Horizon's RoHo venture gives NeoVolta a $20M credit facility

Horizon Technology Finance Corporation (NASDAQ: HRZN) announced that its RoHo Capital Opportunity Fund LLC joint venture has provided a $20 million senior credit facility to NeoVolta, Inc. (NASDAQ: NEOV), with an option to expand the facility to $30 million by mutual agreement.

RoHo is a joint venture formed by Horizon and CR Financial Holdings, Inc., the holding company for Roth Capital Partners, LLC. The full $20 million was funded at closing.

NeoVolta is a battery energy storage systems company based in Poway, California. The company, alongside joint venture partner LONGi, is developing a 210,600-square-foot manufacturing facility in Pendergrass, Georgia. The facility is expected to have an initial annual production capacity of up to 2 GWh, with potential to scale to 8 GWh.

Paul Seitz, Chief Investment Officer of Horizon, said the financing pairs Horizon's venture lending expertise with Roth's public markets relationships to deliver capital to small- and micro-cap public companies.

Ardes Johnson, Chief Executive Officer of NeoVolta, said the facility supports the company's ability to execute on its long-term growth strategy as it ramps operations at the Georgia facility and pursues commercial and utility-scale opportunities.

Horizon is headquartered in Farmington, Connecticut, and is externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital.

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