NeoVolta Raises $23M to Support Battery Storage Project
NeoVolta raised approximately $23M in gross proceeds through two financing transactions in December 2025 and January 2026 to support working capital requirements and fund the Company's capital commitments to NeoVolta Power, a transformational 2 GWh battery energy storage system manufacturing joint venture in Georgia. NeoVolta holds a 60% controlling interest in the joint venture, which is advancing rapidly toward mass production expected in mid-2026. The Company has completed its initial $7M capital contribution to the joint venture, representing the first of three funding milestones under the joint venture agreements. The financing proceeds substantially de-risk NeoVolta's near-term capital obligations while ensuring adequate working capital to support the Company's core residential and commercial energy storage business as it scales operations. Since announcing the formation of NeoVolta Power, LLC in January 2026, the Company has completed approximately $23M in strategic equity financing: $13M Private Placement: Anchored by Infinite Grid Capital, a strategic investor with deep expertise in energy infrastructure, this transaction closed in December 2025 and January 2026. Proceeds funded the Company's initial $7M joint venture contribution and provided approximately $6M for working capital, including support for the Company's Neubau Energy acquisition and ongoing operations. $10M Registered Direct Offering: Closed in January 2026 with Needham & Company as exclusive placement agent, generating net proceeds of approximately $9.4M. Proceeds are being used to support working capital requirements and position the Company to fund the April 30, 2026 milestone payment to the joint venture. Following completion of its initial $7 million contribution, NeoVolta believes it has sufficient liquidity to meet its $8 million Phase 2 obligation due April 30, 2026, while maintaining flexibility to pursue additional strategic capital initiatives as appropriate. The Company continues to evaluate a range of financing alternatives for its Phase 3 commitment at commissioning, including equipment financing, project-level structures, and other capital sources, with a focus on disciplined capital deployment and long-term shareholder value. In parallel with its capital planning, NeoVolta Power continues to advance operational milestones at the Georgia facility. The Company expects to provide further updates in the coming weeks as equipment procurement and commissioning activities progress toward targeted mid-2026 production.
