NeoVolta, which makes energy storage systems for residential and commercial solar equipment, filed on Wednesday with the SEC to raise up to $10 million in an initial public offering. The company is currently listed on the OTCQB (NEOV).
The Poway, CA-based company plans to raise $10 million by offering 1.7 million units at a price range of $5 to $7. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. At the midpoint of the proposed range, NeoVolta would command a market value of $200 million.
Because the company is offering units with warrants attached, NeoVolta will be excluded from Renaissance Capital's 2022 IPO stats.
NeoVolta is a designer, manufacturer, and seller of high-end energy storage systems (ESS). Its products include the NeoVolta NV14 and NV 24, which can store and use energy via batteries and an inverter at residential or commercial sites. The company primarily markets and sells its products directly to its certified solar installers and solar equipment distributors. In the future, it also intends to pursue residential developers, commercial developers, and other commercial opportunities.
NeoVolta was founded in 2018 and booked $5 million in sales for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol NEOV. The company filed confidentially on January 21, 2022. Maxim Group LLC is the sole bookrunner on the deal.
