Horizon Technology Finance Corporation and Roth Capital Partners’ joint venture, RoHo Capital Opportunity Fund, has extended a $20 million senior credit facility to U.S.-based energy technology company NeoVolta, with the option to increase the facility to $30 million, subject to mutual agreement.
The initial $20 million was funded at closing and will support NeoVolta’s U.S. battery energy storage systems (BESS). NeoVolta disclosed in a Securities and Exchange Commission (SEC) filing that the loan carries a 10% annual interest rate, matures March 3, 2028, and begins monthly amortization payments starting December 4, 2026.
The financing includes five-year warrants at $3.30, with 1.45 million shares issued at closing, and an increase of an additional 727,000 shares if NeoVolta upsizes the facility to $30 million.
Last month, South Korean battery manufacturer SK On signed a dual-sided agreement with NeoVolta to supply 9 GWh of lithium iron phosphate (LFP) pouch cells between 2027 and 2031, with this facility supporting that deal.
NeoVolta, along with its joint venture partner LONGi, is building a 210,600-square-foot manufacturing facility in Pendergrass, Georgia. The plant will produce BESS systems to meet U.S. domestic content and supply-chain requirements and is expected to launch with up to 2 GWh of annual production capacity, scalable up to 8 GWh in the future.
“Horizon and Roth Capital bring valuable experience and a collaborative approach as we advance NeoVolta’s domestic battery energy storage systems manufacturing platform,” said Ardes Johnson, chief executive officer of NeoVolta.
“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.”
Horizon’s chief investment officer Paul Seitz outlined RoHo’s core investment strategy.
“Providing growth capital to innovative companies operating in attractive, high-growth markets is a core focus of RoHo’s investment strategy,” said Seitz.
“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.”
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