NeoVolta, a U.S.-based energy storage solutions provider, announced it has raised around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026.

The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital (IGC). This transaction closed in December 2025 and January 2026.

The next $10 million was raised through a registered direct offering, closed in January 2026 with Needham & Company as the exclusive placement agent, generating net proceeds of approximately $9.4 million.

The proceeds are intended to support working capital requirements and fund the company’s capital commitments to NeoVolta Power, a 2 GWh battery energy storage system manufacturing joint venture (JV), in Georgia. NeoVolta holds a 60% controlling interest in the JV, which is targeting mass production in mid-2026.

The company has made an initial $7 million capital contribution to the JV, marking the first of three funding milestones under the joint venture agreements. Additionally, the JV operating agreement allows for up to $15 million in additional contributions through June 30, 2027.

As per NeoVolta, the proceeds de-risk its near-term capital obligations while supporting working capital needs for its residential and commercial energy storage business as it scales operations.

According to Mercom’s Annual and Q4 2025 Funding and M&A for Energy Storage report, announced debt and public market financing for Energy Storage companies in 2025 decreased 30% YoY, with $11.4 billion in 44 deals compared to $16.2 billion in 32 deals in 2024. Despite the lower capital raised, deal activity increased 38% YoY.

In August 2025, Energy Vault, a utility-scale energy storage project developer, announced that it had entered into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets.