SAN DIEGO, May 22, 2019 (GLOBE NEWSWIRE) -- NeoVolta Inc selected Lithium Iron Phosphate (LiFePO4) over Lithium-Ion chemistry during its research & development for commercialization of its home energy storage product-line. The company’s research concluded phosphate-based technology possesses superior thermal and chemical stability which provides better safety characteristics than the Lithium-ion chemistry deployed by battery competitors such as Tesla and LG.
LiFePO4 cells are non-toxic, incombustible, more stable during overcharging or short circuit conditions and can withstand higher temperatures. Additionally, phosphate chemistry also offers a longer life cycle.
While Lithium Ion battery chemistry is used in vehicles and consumer electronics due to its light weight and high energy density characteristics, Lithium-Ion chemistry possess the additional risk of thermal runaway where an increase in battery temperature can cause a chain reaction that leads to total battery failure.
“Lithium-iron has superior chemical and thermal stability. Getting the safest non-toxic chemistry and technology for an energy storage system is just as important as saving money when its job is to power and protect your home day and night,” said Brent Willson CEO of NeoVolta. “A Lithium-iron battery remains cool at room temperature and safe to touch while the Lithium-Ion chemistry utilized by Tesla and LG have the added risk of thermal runaway.”
NeoVolta Inc. recently received approval from the California Energy Commission to connect its NV14 home energy storage system to California’s state regulated electricity grid. Approval immediately opens NeoVolta’s energy storage solutions to California’s existing 940,000 solar installations that generate nearly 17 percent of all of California’s electricity. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts and avoid expensive nighttime ‘peak’ rates charged by the utility companies when solar isn’t producing.
Acquisitions in the energy storage sector have begun to heat up. In February, Shell purchased NeoVolta competitor Sonnen for an undisclosed sum after having led a $71 million financing in May 2018. Most recently on April 29, Generac purchased NeoVolta competitor Pika Energy for an undisclosed sum.
About NeoVolta
NeoVolta designs, develops, manufactures, sells and installs home energy storage systems and products. The company’s flagship product NV14 is a complete home energy management system, designed with a 14.4 kWh rechargeable Lithium Iron Phosphate battery, a 7,680-Watt inverter, an internal auto transfer switch which allows for grid out operation, and a web-based energy management system with 24/7 monitoring. By storing energy instead of sending it back to the grid, consumers can protect themselves against blackouts, avoid expensive peak demand electricity rates charged by utility companies when solar panels aren’t producing, and get one step closer to grid independence.
Forward-Looking Statements
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the continued growth in demand in the energy storage sector. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of NeoVolta’s Form 1-A filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.