NeoVolta (NEOV) said Wednesday it has signed a non-binding letter of intent with Expion360 (XPON) for a potential collaboration to set up a battery manufacturing facility and develop lithium-ion battery cell and module product designs.
Under the deal, Expion360 would contribute its know-how in design and engineering, while NeoVolta would provide the required capital and manpower, the company said.
NeoVolta said it recently finalized the first phase of a loan application for $250 million from the US Department of Energy Title 17 loan program and has been approved to proceed for the second phase.
To meet US content requirements for battery electric storage systems and other components, NeoVolta must set up a plant that can accommodate more than 150 employees, the company said.
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