San Diego, CA, January 21, 2021 – NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, continues to expand its distribution network. NeoVolta systems have been approved for grid connection by Moon Lake Electric, a utility serving northeastern Utah. With NeoVolta installations starting in Utah, the state joins California, Nevada, Arizona.
As the ninth-sunniest state in the U.S. and ranked eleventh in installed solar energy, Utah has tremendous growth potential in residential energy storage. NeoVolta’s launch in Utah was made possible through an exclusive distributor agreement with PMP Energy. Under the three-year term of the agreement, PMP Energy is able to secure specific geographic exclusivities for distribution, in exchange for making minimum purchases of up to $15 million. NeoVolta’s purchase orders from PMP Energy have reached $902,000, the most recent reorder being for $425,000.
Meanwhile, NeoVolta’s distribution network in California continues to grow, with 37 dealers now certified statewide. These include many of the state’s leading installers. While expanding from Southern California into Northern California the company doubled production in 2020.
NeoVolta’s expansion comes during a year of record-breaking demand for home energy storage. According to Wood Mackenzie’s latest U.S. Energy Storage Monitor, released in December 2020, the residential storage segment posted its best quarter ever in the third quarter of 2020, with 52 megawatts and 119 megawatt-hours of new storage installed. This marked the sixth straight quarter of record installations in American homes.
The NeoVolta NV14, named one of Solar Power World’s top storage products of 2020, features a storage capacity of 14.4 kilowatt-hours and 7.7 kilowatts of continuous power discharge. That high storage capacity can be scaled up to 24.0 kWh with the optional NV24 add-on battery, without the expense of an additional inverter. NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and longer-lasting alternative to lithium ion batteries.
“As one of the leading states for solar energy, Utah will help drive our continued growth,” said NeoVolta CEO Brent Willson. “We’re excited to serve homeowners in Utah, who can now enjoy the superior utility savings and blackout protection of the NeoVolta NV14 and NV24 energy storage systems.”