Revenue Driven by Accelerated Growth in Sales Volume and Product Expansion
San Diego, CA, October 12, 2021 – NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced financial results for the year ended June 30, 2021. The company reported revenues from contracts with customers of $4,823,510, compared to $2,011,644 for the year ended June 30, 2020. This 139% revenue increase in the fiscal 2021 period reflected accelerated sales growth and product expansion for its NV14 and NV24 storage systems.
During this twelve-month period from July 1, 2020 through June 30, 2021, NeoVolta achieved a number of milestones, starting with an exclusive three-year distribution agreement with PMP Energy in August 2020. In exchange for making minimum purchases of up to $15 million, PMP Energy will secure specific geographic exclusivities for distribution. With this agreement in place, the company expanded to Nevada, Arizona, Utah, Oklahoma, Georgia, Florida, and Puerto Rico. NeoVolta also added 34 dealers in its home state of California. Sales were further fueled by a partnership with Sungage Financial to provide homeowners with affordable options for purchasing energy storage systems. To keep pace with demand, NeoVolta opened a dedicated production facility that is expected to double its manufacturing efficiency.
The year also saw the unveiling of significant product enhancements. NeoVolta announced a 50% longer life cycle for its batteries, from 10.95 years to 16.5 years. Its storage systems can now be integrated with residential backup generators, providing additional power options during prolonged blackouts.
Also during this period, the NeoVolta NV14 was named one of Solar Power World’s top storage products for the second year in a row.
“Demand for NeoVolta’s advanced energy storage solutions continues to gain momentum,” said Brent Willson, the company’s CEO. “By focusing on the performance and safety of our product while forging strategic partnerships and entering new markets, we’ve made great strides in our mission to deliver energy resilience and utility savings to American households.”
