NeoVolta continues to expand dealer network, including some of the top solar installers in the state
SAN DIEGO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has grown its California distribution network to 34 dealers—and counting. 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 expanding dealer network 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.
Leading the way in residential storage is California, which has long been the nation’s solar energy leader. The state currently produces enough solar to power 7.7 million homes. That number will skyrocket thanks to the California solar mandate that went into effect at the start of 2020, requiring rooftop solar in most new home construction. Crippling blackouts related to wildfires and extreme heat statewide are also causing many homeowners to purchase storage systems as a means of energy resilience.
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.
“Even with the massive disruptions of 2020, NeoVolta continues to see very strong growth in our home state of California,” said CEO Brent Willson. “We’re very pleased that many of the state’s leading solar installers have chosen to align themselves with our product.”
About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage batteries capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar re chargeable 14.4 kWh battery, 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.
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 NeoVolta to continue to increase capacity. 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.