$NEOV

Needham Initiates NeoVolta at Buy With $8 Price Target

NeoVolta to Supply Large-Scale Battery Energy Storage Systems to Infinite Grid Capital; Shares Fall

NeoVolta (NEOV) has entered into a letter of intent to supply around 1.1 gigawatt-hours of battery energy storage products to Infinite Grid Capital, or IGC, the energy infrastructure investment platform said Thursday.Financial details weren't provided.IGC will procure utility-scale battery storage systems from NeoVolta's Georgia facility, which is expected to begin production in Q3, to power its artificial intelligence infrastructure buildout across the US, IGC said.The preliminary deal also includes coordinated marketing, financing, strategic investment, and project development activities between the companies. The letter of intent will remain in effect for 12 months from execution, IGC added.Shares of NeoVolta fell around 24% in afternoon trading.Price: $1.97, Change: $-0.61, Percent Change: -23.64%

NeoVolta Prices Public Offering of Shares

NeoVolta (NEOV) said Thursday it has priced a public offering of nearly 12.2 million shares at $2.05 apiece for gross proceeds of about $25 million.The company also said it has granted its underwriter a 30-day option to buy up to an about 1.83 million additional shares.The offering is expected to close on May 29, with Lake Street Capital Markets as the book-running manager, it said.Shares were down over 21% in morning trading.Price: $2.02, Change: $-0.56, Percent Change: -21.71%

NeoVolta Lifts Stake in US Battery Joint Venture to 80%

NeoVolta (NEOV) increased its ownership in NeoVolta Power, its US battery energy storage system manufacturing joint venture in Pendergrass, Georgia, to 80% from 60%.The remaining 20% will continue to be held by CCC, a US subsidiary of PotisEdge, NeoVolta said Tuesday in a statement.The transaction requires no new cash outlay. NeoVolta said.NeoVolta retains full board and operational control of the venture, and the updated structure is designed to align with US manufacturing incentive frameworks.The company also entered into a sales, marketing, and business development agreement with PotisEdge and agreed to issue 1.2 million common shares as consideration.Price: $3.10, Change: $-0.02, Percent Change: -0.64%