-- 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.
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