San Diego-based home battery storage company NeoVolta has raised approximately US$23 million in gross proceeds through two financing transactions to support its 2GWh battery energy storage system (BESS) manufacturing joint venture (JV) in Georgia, US.
The US$23 million was raised in December 2025 and January 2026, to support “working capital requirements and fund the Company’s capital commitments” to JV NeoVolta Power.
The JV involves NeoVolta, system integrator PotisEdge, and solar PV firm Longi. In November 2025, Longi increased its stake in PotisEdge to about 62% through equity investment, capital expansion, and voting rights, gaining full control and marking its entry into energy storage.
Both Longi and PotisEdge described this as a partnership, with Longi launching its ‘Energy Storage One-Stop Solution’ covering solar, hydrogen, and energy storage. The solution will initially be deployed in markets like the UK, Germany, Italy, and Spain.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Also, in November 2025, NeoVolta secured a US$13 million private placement led by Infinite Grid Capital (IGC), intended partly to fund the development of the BESS manufacturing facility in Georgia.
NeoVolta has finalised its initial US$7 million investment in the joint venture, marking the first of three funding milestones outlined in the JV agreements.
According to the company, this funding significantly reduces its immediate capital risks and provides sufficient working capital to support the expansion of its core residential and commercial energy storage business.
NeoVolta’s total capital contribution to the JV is planned in three phases: Phase 1 (Completed): an initial US$7 million contribution funded in January 2026; Phase 2 (by 30 April 2026): a US$8 million second milestone contribution; and Phase 3 (at commissioning): a US$10 million amount through an asset purchase agreement with the JV partner.
Additionally, the operating agreement allows for up to US$15 million in extra contributions until 30 June 30 2027, if necessary, to support increased capacity, growth initiatives, or working capital needs.
The Georgia plant is designed for an initial annual production capacity of 2GWh, with the ability to expand up to 8GWh. It is expected to begin mass production by mid-2026.
The company has previously said it intends to manufacture utility-scale and commercial and industrial (C&I) energy storage products at the factory, with NeoVolta increasingly broadening its focus from distributed residential and smaller C&I market segments.
Notably, NeoVolta stated that the facility is structured to qualify for Section 45X Advanced Manufacturing Production Tax Credits and meets domestic content requirements.
The company further highlighted the revenue potential of the Georgia plant, and stated, “At an illustrative US$200 per kWh, 2GWh of annual production represents approximately US$400 million of annual revenue potential at full utilisation.”
“This illustrative example is not a forecast, projection, or guarantee of future results and is provided solely to convey the scale of the opportunity. Actual results may differ materially based on product mix, customer contracts, pricing, capacity utilisation, market conditions, competitive factors, regulatory changes, and numerous other factors. Investors should not rely on this illustrative example in making investment decisions,” it clarified.
The Energy Storage Summit USA will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount on ticket prices. For complete information, visit the Energy Storage Summit USA website.
