NeoVolta and Expion360 sign letter of intent to boost U.S. battery manufacturing

NeoVolta Inc. has signed a non-binding letter of intent with Expion360 Inc. to collaborate on battery manufacturing and design. This partnership aims to create a new facility for American-made lithium-ion batteries, enhancing energy storage solutions for residential and commercial use. Expion360 will provide its design expertise, while NeoVolta will supply capital and workforce. This collaboration follows NeoVolta's recent progress in securing a $250 million loan from the U.S. Department of Energy to support domestic battery production. The companies plan to meet domestic content requirements established by the Inflation Reduction Act, which promotes American manufacturing. This partnership marks a significant step in advancing clean energy technology and improving energy management systems.