NeoVolta Inc. has raised $23 million through equity financing to support working capital and fund its 60% owned 2 GWh NeoVolta Power battery manufacturing joint venture in Georgia. The company completed an initial $7 million contribution and expects mid-2026 production. The facility is structured to qualify for Section 45X tax credits and target utility-scale and C&I storage markets.
PROJECT SNAPSHOT
U.S.-based energy storage solutions provider, NeoVolta Inc., has raised approximately $23 million in gross proceeds through two financing transactions to support its 2 GWh battery energy storage system (BESS) manufacturing joint venture (JV) located in Georgia, US.
The company completed its initial $7 million capital contribution to the joint venture in January 2026, representing the first of three structured funding milestones. The proceeds from the financing transactions have been allocated to fund the joint venture capital commitment and maintain operational liquidity for NeoVolta Inc.’s residential and commercial energy storage operations.
The financing includes a $13 million private placement anchored by Infinite Grid Capital, completed across December 2025 and January 2026. The proceeds funded the initial $7 million joint venture contribution and allocated approximately $6 million toward working capital, including support for the Neubau Energy acquisition and ongoing operations. In addition, NeoVolta closed a $10 million registered direct offering in January 2026, generating net proceeds of approximately $9.4 million. These funds are being applied toward working capital and the upcoming second milestone payment to the joint venture due April 30, 2026.
Under the joint venture agreement, NeoVolta’s total committed contribution is structured in three phases: $7 million already funded, $8 million due April 30, 2026, and $10 million payable at commissioning through an asset purchase agreement with its joint venture partner. The operating agreement also allows for up to $15 million in additional contributions through June 30, 2027, if required for capacity expansion or working capital.
The Georgia facility is designed with an initial annual production capacity of 2 GWh, scalable to 8 GWh. At an illustrative price of $200 per kWh, 2 GWh of annual production represents approximately $400 million in potential annual revenue at full utilization, subject to product mix, contracts, pricing, and market conditions. The facility is structured to qualify for Section 45X Advanced Manufacturing Production Tax Credits and to meet domestic content requirements under the Inflation Reduction Act.
The joint venture includes strategic collaboration with PotisEdge for battery manufacturing expertise and LONGi as a solar and energy storage equipment supplier. NeoVolta stated that the platform expands its addressable market into utility-scale and commercial and industrial storage segments, alongside its existing residential portfolio. The company expects further updates as equipment procurement and commissioning activities advance toward targeted mid-2026 production.