20260121,neov交流纪要（英文原稿）

会议要点

1.

Company Overview & Strategic Transition

· NeoVolta (ticker: $NeoVolta(NEOV)$ ) is transitioning from a high-growth residential energy storage player to a vertically integrated platformcovering residential, CNI, and utility-scale energy storage.

· The company’s core strength lies in integrated systems(batteries, inverters, software, and services as one platform).

· Key strategic focus: Expand beyond residential to higher-margin CNI and utility-scale markets, with a manufacturing JV as a material driver of revenue and margin profile.

2.

Market & Industry Context

· Energy storage is now a foundational piece of green infrastructure, solving four critical problems: grid stabilization, peak-time cost avoidance, electrification without overbuilding generation, and domestic energy security.

· IRA incentives explicitly support U.S. storage manufacturing, with incentives in place through 2032.

· Grid demand is projected to grow 30-40% by 2035 (driven by EVs, data centers, and electrification), while the U.S. grid infrastructure has a D+ rating from the American Society of Civil Engineers. Storage is the lowest-cost, fastest-to-deploy solutionto bridge this gap.

3.

Financial Performance & Growth

· Revenue growth:

o Year-over-year growth of 290% to $8.4 million.

o Q1 fiscal 2026 revenue: $6.7 million, up over 1000% year-over-year.

o Growth is accelerating (not episodic), demonstrating product-market fit in residential before expanding to larger markets.

· Operational expansion: Beyond San Diego headquarters, now operating in multiple U.S. states, Puerto Rico, with opportunities in Latin/South America and Europe under consideration.

4.

Product Portfolio Expansion

· Residential products:

o Flagship residential systems with lithium iron phosphate chemistry and 15-year warranty(critical for financiers/asset owners).

o New NV-Waveresidential technology (modular design) enabling faster installations, lower costs, and flexible sizing (smaller/larger systems for different home sizes).

o Neubau acquisition (October 2025) supports the modular residential platform, reducing lifecycle maintenance costs. Current residential battery cells are sourced from China, with plans to pivot to Southeast Asia/Latin America and U.S. production by 2027.

· CNI & utility-scale products: Enabled by the upcoming manufacturing JV, with products set to launch in the second half of 2026.

5.

Manufacturing Joint Venture (JV)

· JV structure: NeoVolta holds a 60% majority interestin NeoVolta Power LLC. Backed by Portage (a top global energy storage integrator) and Longi (the world’s largest solar module/cell provider).

· Facility details:

o Location: Near Atlanta, Georgia (200,000 sq. ft. existing facility).

o Initial capacity: 2 gigawatt-hours (GWh) annually, scalable to 8 GWh(with potential to reach 10 GWh by adding production lines).

o Production timeline: Equipment installation in Q1-Q2 2026, mass production starting in mid-2026(targeting ~1 GWh output for the remaining 2026 post-launch).

o Workforce: One shift operation with 80-85 employeesfor 2 GWh capacity; scaling shifts to increase output.

· Financing:

o Initial $13.9 million PIPE raise (with Infinite Grid Capital), $7 millionallocated to the JV.

o Total required funding: $33-40 million(including $15 million JV credit line over 18 months post-operation).

· Offtake & demand:

o 75% of initial 2 GWh capacity expected for utility-scale, 25% for CNI (adjustable based on demand).

o Revenue potential: $400 million annualizedat $200/kWh (average for CNI/utility-scale storage).

o Backlog confidence: Supported by partners (Lumenia’s multi-hundred MWh CNI pipeline, Infinite Grid Capital’s ~100 MWh utility-scale projects, Portage’s existing pipeline, and Longi’s utility/CNI opportunities).

· Technology & compliance:

o Initial production uses prismatic cells(sourced from third parties, with plans to shift from China to Southeast Asia/Latin America/U.S. by 2027).

o Targets FEOC (Foreign Entity of Concern) complianceto meet U.S. government regulations.

o Cash flow projection: Expected to generate ~$5 million monthly cash flowat full 2 GWh capacity, with a goal of cash flow positivity by July 1, 2026 (full ramp-up date).

6.

Total Addressable Market (TAM) Expansion

· Current residential TAM: $15 billion by 2030.

· Expanded TAM (residential + CNI + utility-scale): $45 billion.

· Additional financing TAM (third-party ownership models): $20 billion(per Bloomberg/NREL data).

7.

Competitive Positioning

· NeoVolta is one of the few players covering all three verticals(residential, CNI, utility-scale), unlike most competitors focused on a single segment.

· Strategic advantage: Sole focus on energy storage(vs. competitors diverting from other sectors like EVs), plus rapid scaling capability and FEOC compliance.

8.

Key Partnerships & Collaborations

· Neubau acquisition (October 2025): Enhanced residential product portfolio with modular technology for faster, cheaper installations.

· Lumenia collaboration: Provides access to CNI projects, including a multi-hundred MWh pipeline with Southern California Community Choice Power.

· Infinite Grid Capital: Anchor investor (7 million of $13.9M PIPE) and project finance partner with ~100 MWh of utility-scale storage ready to deploy.

· Longi partnership: Access to utility-scale and CNI pipelines, with potential backlog extending to 2027.

· Portage: JV partner with existing energy storage product pipeline.

