NeoVolta and Expion360 Announce LOI to Advance Battery Manufacturing and Product Design
NeoVolta (Nasdaq: NEOV) and Expion360 (Nasdaq: XPON) have signed a non-binding letter of intent (LOI) to potentially collaborate on developing a state-of-the-art battery manufacturing facility and innovative lithium-ion battery designs. Expion360 would contribute design and engineering expertise, while NeoVolta would provide capital and manpower.
NeoVolta has completed phase one of its $250 million U.S. Department of Energy Title 17 Loan Program application and received approval for phase two technical due diligence. The planned facility would employ over 150 workers to meet domestic content requirements established in the 2022 Inflation Reduction Act for Battery Electric Storage Systems (BESS).
NeoVolta (Nasdaq: NEOV) e Expion360 (Nasdaq: XPON) hanno firmato una lettera di intenti non vincolante (LOI) per una potenziale collaborazione nello sviluppo di un impianto all'avanguardia per la produzione di batterie e innovative progettazioni di batterie agli ioni di litio. Expion360 contribuirebbe con competenze di design e ingegneria, mentre NeoVolta fornirebbe capitale e manodopera.
NeoVolta ha completato la fase uno della sua domanda per il programa di prestiti Title 17 del Dipartimento dell'Energia degli Stati Uniti, del valore di 250 milioni di dollari, e ha ricevuto l'approvazione per la due diligence tecnica della fase due. L'impianto pianificato impiegher脿 oltre 150 lavoratori per soddisfare i requisiti di contenuto domestico stabiliti nell'Inflation Reduction Act del 2022 per i sistemi di stoccaggio elettrico a batteria (BESS).
NeoVolta (Nasdaq: NEOV) y Expion360 (Nasdaq: XPON) han firmado una carta de intenci贸n no vinculante (LOI) para una posible colaboraci贸n en el desarrollo de una instalaci贸n de fabricaci贸n de bater铆as de 煤ltima generaci贸n y dise帽os innovadores de bater铆as de iones de litio. Expion360 aportar铆a experiencia en dise帽o e ingenier铆a, mientras que NeoVolta proporcionar铆a capital y mano de obra.
NeoVolta ha completado la fase uno de su solicitud de pr茅stamo del programa Title 17 del Departamento de Energ铆a de Estados Unidos por un monto de 250 millones de d贸lares y ha recibido la aprobaci贸n para la debida diligencia t茅cnica de la fase dos. La instalaci贸n planificada emplear谩 a m谩s de 150 trabajadores para cumplir con los requisitos de contenido nacional establecidos en la Ley de Reducci贸n de la Inflaci贸n de 2022 para los sistemas de almacenamiento el茅ctrico de bater铆as (BESS).
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NeoVolta (Nasdaq: NEOV) et Expion360 (Nasdaq: XPON) ont sign茅 une lettre d'intention non contraignante (LOI) pour collaborer potentiellement au d茅veloppement d'une installation moderne de fabrication de batteries et de conceptions innovantes de batteries au lithium-ion. Expion360 apporterait son expertise en conception et ing茅nierie, tandis que NeoVolta fournirait le capital et la main-d'艙uvre.
NeoVolta a compl茅t茅 la premi猫re phase de sa demande pour le programme de pr锚ts Title 17 du D茅partement de l'脡nergie des 脡tats-Unis, d'un montant de 250 millions de dollars, et a re莽u l'approbation pour la diligence technique de la phase deux. L'installation pr茅vue emploiera plus de 150 travailleurs pour respecter les exigences de contenu national 茅tablies dans la loi de r茅duction de l'inflation de 2022 pour les syst猫mes de stockage 茅lectrique 脿 batterie (BESS).
NeoVolta (Nasdaq: NEOV) und Expion360 (Nasdaq: XPON) haben einen unverbindlichen Letter of Intent (LOI) unterzeichnet, um m枚glicherweise bei der Entwicklung einer modernen Batterieproduktionsanlage und innovativen Lithium-Ionen-Batteriedesigns zusammenzuarbeiten. Expion360 w眉rde Design- und Ingenieurexpertise einbringen, w盲hrend NeoVolta Kapital und Arbeitskr盲fte bereitstellt.
NeoVolta hat die erste Phase seines Antrags auf das 250 Millionen US-Dollar umfassende Darlehensprogramm Title 17 des US-Energieministeriums abgeschlossen und die Genehmigung f眉r die technische Due Diligence der zweiten Phase erhalten. Die geplante Einrichtung wird 眉ber 150 Arbeitskr盲fte besch盲ftigen, um die nationalen Inhaltsanforderungen zu erf眉llen, die im Inflation Reduction Act von 2022 f眉r Batteriespeichersysteme (BESS) festgelegt wurden.
