San Diego based battery technology raises cumulative $5 million in equity financings since July 2018
SAN DIEGO, May 08, 2019 (GLOBE NEWSWIRE) — NeoVolta announces that the interest for its Initial Public Offering (IPO) of 3,500,000 shares of common stock at a price of $1.00 per share has exceeded the total number of shares offered causing the funding to be oversubscribed and as a result the round has been fully subscribed. Proceeds from the IPO will be used to ramp production and increase inventory of its NV14 product.
Acquisitions in the energy storage sector have begun to heat up. In February, Shell purchased NeoVolta competitor Sonnen for an undisclosed sum after having led a $71 million financing in May 2018. Most recently on April 29, Generac purchased NeoVolta competitor Pika Energy for an undisclosed sum.
“We are very pleased with the response from the investment community. The growth in the demand for energy storage is outpacing supply. We expect demand to further increase as utilities roll out Time of Use (TOU) billing practices that will directly impact new and existing solar installations,” said Brent Willson, CEO of NeoVolta.
“Tiered rates are going to save a solar customer more money, no question about it,” said Brad Heavner, the director of policy at the California Solar and Storage Association, the state’s largest solar trade group.
NeoVolta’s NV14 Smart Home Battery, enables a home’s excess solar production to be stored in a battery instead of being sent to the grid while the sun is shining and energy will be credited at “off-peak” production. When the sun sets and rates are the highest, the large capacity 14.4 kWh battery will continue to power your home and should eliminate expensive TOU grid charges.
In February, San Diego Gas & Electric began switching customers to TOU billing that will eventually affect the monthly bills for about 750,000 of the utility’s residential customers. Under TOU, the day is broken into segments. And instead of one set price regardless of time, the price fluctuates depending on when demand peaks on the system. The most expensive time of the day is 4 p.m. to 9 p.m. — a time that coincides with low solar production and people coming home from work and firing up their appliances.
NeoVolta’s offering statement relating to the IPO has been filed with, and qualified by, the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.