NeoVolta Inc. (NASDAQ:NEOV), a Nevada-based manufacturer of electrical equipment with a market capitalization of $189.49 million and impressive 141% return over the past six months according to InvestingPro data, announced today that James Amos has resigned from its board of directors and its committees.
Although Amos has stepped down from these roles effective December 31, 2024, he will continue to serve as an advisor to the company. His departure was not due to any disagreement with the company's operations, policies, or practices. The company maintains a strong financial position with a current ratio of 16.35, indicating robust liquidity management.
In a subsequent move, NeoVolta appointed Chandler Weeks to the board on Sunday. Weeks will also join the Audit Committee, Compensation Committee, and Nominating and Governance Committee, where he will serve as the Chairperson. He will be compensated according to the company's standard non-employee director compensation program.
Additionally, NeoVolta has entered into an employment agreement with Michael Mendik, appointing him as the chief operating officer starting Wednesday. With analysts setting a target price of $7.50 and multiple growth indicators available on InvestingPro, this appointment comes at a crucial time for the company's expansion plans.
The agreement includes a base salary of $200,000, a $40,000 cash bonus upon achieving an operational goal, and annual equity grants contingent on reaching certain targets. Mendik has been granted 150,000 restricted stock units that will vest over three years. The employment agreement is set for an initial term ending December 31, 2027, with provisions for automatic renewal.
Mendik, 51, brings experience from his previous roles, including his tenure as the Country Manager / General Manager of GoodWe, a solar and storage inverter manufacturer, and CEO / General Manager of C.F. Maier Composites, Inc. He holds a Ph.D. in Natural Sciences and a Master's in Physics from the Swiss Federal Institute of Technology, Zurich, and an MBA from Robert Morris University, Pittsburgh.
The details of Mendik's employment agreement are outlined in Exhibit 10.1 of the SEC filing that forms the basis of this report.
In other recent news, NeoVolta Inc. has announced a non-binding letter of intent with Expion360 Inc. to develop a state-of-the-art battery manufacturing facility and advance lithium-ion battery cell and module product designs. This collaboration is expected to combine Expion360's design and engineering capabilities with NeoVolta's resources.
The venture comes as NeoVolta successfully completes phase one of its loan application for $250 million under the U.S. Department of Energy's Title 17 Loan Program.
In line with the Inflation Reduction Act of 2022, NeoVolta's planned facility aims to meet domestic content requirements for Battery Electric Storage Systems and related components. The facility is projected to employ over 150 workers.
NeoVolta's recent developments also include a $1.4 million energy storage deal with National Renewable Energy Partners (NREP) and a $5 million Line of Credit from National Energy Modelers, Inc. The company is also partnering with Store Energy California to provide advanced battery storage systems to low-income households in California.
Under the leadership of its new CEO, Ardes Johnson, NeoVolta is entering new markets and forming strategic partnerships with major solar installers. The company is also in discussions to develop the next generation of its energy storage systems. Looking ahead, NeoVolta plans to enter the commercial market in 2025.
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