needs.”
Dealers interested in carrying NeoVolta’s residential home energy storage product line can apply at: https://www.neovolta.com/battery-energy-storage-dealers/
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 rechargeable 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.
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 continued growth in demand in the energy storage sector. 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.