NeoVolta Posts Revenue Increase of 193% for Nine-Month Period Ending March 31, 2021

SAN DIEGO, June 28, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced financial results for the nine-month period ending March 31, 2021. The company reported revenues of $3,863,623, compared to $1,315,554 for the same period ending March 31 of last year. This dramatic 193% growth reflected a continuing increase in sales of the company’s NV14 and NV24 energy storage systems, primarily through wholesale dealers and installers in California.

During this nine-month period, NeoVolta compiled an impressive string of accomplishments. An exclusive distributor agreement signed with PMP Energy paved the way for expansion into Nevada, Arizona, and Utah. Meanwhile, the company continued to grow its distributor network in California and opened a dedicated production facility with double the manufacturing efficiency. NeoVolta also unveiled generator integration capability and a 6,000-cycle battery that increased its storage system life from 10.95 years to 16.5 years.

For the second year in a row, the NeoVolta NV14 was named one of Solar Power World’s top storage products.

“Over these nine months, we continued to increase production capability and efficiency, significantly expanded our distributor network, and engineered major improvements to our products,” said CEO Brent Willson, CEO of NeoVolta. “In doing so, we have positioned ourselves for success in 2021 and beyond.”

The company also reported that overall it has not experienced a material adverse impact to its economic performance or ability to continue its business operations as a result of COVID-19.

NeoVolta storage systems are designed for safety and performance. Their lithium iron phosphate chemistry is a noncombustible and nontoxic alternative to ordinary lithium ion batteries. The NV14 system has a very high storage capacity of 14.4 kilowatt-hours, expandable to 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The system’s instantaneous power discharge of 7.7 kilowatts also sets it apart from the competition.

NeoVolta storage is compatible with any residential solar system—new or existing, AC or DC—while offering homeowners one of the lowest prices per watt on the market.

https://www.sec.gov/Archives/edgar/data/0001748137/000139390521000316/neov_1u.htm

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, 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. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.

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 future performance, reliability and safety of NeoVolta’s NV14 storage system and the ability of the NV14 to be successfully integrated with residential backup generators. 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.