According to a press release, NeoVolta Inc. (NEOV) has entered into a framework supply agreement worth $116 million through its majority-owned subsidiary, NeoVolta Power, LLC. The contracting party is an unnamed provider of energy solutions that will be supplied with battery energy storage systems (BESS).
Under the agreement, NeoVolta Power will supply FEOC-compliant BESS units, with delivery scheduled for 2027. The company expects the deal to bolster production activities at its facility in Pendergrass, Georgia.
“The signing of this $116 million agreement is a significant milestone for NeoVolta, and we are confident that this is just the beginning of a much more dynamic growth trajectory for our company,” said Ardes Johnson, Chief Executive Officer of NeoVolta.
The San Diego-based company emphasized that the contract provides planning certainty for future production volumes as domestic manufacturing of energy storage systems ramps up.