NeoVolta and Expion360 Announce LOI to Advance Battery Manufacturing and Product Design

Core Viewpoint - NeoVolta Inc. and Expion360 Inc. have signed a non-binding letter of intent to collaborate on developing a state-of-the-art battery manufacturing facility and innovative lithium-ion battery products, aiming to enhance American-made battery production and meet the growing demand for energy storage solutions [1][6]. Company Collaboration - The collaboration will leverage Expion360's expertise in battery design and engineering alongside NeoVolta's capital and manpower to create high-performance, sustainable energy storage solutions for residential and commercial applications [2][5]. - Both companies are committed to advancing clean energy through innovation and collaboration, with a focus on producing American-made batteries [6]. Financial and Regulatory Aspects - NeoVolta has completed phase one of its loan application for $250 million from the U.S. Department of Energy Title 17 Loan Program and is moving to phase two, which involves technical due diligence [3]. - To comply with domestic content requirements established by the Inflation Reduction Act of 2022, NeoVolta plans to establish a manufacturing facility that will create over 150 high-paying jobs [3]. Company Profiles - NeoVolta is focused on providing reliable, sustainable, and high-performance energy storage systems, emphasizing cutting-edge technology and strategic partnerships in renewable energy [7]. - Expion360 specializes in premium lithium iron phosphate (LiFePO4) batteries and is expanding into the home energy storage market, offering solutions that help customers create stable micro-energy grids [8].