NeoVolta (NEOV) $300M Loan Application Passes Phase 2 of Department of Energy Loan Program

NeoVolta Inc. (NASDAQ: NEOV) ("NeoVolta"), a leading innovator in energy storage solutions, announced that it has completed phase two of its loan application for $300M from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO) and has been approved to proceed the conditional commitment phase, which will include negotiating a term sheet and a site visit with the U.S. Department of Energy.

NeoVolta will produce residential and commercial BESS products across the country, creating over 200 jobs and securing the American supply chain by onshoring battery cells and inverters. The company has shortlisted two states for its new headquarters, manufacturing facility, and regional offices from 23 state economic development offers.

 "In order to 'Unleash American Energy,' battery storage is essential, as well as grid strengthening," stated the U.S. Department of Energy (DOE).  Although there have been recent pauses on federal funding, the DOE has clarified that it will "continue to follow the law and allocate monies in a way that supports the initiatives of the Administration."

"We appreciate the DOE's focus on developing a robust domestic energy storage supply chain. NeoVolta will provide products and services to strengthen the grid and offer resilient domestic solutions, fostering research and development for future technologies in America," explained NeoVolta Chief Executive Officer, Ardes Johnson.  "With electricity consumption expected to grow 80% by 2050 and renewable energy meeting much of this demand, NeoVolta is acting at the right time."

Under the Title 17 Clean Energy Financing Program, projects must be able to feasibly and financially support energy development, transmission, storage, and deployment across the United States.  The Trump Administration is also focusing on U.S. manufacturing, strengthening the supply chain, and onshoring jobs, all components of this project led by NeoVolta.

"We are confident in our application to the DOE," added Johnson, "We believe we are well positioned and ready to execute on our factory strategy here in the U.S."

NeoVolta | https://neovolta.com/