NeoVolta Secures $5 Million Line of Credit, Strengthens Financial Position

Partnership Will Deploy NeoVolta NV14s to Power Up To 1,000 Homes

SAN DIEGO, CA, September 17, 2024 - (NASDAQ: NEOV), NeoVolta Inc., a leading provider of advanced energy storage solutions, has been selected as a strategic partner with Barrio Eléctrico for a significant expansion of residential solar and energy storage aimed at enhancing energy security in Puerto Rico. This initiative will see NeoVolta systems installed in up to 1,000 homes, with the first shipments starting this month.

Empowering Puerto Rico's Energy Future

Barrio Eléctrico, a non-profit organization dedicated to building reliable and affordable power for all communities in Puerto Rico, received $21 million from the Department of Energy to provide resilient and clean energy to the island's most vulnerable communities. As part of this initiative, NeoVolta will provide state-of-the-art energy storage systems.

"The island of Puerto Rico is known for the largest power outage in U.S. history when most residential meters waited 2 to 5 months for restoration and 200,000 families waited 5 to 11 months," said Lauren Rosenblatt, founder of Barrio Eléctrico. "We see NeoVolta as a partner in our work to reach low- and moderate-income homes with advanced energy storage solutions. NeoVolta's equipment in our fleet of installations providing electricity across Puerto Rico will differentiate and strengthen the service we offer. We are excited to be using NeoVolta to serve a large market segment that has been left behind by the residential solar market."

NeoVolta's Role in Barrio Eléctrico's Expansion

NeoVolta's energy storage systems are designed to provide safe, reliable, and long-lasting power, making them an ideal choice for this DOE-funded program. By partnering with Barrio Eléctrico, NeoVolta aims to contribute significantly to Puerto Rico's energy independence and resilience. NeoVolta estimates revenues in excess of $8M from the full deployment of the program.

"We are honored to be selected as a strategic partner by Barrio Eléctrico for this transformative DOE program," said Ardes Johnson, CEO of NeoVolta. "This initiative aligns perfectly with our commitment to providing advanced energy storage solutions that enhance energy security and resilience. We look forward to working closely with Barrio Eléctrico to deliver our systems to the homes that need them most."

A Commitment to Energy Resilience

This program, supported by a $440 million investment from the DOE, focuses on installing rooftop solar and batteries in Puerto Rico's most vulnerable communities. It is part of a broader effort to improve the island's energy infrastructure and reduce dependence on fossil fuels.

For more information about the program, visit the DOE's announcement.

Get Involved and Learn More

For additional information about NeoVolta and their energy storage solutions, please visit https://neovolta.com. To learn more about Barrio Eléctrico and its mission, visit https://www.barrioelectrico.org.