NeoVolta Adds $555,700 in Purchase Orders

SAN DIEGO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- NeoVolta Inc. NEOV – NeoVolta Inc., manufacturer of Smart Energy Storage Solutions, today announced purchases by PMP Energy over the past two months valued at $555,700. These purchase orders are part of a three-year exclusive distribution agreement signed by the two companies in 2019. Under the agreement, PMP Energy provides dealers with training and certification to install NeoVolta energy storage systems in homes and other locations.

"These recent purchases from PMP Energy indicate strong demand for NeoVolta's energy storage products," said Brent Willson, CEO of NeoVolta Inc. "Our all-in-one storage systems deliver safe, reliable backup power during an outage, when you need it most. And during normal conditions, they are the perfect solution for skyrocketing utility costs."

The company now has more than 50 certified installers in California alone, with installations also expanding in Nevada, Arizona, Utah, Oklahoma, Georgia, Florida, Texas, and Colorado. In January 2022, the NeoVolta NV14 system was recognized as one of Solar Power World's Top Solar Storage Products for the third year in a row. And in April 2022, the NV14 was named one of the most affordable solar batteries in the U.S. in EnergySage's latest semiannual Solar Marketplace Intel Report.

Dan Briggs, PMP Energy's President and CEO, said, "NeoVolta offers high-performance, innovative energy storage systems, and we are extremely proud to be their distributor. As homeowners across the Sun Belt continue to discover the advantages of NeoVolta, we expect continued demand."

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.

For more information visit: http://www.NeoVolta.com email us: IR@NeoVolta.com or call us: 858-239-2029

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 demand of for NeoVolta's energy storage products, 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 S-1/A filed with the Securities and Exchange Commission ("SEC") on July 11, 2022 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48394394-8bef-42fb-b1e1-19c033ee8ca2