SACRAMENTO, Calif., May 28, 2026 (GLOBE NEWSWIRE) -- Infinite Grid Capital (“IGC”), an energy infrastructure investment platform that develops and finances large-scale power projects across North America, today announced that it has entered into a Letter of Intent (“LOI”) with NeoVolta Inc. (NASDAQ: NEOV) (“NeoVolta”) for the strategic procurement of utility-scale battery energy storage products to be manufactured at NeoVolta’s Pendergrass, Georgia manufacturing facility.
This is the first commercial LOI associated with the Pendergrass manufacturing facility, which remains on track to begin production in Q3 of calendar 2026. The LOI identifies three initial utility-scale project opportunities totaling approximately 1.1 GWh across the United States: an approximately 400 MWh project in West Texas, an approximately 400 MWh project in Puerto Rico, and approximately 300 MWh across multiple projects in PJM territory. IGC would procure such products directly or through its designated affiliates, project entities, and managed investment vehicles. This LOI fulfills the commercial framework contemplated at the time of IGC's December 2025 strategic investment in NeoVolta, when the parties announced plans to evaluate potential future commercial opportunities, including offtake arrangements that may align NeoVolta's commercial channels with IGC's grid-scale pipeline.
The LOI contemplates potential commercial relationship structures including preferred supplier status for designated IGC projects, project-specific exclusivity or first-negotiation arrangements, priority-allocation rights for designated manufacturing capacity, and a master supply framework agreement tied to deployment milestones and rolling forecasts. The LOI also provides for coordinated marketing, financing, strategic investment, and project development activities where mutually beneficial. Final terms, pricing, delivery schedules, and project-level commitments will be established through definitive agreements. The LOI has a term of twelve months from execution. The foregoing volume figures are preliminary estimates and may be adjusted based on final system design and other project-level considerations.
The LOI arrives as U.S. demand for battery energy storage accelerates, driven in particular by the rapid buildout of AI and data center power infrastructure, even as global BESS supply remains concentrated in jurisdictions subject to tariff exposure and foreign entity of concern (FEOC) restrictions. By securing priority access to NeoVolta's Pendergrass, Georgia output, IGC expects to advance its pipeline of utility-scale storage and AI power infrastructure projects with reduced supply chain risk and full eligibility for domestic content incentives under the Inflation Reduction Act.
Management Commentary
“This LOI aligns closely with IGC’s long-term strategic investment and infrastructure development vision in the United States,” said Frank Liu, CEO of Infinite Grid Capital. “By securing domestically manufactured battery supply as a strategic resource, we are strengthening our ability to continuously invest in AI-driven power infrastructure and utility-scale energy storage projects across the U.S. market. We believe this partnership establishes a strong foundation for IGC’s long-term growth and project deployment strategy in the United States.”
“This LOI with Infinite Grid Capital is a powerful validation of the platform we have been building,” said Ardes Johnson, Chief Executive Officer of NeoVolta. “With the Georgia facility on track to begin production in Q3 of this year, we now have the framework for a strategic customer relationship that creates direct line-of-sight between our manufacturing ramp and a 1.1 GWh pipeline of identified utility-scale projects across West Texas, Puerto Rico, and PJM. This is exactly the kind of demand visibility that will support disciplined production planning as we approach first output, and it demonstrates that the market is actively seeking domestic, FEOC-compliant BESS supply from a trusted U.S. manufacturing partner.”
Non-Binding Nature of LOI
The LOI is non-binding with respect to product purchase and supply obligations. No Party has any obligation to purchase, sell, reserve, manufacture, deliver, or pay for any minimum quantity of products unless and until such obligations are expressly set forth in definitive written agreements.
About Infinite Grid Capital
Infinite Grid Capital ("IGC") is an energy infrastructure investment platform that develops and finances large-scale power projects, including battery energy storage systems, hybrid energy hubs, and dedicated power solutions for data centers across North America and selected global markets, including key U.S. power regions such as California, Texas, and the Southeastern United States. IGC focuses on building reliable and flexible energy assets that ensure continuous power for AI workloads, industrial operations, and other mission-critical facilities. IGC is an existing strategic investor in NeoVolta, having led the Company's $13 million private placement in December 2025, and currently owns approximately 9% of NeoVolta's outstanding common stock. For more information, visit www.infinitegridcapital.com
About NeoVolta
NeoVolta is an innovator in energy storage solutions dedicated to advancing reliable, high-performance power infrastructure for residential, commercial, and utility applications. With a focus on scalable technology, domestic manufacturing, and strategic partnerships, NeoVolta is positioned to support the accelerating transition toward resilient energy systems.
For more information, visit www.neovolta.com.
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 release include, without limitation, statements regarding the ability to raise additional capital, manufacturing capacity, production timelines, market opportunity, revenue potential, the expected consummation of definitive agreements under the LOI, the anticipated volume and third-party estimated value of supply arrangements with IGC, the development of the identified projects, FEOC and domestic content compliance, tax-credit eligibility, supply collaboration frameworks and potential order volumes, the Georgia manufacturing facility ramp timeline and capacity, the commercial launch and market performance of the NVWAVE modular residential platform, the competitive advantages anticipated from domestic manufacturing and incentive qualification, and future operations generally. Although the Company 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. The Company 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. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under Item 1A. Risk Factors in the Company's most recently filed Form 10-K and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this release speak only as of its date. The Company 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.
Contacts
Infinite Grid Capital, Media Relations
Email: media@infinitegridcapital.com
NEOV Investors
Alliance Advisors IR
ir@neovolta.com
NEOV Media
Email: press@neovolta.com
Phone: 800-364-5464
