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NeoVolta and Expion360 Announce LOI to Advance Battery Manufacturing and Product Design
SAN DIEGO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- NeoVolta Inc. (Nasdaq: NEOV) (“NeoVolta”), a leading innovator in energy storage solutions, is excited to
About this update from Expion360 Inc.
[{"type":"text","content":"SAN DIEGO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- NeoVolta Inc. (Nasdaq: NEOV) (“NeoVolta”), a leading innovator in energy storage solutions, is excited to announce the execution of a non-binding letter of intent (“LOI”) with Expion360 Inc. (Nasdaq: XPON) (“Expion360”), a renowned expert in battery design and engineering, and an industry leader in lithium-ion battery power storage solutions. The LOI provides the framework for a potential collaboration that aims to leverage the parties’ shared resources to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries. If the parties proceed with a formal engagement under the LOI, Expion360 intends to contribute its expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together, the companies expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications. Recently NeoVolta completed phase one of its loan application for $250 million from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO), and has been approved to proceed with phase two, consisting of technical due diligence. To meet domestic content requirements for commercial grade Battery Electric Storage Systems (BESS) and other components, NeoVolta must establish a state-of-the-art manufacturing facility that can accommodate more than 150 high-paid employees. Domestic content requirements for the entire industry were codified in the bipartisan Inflation Reduction Act (IRA) in 2022, and President-elect Trump has continued to promote American production throughout his transition announcements. “We are thrilled to join forces with Expion360. This collaboration aligns perfectly with our mission to drive progress in renewable energy and enhance how the world stores and uses power. By taking this initial step to combine our strengths, we are confident we can deliver cutting-edge energy storage solutions that meet the highest standards of performance and reliability,” said Ardes Johnson, CEO of NeoVolta. “Partnering with NeoVolta is a significant step forward for Expion360. We believe our expertis...