diff --git a/CHANGELOG.md b/CHANGELOG.md
index 466218176..3651e422a 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,25 @@
 # Memfault Firmware SDK Changelog
 
+## [1.5.1] - 2023-12-07
+
+### :chart_with_upwards_trend: Improvements
+
+- nRF-Connect SDK:
+
+  - Correct a build error that occurs when `CONFIG_DOWNLOAD_CLIENT=y` +
+    `CONFIG_MEMFAULT_FOTA=n`. This fixes the second issue reported in
+    [#66](https://github.com/memfault/memfault-firmware-sdk/issues/66#issuecomment-1845301737)
+
+### :boom: Breaking Changes
+
+- General:
+
+  - The SDK config flag `MEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED` now defaults
+    to `0`, disabled. This saves a minor amount of code space. Most
+    implementations don't need the feature; for users that require it, the flag
+    will now need to be set in `memfault_platform_config.h` as
+    `#define MEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED 1`.
+
 ## [1.5.0] - 2023-11-29
 
 ### :rocket: New Features
diff --git a/VERSION b/VERSION
index 7f58eae58..161c04fbd 100644
--- a/VERSION
+++ b/VERSION
@@ -1,3 +1,3 @@
-BUILD ID: 4793
-GIT COMMIT: 06d69b79b
-VERSION: 1.5.0
+BUILD ID: 4929
+GIT COMMIT: 138e44883
+VERSION: 1.5.1
diff --git a/components/include/memfault/default_config.h b/components/include/memfault/default_config.h
index 3f01be5b4..a144d1793 100644
--- a/components/include/memfault/default_config.h
+++ b/components/include/memfault/default_config.h
@@ -161,13 +161,11 @@ extern "C" {
 #define MEMFAULT_EVENT_STORAGE_READ_BATCHING_ENABLED 0
 #endif
 
-//! Enables support for the non-volatile event storage at compile time
-//! instead of dynamically at runtime
-//!
-//! Disabling this feature saves several hundred bytes of codespace and can be useful to enable for
-//! extremely constrained environments
+//! Enables support for non-volatile event storage. At run-time the non-volatile
+//! storage must be enabled before use. See nonvolatile_event_storage.h for
+//! details.
 #ifndef MEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED
-#define MEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED 1
+#define MEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED 0
 #endif
 
 #if MEMFAULT_EVENT_STORAGE_READ_BATCHING_ENABLED != 0
diff --git a/components/include/memfault/version.h b/components/include/memfault/version.h
index 65d229b86..e755f1e71 100644
--- a/components/include/memfault/version.h
+++ b/components/include/memfault/version.h
@@ -19,8 +19,8 @@ typedef struct {
   uint8_t patch;
 } sMfltSdkVersion;
 
-#define MEMFAULT_SDK_VERSION   { .major = 1, .minor = 5, .patch = 0 }
-#define MEMFAULT_SDK_VERSION_STR "1.5.0"
+#define MEMFAULT_SDK_VERSION   { .major = 1, .minor = 5, .patch = 1 }
+#define MEMFAULT_SDK_VERSION_STR "1.5.1"
 
 #ifdef __cplusplus
 }
diff --git a/examples/nrf-connect-sdk/nrf9160/memfault_demo_app/west.yml b/examples/nrf-connect-sdk/nrf9160/memfault_demo_app/west.yml
index 19cfedd97..1fd57a67d 100644
--- a/examples/nrf-connect-sdk/nrf9160/memfault_demo_app/west.yml
+++ b/examples/nrf-connect-sdk/nrf9160/memfault_demo_app/west.yml
@@ -2,7 +2,7 @@ manifest:
   projects:
     - name: nrf
       url: https://github.com/nrfconnect/sdk-nrf
-      revision: v2.2.0
+      revision: v2.4.0
       import: true
       import:
         path-blocklist: modules/lib/memfault-firmware-sdk
diff --git a/ports/zephyr/ncs/CMakeLists.txt b/ports/zephyr/ncs/CMakeLists.txt
index 123f3c1c1..524f493c4 100644
--- a/ports/zephyr/ncs/CMakeLists.txt
+++ b/ports/zephyr/ncs/CMakeLists.txt
@@ -12,13 +12,12 @@ if(CONFIG_MEMFAULT_NRF_CONNECT_SDK)
   add_subdirectory(src)
   zephyr_include_directories(include)
 
-  if (NCS_VERSION_MAJOR)
-    # Note: Starting in nRF Connect SDK >= 1.3, NCS_VERSION_* fields are exposed
-    if (${NCS_VERSION_MAJOR}.${NCS_VERSION_MINOR}.${NCS_VERSION_PATCH} GREATER_EQUAL 2.4.0)
-      # We wrap download_client_get() in order to register multiple root certificates
-      #   See comment in src/memfault_fota.c for more details
-      zephyr_ld_options(-Wl,--wrap=download_client_get)
-    endif()
+  # Note: Starting in nRF Connect SDK >= 1.3, NCS_VERSION_* fields are exposed.
+  # Prior to that, they're unset and cause the GREATER_EQUAL check to be falsy
+  if (CONFIG_MEMFAULT_FOTA AND (${NCS_VERSION_MAJOR}.${NCS_VERSION_MINOR}.${NCS_VERSION_PATCH} GREATER_EQUAL 2.4.0))
+    # We wrap download_client_get() in order to register multiple root certificates
+    #   See comment in src/memfault_fota.c for more details
+    zephyr_ld_options(-Wl,--wrap=download_client_get)
   endif()
 
 endif()
diff --git a/tests/makefiles/Makefile_memfault_event_storage.mk b/tests/makefiles/Makefile_memfault_event_storage.mk
index 25d1bb3ea..a52a07680 100644
--- a/tests/makefiles/Makefile_memfault_event_storage.mk
+++ b/tests/makefiles/Makefile_memfault_event_storage.mk
@@ -14,5 +14,6 @@ TEST_SRC_FILES = \
 
 CPPUTEST_CPPFLAGS += -DMEMFAULT_TEST_PERSISTENT_EVENT_STORAGE_DISABLE=0
 CPPUTEST_CPPFLAGS += -DMEMFAULT_EVENT_STORAGE_READ_BATCHING_ENABLED=0
+CPPUTEST_CPPFLAGS += -DMEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED=1
 
 include $(CPPUTEST_MAKFILE_INFRA)
diff --git a/tests/makefiles/Makefile_memfault_event_storage_no_persistent_storage.mk b/tests/makefiles/Makefile_memfault_event_storage_no_persistent_storage.mk
index 879ae5c57..3d8e9fec9 100644
--- a/tests/makefiles/Makefile_memfault_event_storage_no_persistent_storage.mk
+++ b/tests/makefiles/Makefile_memfault_event_storage_no_persistent_storage.mk
@@ -14,6 +14,5 @@ TEST_SRC_FILES = \
 
 CPPUTEST_CPPFLAGS += -DMEMFAULT_TEST_PERSISTENT_EVENT_STORAGE_DISABLE=1
 CPPUTEST_CPPFLAGS += -DMEMFAULT_EVENT_STORAGE_READ_BATCHING_ENABLED=0
-CPPUTEST_CPPFLAGS += -DMEMFAULT_EVENT_STORAGE_NV_SUPPORT_ENABLED=0
 
 include $(CPPUTEST_MAKFILE_INFRA)