Q&A

Q:

What is the company's current funding situation, plant construction timeline, and production capacity planning?

A:

· The company has raised an initial $13.9 million PIPE with Infinite Grid Capital, of which $7 million will be directly used for the plant. The total funding target for plant setup, asset acquisition, and technology integration is $33 to $40 million. The equipment acquisition and installation will take place in Q1 to Q2 2026, with mass production scheduled for mid-2026. The plant is designed for an annual capacity of 2 gigawatt-hours (GWh). For the remaining months of 2026 after the plant starts operations, the company expects to achieve a capacity of close to 1 GWh. Starting from 2027, the company plans to expand into pouch cell assembly, leveraging existing U.S. cell manufacturing resources and exploring opportunities with non-Chinese companies in Southeast Asia and Latin America.

Q:

What is the revenue potential of the 2 GWh plant and the company's market positioning?

A:

· Based on industry estimates (from Bloomberg, McKinsey, NREL, etc.) of an average revenue of $200 per kilowatt-hour (kWh) for C&I and utility-scale storage, the 2 GWh plant represents an annualized revenue opportunity of $400 million. In terms of market positioning, the company operates across residential, C&I, and utility-scale verticals—one of the few players (alongside Tesla) to cover all three segments. Most competitors focus on a single vertical (e.g., only residential or large utility scale). The energy storage market is experiencing rapid growth, and while it has historically been dominated by Chinese-owned companies, the company sees significant room for all players to succeed as energy storage becomes a critical infrastructure.

Q:

What are the company's strategic priorities and competitive advantages?

A:

· The company’s strategic priorities include: 1) Ensuring FEOC (Foreign Entity of Concern) compliance to meet U.S. government guidelines and IRS requirements, which is a core anchor of its joint venture. 2) Expanding the addressable market from residential to C&I and utility-scale segments. 3) Becoming a product leader (not just a cost leader) by offering the best products, services, and capabilities. 4) Building multiple revenue streams through strategic acquisitions (e.g., Neubau) and partnerships (e.g., Lumenia, LonGi), which have already strengthened its pipeline to fill the factory before it opens. The company aims for exponential growththrough these transformational initiatives.

Q:

What is the company's demand outlook for the plant starting production on July 1, especially regarding backlog and off-take opportunities?

A:

· The company is highly confident in demand. Lumenia has already provided a baseline backlog to cover the first few months of production. Key partnerships support demand: Infinite Grid Capital (an anchor investor in the first $13 million raise, with $7 million allocated to the JV) has several hundred megawatt hours of utility-scale storage ready for deployment, enabling the company to participate in their projects. Potes brings a pre-existing product pipeline from before the NeoVolta JV transition. Longi is confident in providing backlog through 2027 for both large utility-scale applications and C&I segments. Since announcing the JV, multiple parties have inquired about off-take opportunities. By Q3/Q4 2026, the focus will shift to 2027 growth planning.

Q:

Will the plant be cash flow positive from day one (July 1) if operating at near 100% production capacity, and what are the cash flow projections?

A:

· From a pro forma perspective, the plant is expected to be cash flow positive on day one (July 1) at full capacity. At this capacity, it will generate ~$5 million in monthly cash flowwhile hitting target margin numbers. The plant aims for full ramp-up by July 1: equipment arrives in March, installation occurs in April, start-up and ramp-up take place in May-June, with full production starting July 1.

Q:

What is the current status of labor recruitment for the plant?

A:

· Georgia has a strong labor market. The plant is located in Pendergrass—a rural area but only 15-20 minutes from Atlanta—offering access to both rural and urban labor pools. The company has already received significant interest in roles, including senior-level positions, and is confident in filling required roles.

Q:

What are the financing requirements and timelines for the project?

A:

· The financing plan includes: $7 million secured by April 30 (part of the first $13 million raise for the JV); $10 million needed by July 1 (when operations start, coinciding with technology/equipment/IP transfer); and a $15 million JV line of credit over 18 monthsfor operations. Total financing commitments align with these milestones.

Q:

How does the production process work, specifically regarding cell origination and pack manufacturing?

A:

· The company will import individual cells from third parties to the factory. It will then assemble the pack by wiring the cells together, integrate support structures for cell packs into modules, and build battery energy storage systems from these modules.

Q:

Is there any technology difference in products serving residential, utility, or CNI segments?

A:

· There is no core technology difference across segments. The company uses lithium iron phosphate (LFP) battery chemistry (adopted since inception) for all applications, which is optimized for energy storage (not EVs, which require high-power bursts). While different cell sizes are used for varying capacities, all are designed for 2, 4, 6+ hour full-capacity deployments. Residential products use different components but share the same electrical and chemical makeup as utility/CNI products.

Q:

If this market grows as expected, will the company have first-mover advantage?

A:

· The company's advantage lies in scale—it can scale quickly and operate at the right scale, which is a key differentiator. Additionally, the market has existed since 2015 but is not widely known. Unlike competitors, this business is the company's sole focus. For example, the recent partnership announcement between Ford and CATL on stationary energy storage is seen as validation of the market rather than competition. The company believes the grid's demand for energy storage will grow explosivelydue to data centers and AI development, giving it a significant opportunity to capitalize on this trend.