NeoVolta and PMP Energy Continue Distribution Agreement of Up to $15 Million
San Diego, CA, December 8, 2020 – NEOVOLTA INC. (OTCQB: NEOV) – NeoVolta, manufacturer of Smart Energy Storage Systems, has received a total of $902,000 in purchase orders from PMP Energy. The most recent is a reorder of $425,000. This purchase order is part of a three-year exclusive distribution agreement signed earlier in 2020. In exchange for a minimum of up to $15 million in purchase orders, PMP Energy will provide dealers with training and certification to install NeoVolta systems in homes and other locations. To date they have trained and certified installers in four states plus the territory of Puerto Rico.
This latest order follows an initial purchase order from PMP Energy for $473,000, which was announced on September 1. According to Dan Briggs, PMP Energy’s President and CEO, “This is the first reorder of what we expect to be monthly orders of this size or larger.”
The large orders from PMP Energy come at a time of growing demand for home energy storage. Despite the COVID-19 pandemic, the U.S. residential energy storage market recorded its second-best quarter ever during Q2 2020. Industry analysts predict that 2020 could double the home battery capacity installed in 2019.
The NeoVolta NV14 is one of the best-performing systems in this space, with a storage capacity of 14.4 kilowatt-hours and 7.7 kilowatts of continuous power discharge. That high storage capacity can be scaled up to 24.0 kWh with the optional NV24 add-on battery, without the expense of an additional inverter. All NeoVolta systems are engineered with advanced lithium iron phosphate chemistry, a safer and longer-lasting alternative to ordinary lithium ion.
For its superior performance and safe, long-lasting battery chemistry, the NV14 was named one of Solar Power World’s top storage products of 2019.
“PMP Energy has proven to be an outstanding distributor,” said NeoVolta CEO Brent Willson. “They have established a strong installer network and formalized a comprehensive training program for new and existing installers. PMP Energy is on the cutting edge of the Energy Storage space when it comes to developing distribution capabilities often overlooked by our competitors.”