NeoVolta Loan Application Approved by DOE Program

NeoVolta has completed phase one of its loan application for $250 million from the U.S. Department of Energy (DOE) Title 17 Loan Program and has been approved to proceed with phase two technical due diligence. 

To meet domestic content requirements for commercial grade battery electric storage systems and other components, the company will establish a manufacturing facility that can accommodate 150 employees. 

Additionally, NeoVolta will establish regional deployment and support centers to meet growing demand nationwide. The company will vertically integrate the manufacturing supply chain, primarily producing its battery cell technology, both cylindrical and prismatic.  A percent of that production will be utilized for third party sales, with the aim of enabling more manufacturers to participate with domestic content.  The company will also expand into inverter production and assembly.

“Strengthening U.S. manufacturing and increasing vital domestic content is a bi-partisan issue that transcends national elections, and we are proud to be part of this national effort,” says Ardes Johnson, CEO of NeoVolta.

“Given the renewed focus on U.S. manufacturing and componentry, combined with the need for grid resilience and stability, NeoVolta is preparing to launch and expand U.S. manufacturing, while completing the development of our commercial grade products. We are pleased to hear the president-elect’s multiple pro-solar energy statements throughout the campaign and look forward to providing American-made solar technology storage solutions that will strengthen our grid and efforts to achieve energy independence.”

NeoVolta says it has received offers for the establishment of a headquarters, manufacturing facility and regional offices from state economic development agencies, and is reviewing them.