Envirotech Vehicles Applauds New Jersey’s New Zero-Emission Incentive Program

Rhea-AI Summary

ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, supports New Jersey's new zero-emission incentive program aimed at enhancing environmental sustainability. Announced by Governor Phil Murphy, the initiative includes a $100 million fund for clean transportation, featuring a $15 million voucher pilot program to transition diesel trucks to zero-emission vehicles. Discounts of $25,000 to $100,000 will be available, benefiting commercial fleets. CEO Phillip Oldridge emphasizes the growth opportunity in the commercial electric vehicle market fueled by increased demand from online shopping and government incentives.

Positive

• New Jersey's $100 million funding for clean transportation enhances market opportunities.
• The NJ ZIP program offers $25,000 to $100,000 discounts for electric vehicle adoption.
• Increased awareness of electric vehicle benefits aligns with post-pandemic online shopping trends.
• Envirotech Vehicles is well-positioned to capitalize on governmental incentives for commercial EVs.

Negative

• None.

State Incentivizes the Adoption of Commercial Electric Vehicles To Advance Environmental and Clean Energy Goals

CORONA, CA / ACCESSWIRE/ March 24, 2021 / ADOMANI, Inc. (OTCQB:ADOM), DBA Envirotech Vehicles, a provider of new, purpose-built electric vehicles, applauded the new zero-emission incentive program that was recently launched in New Jersey.

"We commend New Jersey for stepping forward to incentivize clean transportation and for furthering their strong commitment to improving our environment. We are excited to work with New Jersey to utilize this innovative program," commented Phillip Oldridge, Envirotech Vehicles' Chief Executive Officer.

New Jersey Governor Phil Murphy announced $100 million in funding for clean transportation projects, as well as a new executive order establishing the Office of Climate Action and the Green Economy. Under the state's new $15 million voucher pilot program, the New Jersey Zero Emission Incentive Program (NJ ZIP), the state's goal is to replace Class 2-6 diesel trucks with zero-emission trucks. NJ Zip will provide point of sale discounts of $25,000 (Class 2) - $100,000 (Class 6) per vehicle for participating fleets.

"With the advent of additional funding opportunities that promote commercial electric vehicle usage, there is growing awareness that the use of heavy-duty EV's can significantly impact the fight against climate change and can help reduce urban pollution. Additionally, the growing adoption of commercial electric vehicles coincides with a trend coming out of the pandemic - the seismic shift toward online shopping, which is resulting in a greater demand for energy efficient delivery fleets," continued Mr. Oldridge.

Mr. Oldridge concluded, "We are excited that the commercial EV industry is experiencing unprecedented growth as a result of the continuing adoption of electric vehicles, and the launch of important incentive programs and subsidies from state governments. As an experienced provider of high-quality, special-purpose commercial electric vehicles, Envirotech is uniquely poised to apply to be approved to participate in this expansive market opportunity and continue our rapid growth."

About Envirotech Vehicles

ADOMANI, Inc. (DBA Envirotech Vehicles) is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our vehicles 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, Inc. (DBA Envirotech Vehicles) 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," "expected," "believes," "strategy," "opportunity," "anticipated," "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, Envirotech Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Investor Relations Contacts:

Envirotech Vehicles
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1205
Email: mike.m@ADOMANIelectric.com

IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: (203) 972-9200
Email: jnesbett@imsinvestorrelations.com

SOURCE: ADOMANI, Inc.

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FAQ

What is ADOM's response to New Jersey's zero-emission incentive program?

ADOMANI, Inc. (DBA Envirotech Vehicles) supports New Jersey's zero-emission incentive program, highlighting its potential to promote electric vehicle adoption.

How much funding has New Jersey allocated for clean transportation projects?

New Jersey has announced $100 million in funding for clean transportation projects, including a $15 million voucher pilot program.

What discounts does the NJ ZIP program offer for electric vehicles?

The NJ ZIP program provides point-of-sale discounts ranging from $25,000 for Class 2 vehicles to $100,000 for Class 6 vehicles.

What market trends are impacting ADOMANI's business?

The growing trend of online shopping has increased the demand for energy-efficient delivery fleets, positively impacting the commercial electric vehicle market.

What are the key opportunities for Envirotech Vehicles in the current market?

Envirotech Vehicles is positioned to leverage governmental incentive programs and increased demand for commercial electric vehicles.