NeoVolta Expands to Texas, One of the Fastest-Growing Solar Capacity States

NeoVolta Energy Storage Systems Now Available to More Than 10 Million Texans

SAN DIEGO, Oct. 05, 2021 (GLOBE NEWSWIRE) -- NeoVolta Inc. (OTCQB: NEOV) – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, has expanded its distribution network to Texas. NeoVolta systems have been approved for grid connection by Oncor Electric Delivery Company, the state’s largest electric utility with more than 10 million customers, and by Bandera Electric Cooperative near San Antonio.

Texas ranks second in the nation in solar capacity, behind only NeoVolta’s home state of California. In addition to Texas and California, NeoVolta has certified installers in Nevada, Utah, Arizona, Oklahoma, Georgia, Florida, and Puerto Rico. To keep pace with its growing distribution network, NeoVolta recently signed a five-year supply agreement with its inverter manufacturer.

Energy resilience is a rising concern for Texans. In February 2021, winter storms caused a major power outage throughout the state. The crisis left some more than 4.5 million customers in the dark, many of them for several days, and led to skyrocketing electric bills. Texas is also one of the states hardest hit by hurricanes and tropical storms each year. Most recently, Hurricane Nicholas left more than 100,000 Texans without power in September 2021.

“Texas enjoys abundant sunshine and low solar costs, making it an ideal place to install NeoVolta energy storage,” said Brent Willson, the company’s CEO. “We’re thrilled to deliver utility savings and energy resilience to ratepayers across the Lone Star State.”

About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate (LiFe(PO4)) chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery system, a 7,680-Watt inverter 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. Customers can expand the NV14’s capacity to an industry-leading 24.0 kWh with the optional NeoVolta NV24 add-on battery. NeoVolta has added generator compatibility and is working on other industry leading improvements that will be announced soon.

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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 future performance, reliability and safety of NeoVolta’s NV14 storage system and the ability of the NV14 to be successfully integrated with residential backup generators. 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.