Expion360, NeoVolta enter LOI to advance battery manufacturing

NeoVolta (NEOV) announced the execution of a non-binding letter of intent with Expion360 (XPON). The LOI provides the framework for a potential collaboration that aims to leverage the parties’ shared resources to engineer a battery manufacturing facility and develop lithium-ion battery cell and module product designs. 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. Together, 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 $250M from the U.S. Department of Energy Title 17 Loan Program, and has been approved to proceed with phase two, consisting of technical due diligence. To meet domestic content requirements for commercial grade Battery Electric Storage Systems and other components, NeoVolta must establish a manufacturing facility that can accommodate more than 150 high-paid employees. Domestic content requirements for the entire industry were codified in the bipartisan Inflation Reduction Act in 2022, and President-elect Trump has continued to promote American production throughout his transition announcements.