NeoVolta has secured a senior credit facility of up to $30 million from RoHo Capital Opportunity Fund, a joint venture between Horizon Technology Finance and CR Financial Holdings, the parent company of Roth Capital Partners.
An initial $20 million was funded at closing, with the facility expandable to $30 million by mutual agreement. The capital will support NeoVolta’s continued growth and domestic battery energy storage manufacturing expansion.
NeoVolta develops battery energy storage systems for residential, commercial, and utility applications.
Working with LONGi, the company is developing a 210,600-square-foot manufacturing facility in Pendergrass, Georgia, designed to produce battery storage systems meeting U.S. domestic-content and supply-chain requirements.
The plant is expected to begin with annual production capacity of up to 2 GWh and could eventually scale to 8 GWh.
The financing gives NeoVolta additional growth capital as it ramps the facility and pursues larger commercial and utility-scale projects.
RoHo was formed to combine Horizon’s venture lending and transaction structuring expertise with Roth’s public-market relationships, with a particular focus on providing flexible capital to small- and micro-cap public companies.
Horizon Technology Finance is an affiliate of Monroe Capital and provides secured loans to venture-backed, private equity-backed and publicly traded companies operating across technology, life sciences, healthcare and sustainability.
KEY QUOTES:
“We are pleased to support NeoVolta’s growth plans with a tailored financing solution and look forward to continuing to deploy capital through RoHo in support of innovative public companies pursuing significant market opportunities.”
Paul Seitz, Chief Investment Officer of Horizon Technology Finance
“As we ramp our Georgia facility and pursue larger commercial and utility-scale opportunities, this relationship supports our ability to execute on our long-term growth strategy.”
Ardes Johnson, CEO of NeoVolta
