NeoVolta and PMP Energy Continue Distribution Agreement Worth Up to $15 Million
NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, announced that it has received a total of $1,327,339 in purchase orders to date from PMP Energy. The most recent was a reorder in March 2021 valued at $425,000. These purchase orders are part of a three-year exclusive distribution agreement the two companies signed 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 energy storage systems in homes and other locations.
The latest reorder from PMP Energy follows one from December 2020, also for $425,000. The company has said it expects to place additional orders of a similar size.
“This alliance with PMP Energy is a critical catalyst for our growth strategy,” said NeoVolta CEO Brent Willson. “With their resources and expertise, more homeowners will benefit from the utility savings and reliable backup power provided by NeoVolta energy storage.”
NeoVolta now has 40 certified installers in California, Nevada, Arizona, Utah, and Puerto Rico. Earlier this month, the company expanded to a new dedicated manufacturing facility to support the growing demand for its storage systems. The home energy storage market overall has had six consecutive quarters of record growth. Crippling power outages throughout the country, caused by wildfires and extreme weather, have underscored the urgent need for energy resilience.
Dan Briggs, PMP Energy’s President and CEO, said, “We are so excited to partner with NeoVolta, one of the true innovators in home energy storage. We are confident that we can expand their commercial reach by connecting homeowners with certified NeoVolta installers.”
NeoVolta storage systems are designed for safety and performance. They use lithium iron phosphate battery chemistry, the nonflammable and nontoxic alternative to ordinary lithium ion. NeoVolta’s flagship NV14 energy storage system has a very high storage capacity of 14.4 kilowatt-hours, expandable to an industry-leading 24.0 kWh with the optional NV24 battery—without the expense of a second inverter. The NV14’s inverter discharges 7.7 kilowatts of instantaneous power, more than most competitors in its class.
For its superior safety, performance and compatibility with any solar system, new or existing, the NV14 has been named one of Solar Power World’s top storage products for 2019 and 2020.