San Diego, CA, December 29, 2020 – NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has added Arizona to its coverage area, joining California and Nevada. NeoVolta has been approved for grid connection by two of the state’s largest utilities, Arizona Public Service and Salt River Project, which serve more than 2 million customers combined.
As one of the sunniest states in the U.S., Arizona ranks fifth in solar electric capacity and has tremendous growth potential in home energy storage. NeoVolta’s entry into the Arizona market 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 across the state. These include many of the state’s leading installers. While expanding from Southern California into Northern California in 2020, the company has doubled production and plans to quadruple capacity by the end of this year.
NeoVolta’s growth surge comes at a time of unprecedented demand for home energy storage. Despite the COVID-19 pandemic, the U.S. residential energy storage market posted its second-best quarter ever during Q2 2020. Industry analysts expect a very strong end of the year that could see 2020 double the home storage capacity installed in 2019.
The NeoVolta NV14, named one of Solar Power World’s top storage products of 2019, 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 top five states for solar energy, Arizona is key to our continued growth,” said NeoVolta CEO Brent Willson. “Thanks to our strategic partnership with PMP Energy, homeowners in three Sun Belt states can now enjoy the superior utility savings and blackout protection of NeoVolta energy storage systems.”