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SAN DIEGO, June 25, 2019 (GLOBE NEWSWIRE) -- Sempra Energy, parent of San Diego Gas & Electric (SDG&E), has officially approved NeoVolta’s NV14 home energy storage system for grid operations. In an 18 June 2019 letter to NeoVolta, Sempra stated that the NV14 “meets all of our interconnection requirements.”
“San Diego is one of the largest markets for residential solar in the United States,” said Brent Willson, CEO of NeoVolta. “The climate here is ideal for solar production, and we believe solar provides a quick return on investment. With the utility companies now facing high operating costs spread over shrinking customer bases, electricity rates in San Diego are now among the highest in the country, increasing much faster than inflation.
“Utility plans such as Time of Use (TOU) pricing might cause some solar customers to once again become rate payers. By installing NeoVolta’s NV14, solar customers will be on battery power instead of grid power during TOU periods, without having to modify their lifestyle. They will also have the added benefit of blackout protection. Being approved for interconnection with SDG&E’s grid is the first step in a statewide rollout of our energy storage system.”
About NeoVolta - NeoVolta designs, develops and manufactures utility-bill reducing residential energy storage systems capable of powering your home even when the grid goes down. With a focus on safer Lithium-Iron Phosphate chemistry, the NV14 is equipped with a solar rechargeable 14.4 kWh battery, a 7,680-Watt inverter and a web-based energy management system with 24/7 monitoring. Customer solar panels will continue to power the home’s critical loads and charge the battery when the sun is shining. And when the sun goes down, the battery system will power the home with or without an operating grid. This affords customers the ability to send excess solar production to the grid and the option of using their excess solar production at a later time or date when their energy needs are highest. Customers benefit from blackout protection, avoiding expensive peak demand electricity rates, being one step closer to grid independence, and from a very safe battery chemistry.
Forward-Looking Statements: Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, the continued growth in demand in the energy storage sector and the ability of NeoVolta to successfully complete a statewide rollout. Although NeoVolta believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. NeoVolta has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the "Risk Factors" section of NeoVolta’s Form 1-A filing filed with the Securities and Exchange Commission ("SEC") and updated from time to time in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. NeoVolta undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.