NeoVolta (NEOV) $300M Loan Application Passes Phase 2 of Department of Energy Loan Program

Technical Due Diligence Approved for $300M to Expand U.S. Manufacturing

SAN DIEGO, Feb. 25, 2025 /PRNewswire/ -- NeoVolta Inc. (NASDAQ:NEOV) ("NeoVolta"), a leading innovator in energy storage solutions, announced today that it has completed phase two of its loan application for $300M from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO) and has been approved to proceed the conditional commitment phase, which will include negotiating a term sheet and a site visit with the U.S. Department of Energy.

NeoVolta will produce residential and commercial BESS products across the country, creating over 200 jobs and securing the American supply chain by onshoring battery cells and inverters. The company has shortlisted two states for its new headquarters, manufacturing facility, and regional offices from 23 state economic development offers.

 "In order to 'Unleash American Energy,' battery storage is essential, as well as grid strengthening," stated the U.S. Department of Energy (DOE).  Although there have been recent pauses on federal funding, the DOE has clarified that it will "continue to follow the law and allocate monies in a way that supports the initiatives of the Administration."

"We appreciate the DOE's focus on developing a robust domestic energy storage supply chain. NeoVolta will provide products and services to strengthen the grid and offer resilient domestic solutions, fostering research and development for future technologies in America," explained NeoVolta Chief Executive Officer, Ardes Johnson.  "With electricity consumption expected to grow 80% by 2050 and renewable energy meeting much of this demand, NeoVolta is acting at the right time."

Under the Title 17 Clean Energy Financing Program, projects must be able to feasibly and financially support energy development, transmission, storage, and deployment across the United States.  The Trump Administration is also focusing on U.S. manufacturing, strengthening the supply chain, and onshoring jobs, all components of this project led by NeoVolta.

"We are confident in our application to the DOE," added Johnson, "We believe we are well positioned and ready to execute on our factory strategy here in the U.S."

NeoVolta

NeoVolta is a leading innovator in energy storage solutions dedicated to advancing the future of clean energy. Founded to provide reliable, sustainable, and high-performance energy storage systems, the company has quickly established itself as a critical player in the industry.  NeoVolta's flagship products are designed to meet the growing demand for efficient energy management in residential and commercial applications. With a focus on cutting-edge technology and strategic partnerships, NeoVolta is committed to driving progress in renewable energy and enhancing how the world stores and uses power.

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. Although the Company 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. The Company 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 Item 1A. "Risk Factors" in the Company's most recently filed Form 10-K filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company 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.

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SOURCE NeoVolta