NeoVolta Provides Financing Update on Transformational Battery Manufacturing Joint Venture

Core Viewpoint - NeoVolta Inc. has successfully raised approximately $23 million through financing transactions to support working capital and fund its joint venture in battery energy storage manufacturing, with mass production expected in mid-2026 [1][2][8] Financing Transactions - The company completed a $7 million initial capital contribution to its joint venture, NeoVolta Power, LLC, which is structured in three phases [2][3] - The financing includes a $13 million private placement and a $10 million registered direct offering, generating net proceeds of approximately $9.4 million [7] Capital Commitment Structure - NeoVolta's total committed capital contribution to the joint venture is structured in three phases: - Phase 1: $7 million initial contribution completed in January 2026 - Phase 2: $8 million due by April 30, 2026 - Phase 3: $10 million at commissioning [3][7] Operational Milestones - The joint venture is progressing towards operational milestones at the Georgia facility, with mass production targeted for mid-2026 [5][8] - The facility is designed to produce IRA-compliant, American-made battery energy storage systems [11] Market Opportunity - The joint venture is expected to expand NeoVolta's total addressable market to over $45 billion by 2030, including $15 billion in residential storage and $10 billion in commercial and industrial storage [11] - At full utilization, the initial annual production capacity of 2 GWh could represent approximately $400 million in annual revenue potential [11] Management Commentary - The CEO of NeoVolta highlighted the significance of the financing transactions in advancing the Georgia battery manufacturing joint venture and emphasized the company's focus on disciplined capital deployment [8]