NeoVolta Posts Revenue Increase of 213% for Six-Month Period Ending December 31, 2020

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.

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.