NeoVolta raises US$23 million for Georgia battery pack and BESS manufacturing facility
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.
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