NeoVolta Posts Revenue Increase of 139% for Year Ended June 30, 2021

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.”

About NeoVolta

NeoVolta designs, develops, and manufactures advanced energy storage systems for both residential and industrial use. Its storage solutions are engineered with Lithium-Iron Phosphate (LiFe(PO4)) battery chemistry, which is clean, nontoxic, and nonflammable. The residential-focused NeoVolta NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter, and a web-based energy management system with 24/7 monitoring. The system’s 6,000-cycle battery life, one of the longest on the market, translates to 16.5 years of useful life, based on a full charge, and discharge each day. The NV14 has passed the product safety standards set forth by Underwriters Laboratories (UL) for battery energy storage safety testing.

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Forward-Looking Statements

Certain statements in this news release constitute forward-looking information within the meaning of applicable securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects,” “believes,” “anticipates,” “budget,“ scheduled,” “estimates,” “forecasts,” “intends,” “plans,” and variations of such words and phrases, or by statements that certain actions, events or results “may,” “will,” “could,” “would,” or “might,” “be taken,” “occur,” or “be achieved.” Forward-looking statements are neither historical facts nor assurances of future performance. Forward-looking information contained in this news release is based on certain assumptions regarding, among other things, expected growth, results of operations, performance, industry trends and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.