NeoVolta Expands SK On Deal to 18 GWh with Pack Purchase Agreement
NEOV has more than doubled off its 52-week low of $1.36 on light trading volume (0.2× avg).
Summary
NeoVolta's majority-owned subsidiary NeoVolta Power signed a five-year collaboration with SK On. The signed agreement secures 9 GWh of U.S.-manufactured LFP battery cells from 2027-2031. A broader framework adds another 9 GWh of cell supply and has SK On purchasing energy storage packs from NeoVolta Power, bringing total collaboration to 18 GWh. This follows yesterday's Reuters report of the initial 9 GWh supply deal. The pack purchase arrangement is a new material element that transforms SK On from supplier to customer, validating NeoVolta's domestic manufacturing platform. The deal supports expansion to a two-line Pendergrass facility targeting 8 GWh annual capacity by 2028.
At the time of this announcement, NEOV was trading at $3.81 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $196.6M. The 52-week trading range was $1.36 to $7.13. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.