NeoVolta Reveals 211% Quarter-On-Quarter Boost in First Quarter 2021 Incomes
- Rise in Wholesale Dealers as well as Installers Drives Revenue Growth
- NeoVolta, manufacturer of Smart Energy Storage Systems, has revealed financial outcomes for the very first quarter 2021.
The firm reported that earnings for the quarter ending September 30, 2020 were $1,000,171, compared to $321,650 for the exact same quarter of last year. This dramatic 211% growth quarter-on-quarter mirrored a continuous increase in sales of the company's NV14 and also NV24 energy storage space systems, primarily through a group of wholesale dealers as well as installers in California.
Throughout 2020, NeoVolta increased its California distribution network to 34 certified installers. NeoVolta likewise increased its circulation network with an exclusive distributor contract with PMP Energy. For making minimum acquisitions of up to $15 million, PMP Energy has the ability to safeguard certain geographical exclusivities for circulation over the three-year term of the agreement.
The NeoVolta NV14, named among Solar Power World's top storage space items of 2019, includes a storage space ability of 14.4 kilowatt-hours and also 7.7 kilowatts of continual power discharge. That high storage capacity can be scaled approximately 24.0 kWh with the optional NV24 add-on battery, without the expense of an extra inverter. NeoVolta systems are engineered with sophisticated lithium iron phosphate chemistry, a safer and longer-lasting choice to lithium ion batteries.
" Despite the challenges positioned by the COVID-19 pandemic, NeoVolta has posted an incredibly strong quarter," said CEO Brent Willson. "With our ongoing dealer and also distributor expansion in California and surrounding states, we are dealing with increasing manufacturing and plan to quadruple capacity by the end of this year."