NeoVolta Posts Revenue Increase of 193% for Nine-Month Period Ending March 31, 2021

Revenue Growth Driven by Wholesale Dealers and Installers

San Diego, CA, June 28, 2021 – NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced financial results for the nine-month period ending March 31, 2021. The company reported revenues of $3,863,623, compared to $1,315,554 for the same period ending March 31 of last year. This dramatic 193% growth reflected a continuing increase in sales of the company’s NV14 and NV24 energy storage systems, primarily through wholesale dealers and installers in California.

During this nine-month period, NeoVolta compiled an impressive string of accomplishments. An exclusive distributor agreement signed with PMP Energy paved the way for expansion into Nevada, Arizona, and Utah. Meanwhile, the company continued to grow its distributor network in California and opened a dedicated production facility with double the manufacturing efficiency. NeoVolta also unveiled generator integration capability and a 6,000-cycle battery that increased its storage system life from 10.95 years to 16.5 years.

For the second year in a row, the NeoVolta NV14 was named one of Solar Power World’s top storage products.

“Over these nine months, we continued to increase production capability and efficiency, significantly expanded our distributor network, and engineered major improvements to our products,” said CEO Brent Willson, CEO of NeoVolta. “In doing so, we have positioned ourselves for success in 2021 and beyond.”

The company also reported that overall it has not experienced a material adverse impact to its economic performance or ability to continue its business operations as a result of COVID-19.

NeoVolta storage systems are designed for safety and performance. Their lithium iron phosphate chemistry is a noncombustible and nontoxic alternative to ordinary lithium ion batteries. The NV14 system has a very high storage capacity of 14.4 kilowatt-hours, expandable to 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The system’s instantaneous power discharge of 7.7 kilowatts also sets it apart from the competition.

NeoVolta storage is compatible with any residential solar system—new or existing, AC or DC—while offering homeowners one of the lowest prices per watt on the market.

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.