NeoVolta Posts Revenue Increase of 139% for Year Ended June 30, 2021
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Revenue Driven by Accelerated Growth in Sales Volume and Product Expansion
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SAN DIEGO, Oct. 12, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced financial results for the year ended June 30, 2021. The company reported revenues from contracts with customers of $4,823,510, compared to $2,011,644 for the year ended June 30, 2020. This 139% revenue increase in the fiscal 2021 period reflected accelerated sales growth and product expansion for its NV14 and NV24 storage systems.
During this twelve-month period from July 1, 2020 through June 30, 2021, NeoVolta achieved a number of milestones, starting with an exclusive three-year distribution agreement with PMP Energy in August 2020. In exchange for making minimum purchases of up to $15 million, PMP Energy will secure specific geographic exclusivities for distribution. With this agreement in place, the company expanded to Nevada, Arizona, Utah, Oklahoma, Georgia, Florida, and Puerto Rico. NeoVolta also added 34 dealers in its home state of California. Sales were further fueled by a partnership with Sungage Financial to provide homeowners with affordable options for purchasing energy storage systems. To keep pace with demand, NeoVolta opened a dedicated production facility that is expected to double its manufacturing efficiency.
The year also saw the unveiling of significant product enhancements. NeoVolta announced a 50% longer life cycle for its batteries, from 10.95 years to 16.5 years. Its storage systems can now be integrated with residential backup generators, providing additional power options during prolonged blackouts.
Also during this period, the NeoVolta NV14 was named one of Solar Power World’s top storage products for the second year in a row.
“Demand for NeoVolta’s advanced energy storage solutions continues to gain momentum,” said Brent Willson, the company’s CEO. “By focusing on the performance and safety of our product while forging strategic partnerships and entering new markets, we’ve made great strides in our mission to deliver energy resilience and utility savings to American households.”
About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, 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. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.
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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