NeoVolta to Supply Large-Scale Battery Energy Storage Systems to Infinite Grid Capital; Shares Fall

MT Newswires Live

05/29

NeoVolta (NEOV) has entered into a letter of intent to supply around 1.1 gigawatt-hours of battery energy storage products to Infinite Grid Capital, or IGC, the energy infrastructure investment platform said Thursday.

Financial details weren't provided.

IGC will procure utility-scale battery storage systems from NeoVolta's Georgia facility, which is expected to begin production in Q3, to power its artificial intelligence infrastructure buildout across the US, IGC said.

The preliminary deal also includes coordinated marketing, financing, strategic investment, and project development activities between the companies. The letter of intent will remain in effect for 12 months from execution, IGC added.

Shares of NeoVolta fell around 24% in afternoon trading.

Price: 1.97, Change: -0.61, Percent Change: -23.64

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