08:37 AM EDT, 10/07/2025 (MT Newswires) -- NeoVolta ( NEOV ) said Tuesday it has signed an agreement to purchase strategic assets of Neubau Energy as indicated in a letter of intent first announced on Sept. 10.

Under the terms of the deal expected to close by Oct. 15, NeoVolta ( NEOV ) said it paid an initial consideration of $500,000 in cash and 200,000 shares of restricted common stock.

NeoVolta ( NEOV ) also agreed to provide unit royalty payments of $10 each on sales of neuClick Battery Modules for three years, and issue up to 4 million additional restricted common shares upon achievement of certain revenue milestones, according to a statement.

The company also hired Neubau executives Amany Ibrahim and Thomas Enzendorfer, who have been named as NeoVolta's ( NEOV ) chief operating officer and chief technology officer, respectively, NeoVolta ( NEOV ) said.

Ibrahim will succeed Michael Mendik, who will now serve as the company's chief product officer, NeoVolta ( NEOV ) said.

Shares of NeoVolta ( NEOV ) were up over 2% in recent Tuesday premarket activity.