NeoVolta Secures $5M Credit Line
NeoVolta has secured a $5 million line of credit from National Energy Modelers, which the company says will bolster its working capital while preserving shareholder equity.
The LOC is a pure debt financing agreement with no equity component.
“We are thrilled to secure this $5 million line of credit,” says Steve Bond, CFO of NeoVolta.
“With so many opportunities in the residential energy space, this infusion of capital will enable us to take advantage of more of them and continue to establish ourselves as the Swiss Army knife of the energy storage industry. This line of credit strengthens our financial foundation and positions us to pursue our growth strategy more effectively.”
Pursuant to the LOC, NeoVolta agreed not to utilize its Form S-3 registration statement, meaning that the company cannot issue shares under the shelf registration statement without the lender’s consent. This was done to address investor concerns about potential dilution arising from the registration statement.