Expion360 Inc. signed a non-binding letter of intent (LOI) with California-based NeoVolta Inc. regarding battery manufacturing and design.
The LOI details a potential collaboration to engineer a battery manufacturing facility and develop new lithium-ion battery cell and module designs. The agreement would leverage both companies’ resources in the project.
If the companies proceed with a formal engagement under the LOI, Expion360 would contribute its design and engineering expertise while NeoVolta would provide the necessary capital and manpower.
Expion360 CEO Brian Schaffner said, “Partnering with NeoVolta is a significant step forward for Expion360. We believe our expertise in battery design and engineering, coupled with NeoVolta’s resources and commitment to innovation, will enable us to create exceptional products that will set new benchmarks in the industry. We look forward to seeing the impact of our collaboration on the future of clean energy.”
NeoVolta recently completed phase one of its loan application for $250 million from the U.S. Department of Energy (DOE) Title 17 Loan Program (LPO), and has been approved to proceed with phase two, consisting of technical due diligence.
NeoVolta CEO Ardes Johnson said, “We are thrilled to join forces with Expion360. This collaboration aligns perfectly with our mission to drive progress in renewable energy and enhance how the world stores and uses power. By taking this initial step to combine our strengths, we are confident we can deliver cutting-edge energy storage solutions that meet the highest standards of performance and reliability.”
