Envirotech Vehicles Selected as Approved Vendor for New Jersey's Zero Emission Incentive Program

Rhea-AI Summary

Envirotech Vehicles, Inc. (ADOM) has been selected as an approved vendor for New Jersey's $15 million Zero Emission Incentive Program (NJ ZIP). The program provides up to $100,000 in vouchers for businesses transitioning to zero-emission vehicles in Newark and Camden. Eligible businesses can receive vouchers ranging from $25,000 to $100,000, with bonuses for minority, women, and veteran-owned businesses.

Envirotech aims to leverage this opportunity to expand its presence on the East Coast and has raised $23 million through a private offering to support its electric vehicle innovations.

Positive

• Selected as an approved vendor for the NJ ZIP, enhancing market presence.
• Potentially significant funding for businesses through NJ ZIP, bolstering sales.

Negative

• None.

- $15 Million Pilot Voucher Program Supports Businesses Transitioning to Zero Emission Fleets -

CORONA, CA / ACCESSWIRE / June 28, 2021 / Envirotech Vehicles, Inc. (OTCQB:ADOM), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that they have been selected as an approved vendor for the New Jersey Zero Emissions Incentive Program ("NJ ZIP" or the "Program"), and that its entire product line is eligible to participate in the Program.

NJ ZIP is a $15 million pilot voucher program that supports businesses and institutions purchasing new, zero-emission vehicles operating in the greater Newark and greater Camden areas by offering up to $100,000 towards the purchase of battery-electric vehicles. The Program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations looking to transition their fleets to zero emissions. Bonuses will be available for small businesses and minority-, women-, and veteran-owned businesses. NJ ZIP is funded by proceeds allocated to the New Jersey Economic Development Authority by the Regional Greenhouse Gas Initiative for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state.

"We are honored to be chosen as an approved vendor for the NJ ZIP," said Envirotech Vehicles' CEO Phillip Oldridge. "As we remain focused on executing our growth plan and capitalizing on the increasing demand for innovative, high-quality, conventional and special purposed electric vehicles, we see our approval by NJ ZIP as an excellent opportunity to expand our presence in the East Coast market. Furthermore, we understand the importance of transitioning to zero emissions, and we commend the state of New Jersey for implementing programs that expedite this initiative, while also supporting minority-, women-, and veteran-owned businesses. Utilizing the funds that we've raised through a $23 million private offering of our securities, we continue to develop and innovate our best-in-class fleet of electric vehicles and are excited to introduce them to the State of New Jersey and beyond."

About Envirotech Vehicles

Envirotech Vehicles, Inc. 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.EVTVUSA.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 Envirotech Vehicles, Inc. (formerly ADOMANI, Inc.) 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.

Contact Information

Investor Relations Contacts:

IMS Investor Relations

John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: jnesbett@imsinvestorrelations.com

Envirotech Vehicles

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

SOURCE: Envirotech Vehicles, Inc.

View source version on accesswire.com:
https://www.accesswire.com/653214/Envirotech-Vehicles-Selected-as-Approved-Vendor-for-New-Jerseys-Zero-Emission-Incentive-Program

FAQ

What is the New Jersey Zero Emission Incentive Program (NJ ZIP) for Envirotech Vehicles (ADOM)?

The NJ ZIP is a $15 million pilot voucher program that supports businesses purchasing zero-emission vehicles, offering up to $100,000 in vouchers.

How does the NJ ZIP benefit Envirotech Vehicles (ADOM)?

Being an approved vendor allows Envirotech to expand its market presence and increase sales of its electric vehicles.

How much funding has Envirotech Vehicles (ADOM) raised for its initiatives?

Envirotech has raised $23 million through a private offering to support its fleet of innovative electric vehicles.

What are the eligibility criteria for businesses under the NJ ZIP?

Businesses can receive vouchers ranging from $25,000 to $100,000, with additional bonuses for small, minority-, women-, and veteran-owned businesses.