Sales Growth Driven by Wholesale Dealers and New Installers
San Diego, CA, March 30, 2021 – NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has announced its financial results for the six-month period ending December 31, 2020. During that period, NeoVolta posted $2,545,922 in revenue from contracts with customers, compared to $812,954 for the six months ended December 31, 2019.
This 213% increase in revenue reflects a continuing growth in sales of NeoVolta’s energy storage systems, primarily by expanding its network of wholesale dealers and installers since launching sales in July 2019.
NeoVolta also reported that it has not experienced any adverse impact from COVID-19 on its financial performance or operational capability. The company continues to monitor the COVID-19 situation but does not believe it will disrupt NeoVolta’s future financial performance.
“In 2020, our team met the challenges of the COVID-19 pandemic,” said NeoVolta CEO Brent Willson. “We significantly expanded our distribution in California and other states, while making important upgrades to our products. We are in a position of strength in early 2021. So as the U.S. recovery continues, NeoVolta will continue to deliver on its mission of delivering energy resilience and utility savings to American households.”
Recent Business Highlights:
· In January 2021, General James F. Amos, former Commandant of the Marine Corps, joined NeoVolta’s Board of Directors.
· The NeoVolta NV14 was named one of Solar Power World’s top storage products for 2020—the second year in a row.
· The company expanded into Northern California and grew its network to 37 certified dealers across the state.
· In the second half of 2020, the company expanded beyond California with installations in Nevada, Arizona, and Utah.
· In September 2020, NeoVolta announced that its storage systems can be integrated with residential backup generators, giving homeowners more power options during prolonged blackouts.
· In August 2020, NeoVolta signed a three-year exclusive distribution agreement with PMP Energy, pursuant to which PMP Energy provides dealers with training and certification to install NeoVolta storage systems in homes and other locations.
· That same month, NeoVolta was approved for California’s Common Smart Inverter Profile (CSIP), a set of standards for interoperability and data communication between a solar inverter and the electric utility.
· In June 2020, Tigo Energy certified the compatibility of its DC-to-DC optimization and monitoring solutions with the NV14 energy storage system.
