Energy Storage News•8 days ago
NeoVolta raises US$23 million for Georgia battery pack and BESS manufacturing facility
Key Takeaway
The new 2GWh domestic BESS manufacturing facility in Georgia will increase US supply, potentially lowering costs and improving availability for developers and large power consumers.
AI Summary
- •NeoVolta has secured US$23 million in financing for a 2GWh Battery Energy Storage System (BESS) manufacturing joint venture in Georgia, US.
- •This new domestic manufacturing capacity (2GWh) signals increased future supply of BESS, potentially easing procurement and reducing lead times for developers and large power consumers.
- •The US-based facility could leverage Inflation Reduction Act (IRA) incentives, potentially leading to more cost-effective and domestically compliant BESS solutions for projects.
Topics
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