San Diego, CA, December 16, 2020 – NEOVOLTA INC. (OTCQB: NEOV) – Nevada Energy, the state’s largest utility, has officially approved NeoVolta smart energy storage systems for grid operations. The utility serves more than 1.4 million customers throughout the state, as well as some 50 million tourists each year. NeoVolta systems are now being installed near Las Vegas in the Henderson area.
Nevada is one of the leading states for solar energy, currently ranking sixth in total capacity. NeoVolta’s expansion there comes through an exclusive distribution agreement recently signed with PMP Energy. In exchange for making minimum purchases of up to $15 million, PMP Energy is able to secure specific geographic exclusivities for distribution over the three-year term of the agreement. Under the agreement, PMP Energy provides dealers with training and certification to install NeoVolta energy storage systems in homes. The PMP Energy certification program includes the proper documentation to satisfy all permitting requirements for each state. So far, NeoVolta’s purchase orders from PMP Energy have reached $902,000, the most recent reorder being for $425,000.
Back in the home state of California, NeoVolta’s distribution network has grown to 37 dealers, including some 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 record 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 predict that 2020 will double the home battery capacity installed in 2019.
The NeoVolta NV14, chosen as a Solar Power World top storage product of 2019, delivers 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. All NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and longer-lasting alternative to ordinary lithium ion.
“Nevada is one of the top 10 states for solar, and having our energy storage systems approved by the state’s largest public utility is a major milestone,” said NeoVolta CEO Brent Willson. “Our strategic collaboration with PMP Energy, one of the driving forces in home energy storage, continues to pay dividends.”