Cutting-Edge Manufacturer Is Positioned for Home Solar Storage Boom

SAN DIEGO, Feb. 26, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, a manufacturer of home solar energy storage systems, has been profiled by the San Diego Business Journal. The article titled “Co. Sees Solar Storage Boom on the Way” appeared in the February 2 edition of the weekly. The San Diego–based company was also the subject of a recent article in Greentech Media.

NeoVolta’s storage systems capture the energy generated by rooftop panels and save it in a battery for later use. The stored energy can be used in the evening, when utility rates are highest, allowing homeowners to achieve significant savings on their monthly bills. These systems also provide immediate backup power in case of a blackout, keeping refrigeration, computers, lights, and televisions powered. Home resilience has taken on new urgency in California after a string of massive power shutoffs due to wildfire risks.

The San Diego Business Journal noted that solar storage, while still in its infancy, is on the verge of going mainstream. According to Brad Heavner of the California Solar & Storage Association, “The storage market is absolutely about to explode. It’s only a question of when.”

NeoVolta has ramped up its manufacturing capacity to meet the expected demand for home solar storage. After raising $3.5 million through an initial public stock offering in May 2019, the company moved to a 21,150-square-foot manufacturing facility and began rolling out the NV14 home energy storage system across Southern California. The system stores 14.4 kilowatt-hours of energy, enough to power critical loads for a typical home overnight. Along with this storage high capacity, the battery can charge or discharge 7.7 kilowatts of instantaneous power, more than most competitors in its class—all at a very competitive price.

NeoVolta CEO Brent Willson told the Journal, “The price per kilowatt beats all my competition hands down. It’s not even close.”

The NV14 was named one of Solar Power World’s “2019 Top Solar Storage Products.” Solar Power World recognized the system for its innovative lithium iron phosphate battery, which is safer and longer-lasting than ordinary lithium ion batteries. Another key feature cited was the NV14’s expandability to 24.0 kilowatt-hours by adding a second battery—without the expense of a second inverter. This NV24 add-on is one of the highest-capacity storage systems in the home solar market. NeoVolta can also connect with any residential solar installation, AC or DC or both.

Sunspired Solar of San Diego recently installed its first NeoVolta storage system. Speaking to the Journal, company president and CEO Derrick Breaux gave the product high marks for technology and price.

The article also described how CEO Brent Willson, a former Colonel in the Marine Corps, became involved in solar storage technology. As base commander at Camp Smith in Hawaii, Willson directed the installation of a solar systems to provide reliable backup power. After retiring from the military, he set out to create a residential version that combined high performance with a lower price point.  

Having established NeoVolta in Southern California, Willson expects installations to begin in Northern California in mid-2020.

“We couldn’t be more thrilled that NeoVolta is capturing media attention,” said Willson. “The residential solar storage market continues to post record growth, and our team is ready to meet the demand.”

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 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.

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 continued increase in utility rates. 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.