ADOMANI Momentum Builds: NEW YORK adds ADOMANI(R) All-Electric Trucks, Vans to NY Truck Voucher Incentive Program

Rhea-AI Summary

ADOMANI (OTCQB: ADOM) has been approved as an eligible contractor for the New York Truck Voucher Incentive Program (NYTVIP), which incentivizes the replacement of older polluting vehicles with new electric ones. This program offers fleet owners in New York between $60,000 and $110,000 per vehicle for all-electric Class 3 to 5 trucks and vans. ADOMANI anticipates quick delivery of these vehicles due to current inventory levels and aims to leverage additional funding programs nationwide to enhance zero-emission vehicle deployment.

Positive

• Approved as an eligible contractor for NYTVIP, enhancing market accessibility.
• Eligible for substantial voucher incentives of $60,000 to $110,000 per vehicle.
• Strong sales momentum indicated by recent contracts and funding programs.

Negative

• None.

CORONA, CA / ACCESSWIRE / August 18, 2020 / ADOMANI, Inc. (OTCQB:ADOM) a provider of new zero-emission, purpose-built electric vehicles and drivetrain solutions is pleased to announce that it has been approved as an eligible contractor and its vehicles have been listed on the eligible vehicles list for the New York Truck Voucher Incentive Program (NYTVIP). This program provides funding for new electric vehicle purchases by New York customers to replace and scrap older polluting ICE vehicles. The voucher-based program provides New York fleet owners between $60,000 and $110,000 per vehicle for all-electric Class 3 to 5 trucks and vans sold by ADOMANI.

"This is incredibly exciting news for New York fleet owners interested in going all-electric," said Jim Reynolds, President and CEO of ADOMANI. "Now, thanks to the leadership of New York State, fleets that want to lower their TCO (total costs of ownership) and benefit from ADOMANI's cutting-edge, technologically-advanced, clean trucks and vans now have a way to get those vehicles on the road ASAP at a lower upfront cost."

"We stand ready to take orders immediately, and more importantly, to actually deliver those vehicles within a matter of weeks to our approved New York customers given our current inventory levels," added Reynolds. "We're ready to move in a New York minute to satisfy the needs of fleet owners ready to go electric!"

The news from New York builds on the sales momentum ADOMANI has announced recently. The NYTVIP, New York City Clean Trucks Program, the California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), and Carl Moyer programs, in addition to other state and national electrification grant incentive programs, such as in Oregon where ADOMANI recently sold an all-electric cargo van, will give ADOMANI even more tools to increase ZEV deployment across the country. ADOMANI also recently sold an all-electric cargo van to the City of Palmdale, California.

Jim Reynolds went on to say, "This is exciting news for ADOMANI as we now are listed on the NYTVIP and the California HVIP programs, as well as having an Executive Order issued by the California Air Resources Board (CARB) opening up sales of our vehicles in all 50 states, and will continue to identify existing and new funding available to us and our customers."

National transportation electrification leader ADOMANI and its wholly owned, California-approved dealer ADOMANI ZEV Sales, Inc. are founding members of CALSTART's National Zero Emission Truck Coalition, a diverse group of stakeholders in the clean commercial vehicle supply chain advocating for federal investment in point-of-sale voucher incentives with the goal of deploying tens of thousands of zero-emission electric vehicles in the near term, along with infrastructure and R&D investments. The coalition's goal is the establishment of a federal point-of-sale incentive program to deploy at least $2 billion over five years, provide incentives for infrastructure advancements, and support R&D by an additional $250 million over the same five-year period."

"Having one of the first purpose built Class 3 and 4 vans and trucks with inventory available for delivery today allows us to be very aggressive with fleet owners and operators in New York State in our discussions to reduce their operating costs and improve the air quality for all New Yorkers," stated Doug Lollar, ADOMANI's Director of EV Sales.

About ADOMANI®
ADOMANI, Inc. is a provider of new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI's zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership and help fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com

Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by ADOMANI with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed" and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Investor Relations Contacts:
ADOMANI, Inc.
Kevin Kanning
VP Investor Relations
Telephone: (650) 533-7629
Email: kevin.k@ADOMANIelectric.com

Michael K. Menerey
Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: mike.m@ADOMANIelectric.com

Renmark Financial Communications, Inc.
Joshua Lavers
Telephone: (416) 644-2020, ext. 3409 or (514) 939-3989
Email: jlavers@renmarkfinancial.com

SOURCE: ADOMANI, Inc.

View source version on accesswire.com:
https://www.accesswire.com/601513/ADOMANI-Momentum-Builds-NEW-YORK-adds-ADOMANIR-All-Electric-Trucks-Vans-to-NY-Truck-Voucher-Incentive-Program

FAQ

What is the significance of ADOMANI being added to the NYTVIP?

ADOMANI's inclusion in the NYTVIP allows them to offer significant financial incentives to New York fleet owners, promoting the adoption of electric vehicles.

How much funding can New York fleet owners receive for electric vehicles?

New York fleet owners can receive between $60,000 and $110,000 per vehicle under the NYTVIP.

What types of vehicles does ADOMANI offer under the NYTVIP?

ADOMANI offers all-electric Class 3 to 5 trucks and vans eligible for the NYTVIP.

What recent sales has ADOMANI announced?

ADOMANI recently sold an all-electric cargo van to the City of Palmdale, California, showcasing their growing sales.

What is the goal of CALSTART's National Zero Emission Truck Coalition?

The goal is to advocate for federal investment in zero-emission vehicles and support infrastructure and R&D advancements.