Technical Due Diligence Approved for
$300M to Expand U.S.
Manufacturing
SAN
DIEGO, Feb. 25, 2025 /PRNewswire/ -- NeoVolta
Inc. (NASDAQ: NEOV) ("NeoVolta"), a leading innovator in
energy storage solutions, announced today that it has completed
phase two of its loan application for $300M from the U.S. Department of Energy (DOE)
Title 17 Loan Program (LPO) and has been approved to proceed the
conditional commitment phase, which will include negotiating a term
sheet and a site visit with the U.S. Department of Energy.
NeoVolta will produce residential and commercial BESS products
across the country, creating over 200 jobs and securing the
American supply chain by onshoring battery cells and inverters. The
company has shortlisted two states for its new headquarters,
manufacturing facility, and regional offices from 23 state economic
development offers.
"In order to 'Unleash American Energy,' battery storage is
essential, as well as grid strengthening," stated the U.S.
Department of Energy (DOE). Although there have been
recent pauses on federal funding, the DOE has clarified that it
will "continue to follow the law and allocate monies in a way that
supports the initiatives of the Administration."
"We appreciate the DOE's focus on developing a robust domestic
energy storage supply chain. NeoVolta will provide products and
services to strengthen the grid and offer resilient domestic
solutions, fostering research and development for future
technologies in America," explained NeoVolta Chief Executive
Officer, Ardes Johnson.
"With electricity consumption expected to grow 80% by 2050
and renewable energy meeting much of this demand, NeoVolta is
acting at the right time."
Under the Title 17 Clean Energy Financing Program,
projects must be able to feasibly and financially support energy
development, transmission, storage, and deployment across the
United States. The Trump Administration is also focusing on
U.S. manufacturing, strengthening the supply chain, and onshoring
jobs, all components of this project led by NeoVolta.
"We are confident in our application to the DOE," added
Johnson, "We believe we are well positioned and ready to
execute on our factory strategy here in the U.S."
NeoVolta
NeoVolta is a leading innovator in energy storage solutions
dedicated to advancing the future of clean energy. Founded to
provide reliable, sustainable, and high-performance energy storage
systems, the company has quickly established itself as a critical
player in the industry. NeoVolta's flagship products are
designed to meet the growing demand for efficient energy management
in residential and commercial applications. With a focus on
cutting-edge technology and strategic partnerships, NeoVolta is
committed to driving progress in renewable energy and enhancing how
the world stores and uses power.
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. Although the Company 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. The Company 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 Item 1A. "Risk Factors" in the Company's most recently filed
Form 10-K filed with the Securities and Exchange Commission ("SEC")
and updated from time to time in its Form 10-Q filings and in its
other public filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. The Company
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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SOURCE NeoVolta
