Increase in Wholesale Dealers and Installers Drives Revenue Growth
San Diego, CA, November 9, 2020 – NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has announced financial results for the first quarter 2021. The company reported that revenues for the quarter ending September 30, 2020 were $1,000,171, compared to $321,650 for the same quarter of last year. This dramatic 211% growth quarter-on-quarter reflected a continuing increase in sales of the company’s NV14 and NV24 energy storage systems, primarily through a group of wholesale dealers and installers in California.
During 2020, NeoVolta expanded its California distribution network to 34 certified installers. NeoVolta also expanded its distribution network through an exclusive distributor agreement 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.
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.
“Despite the challenges posed by the COVID-19 pandemic, NeoVolta has posted an exceptionally strong quarter,” said CEO Brent Willson. “With our continued dealer and distributor expansion in California and surrounding states, we are working on doubling production and plan to quadruple capacity by the end of this year.”