- Potential access to $250 million DOE loan funding
- Strategic partnership with established battery technology company
- Approval to proceed with phase two of DOE loan application
- Plan to create 150+ high-paid manufacturing jobs
- LOI is non-binding with no guarantee of formal agreement
- Significant capital investment required for manufacturing facility
- Phase two DOE loan approval still pending
Insights
This LOI between NeoVolta and Expion360 marks an important step toward domestic battery manufacturing capabilities, though its impact remains speculative at this early stage. The potential
The timing aligns with strong tailwinds from the Inflation Reduction Act's domestic content requirements. A successful partnership could position both companies advantageously in the growing energy storage market, particularly given the planned 150+ employee facility. However, as this is only a non-binding LOI, investors should note that final terms, timelines and execution risks remain undefined.
The energy storage market presents substantial growth potential, driven by increasing renewable energy adoption and grid reliability concerns. This partnership could help both companies capture market share while meeting domestic manufacturing requirements. For Expion360, with its modest
However, the non-binding nature of the LOI and dependence on DOE loan approval introduce significant uncertainty. Competition in the battery sector is intense, with established players and well-funded startups vying for market share. While the strategic rationale is sound, investors should monitor concrete developments in facility planning, funding security and binding agreement terms before drawing firm conclusions about market impact.
SAN DIEGO, Dec. 11, 2024 (GLOBE NEWSWIRE) -- NeoVolta Inc. (Nasdaq: NEOV) (鈥淣eoVolta鈥�), a leading innovator in energy storage solutions, is excited to announce the execution of a non-binding letter of intent (鈥淟OI鈥�) with Expion360 Inc. (Nasdaq: XPON) (鈥淓xpion360鈥�), a renowned expert in battery design and engineering,聽and an industry leader in lithium-ion battery power storage solutions. 鈥婽he LOI provides the framework for a potential collaboration that aims to leverage the parties鈥� 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. 鈥婽ogether, 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
鈥淲e 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,鈥� said Ardes Johnson, CEO of NeoVolta.
鈥淧artnering with NeoVolta is a significant step forward for Expion360. We believe our expertise in battery design and engineering, coupled with NeoVolta鈥檚 resources and commitment to innovation, will enable us to create exceptional products that will set new benchmarks in the industry. 鈥媁e look forward to seeing the impact of our collaboration on the future of clean energy,鈥� said Brian Schaffner, CEO of Expion360.
The LOI underscores the commitment of both companies to advance the future of clean energy through innovation and collaboration. 鈥婣s they work together to bring their American-made batteries to fruition, NeoVolta and Expion360 plan to make a lasting impact on the energy storage industry.
About NeoVolta
NeoVolta is dedicated to providing reliable, sustainable, and high-performance energy storage systems. With a focus on cutting-edge technology and strategic partnerships, NeoVolta is committed to driving progress in renewable energy and enhancing how the world stores and uses power.
About Expion360
Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles and marine applications, with residential and industrial applications under development. On December 19, 2023, the Company announced its entrance into the home energy storage market with the introduction of two premium LiFePO4 battery storage systems that enable residential and small business customers to create their own stable micro-energy grid and lessen the impact of increasing power fluctuations and outages.
The Company鈥檚 lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.
The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit .
Forward-Looking Statements and Safe Harbor Notice
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release, including statements about our beliefs and expectations, are "forward-looking statements" and should be evaluated as such. Examples of such forward-looking statements include statements that use forward-looking words such as "projected," "expect," "possibility,鈥� 鈥渂elieve,鈥� 鈥渁im,鈥� 鈥済oal,鈥� 鈥減lan,鈥� and "anticipate," or similar expressions. Forward-looking statements included in this press release include, but are not limited to, statements relating to NeoVolta鈥檚 and Expion360鈥檚 future development plans, growth prospects, and market opportunity; the contemplated collaboration between the parties, including the development of a manufacturing facility and product designs; NeoVolta鈥檚 ability to comply with regulatory requirements and obtain necessary approvals; and the impact of any collaboration between the parties on the energy storage industry. Forward-looking statements are subject to and involve risks, uncertainties, and assumptions that may cause the Company鈥檚 actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by such forward-looking statements.
NeoVolta Contact:
Kate Countryman
858-239-2349
Expion360 Contact:
Brian Schaffner, CEO
541-797-6714
External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
FAQ
What is the value of the DOE loan NeoVolta and Expion360 (XPON) are seeking?
How many jobs will the new battery manufacturing facility create?
What is Expion360's (XPON) role in the battery manufacturing partnership?
What stage is NeoVolta at in the DOE loan application process?
What regulatory requirements is this partnership addressing?
