New Jersey Zero Emissions Incentive Program Approves Voucher Purchases for Nine Envirotech Vehicles Valued at a Total of $882,000

Rhea-AI Summary

Envirotech Vehicles, Inc. (OTCQB:ADOM) announced that the New Jersey Zero Emissions Incentive Program has approved nine vouchers, totaling approximately $882,000, for the purchase of six Class 4 high-roof logistics vans and three Class 4 urban trucks. This program aims to aid businesses in transitioning to zero-emission vehicles in the Newark and Camden areas by providing up to $100,000 per voucher. The NJ ZIP program, which is funded by the Regional Greenhouse Gas Initiative, aims to reduce harmful emissions and promote economic opportunities in affected communities.

Positive

• Award of nine vouchers totaling approximately $882,000 to support vehicle purchases.
• Program funding encourages businesses to transition to electric vehicles, fostering growth in EV demand.

Negative

• None.

CORONA, CA / ACCESSWIRE / September 29, 2021 / Envirotech Vehicles, Inc. (OTCQB:ADOM), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that the New Jersey Zero Emissions Incentive Program ("NJ ZIP or the "Program") has awarded nine vouchers with a total value of approximately $882,000 toward the purchase of six of the Company's Class 4 high-roof logistics vans and three of the Company's Class 4 urban trucks to Envirotech customers.

"As anticipated, the NJ Zip program is providing important momentum to sales of our best-in-class electric trucks and vans," stated Philip Oldridge, CEO of Envirotech Vehicles. "For many businesses, their goal of transitioning to electric vehicles is hampered by the cost of making the transition to cleaner transportation. The NJ Zip program makes it possible for companies to do the right thing and we're energized to have this opportunity to provide Envirotech's electric trucks and vans as more and more New Jersey businesses make the switch to environmentally friendly fleet vehicles."

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 intends to 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 are 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 ("NJEDA") by the Regional Greenhouse Gas Initiative ("RGGI") for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state.

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 known as 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
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

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FAQ

What is the value of the vouchers awarded to Envirotech Vehicles from NJ ZIP?

The vouchers awarded are valued at approximately $882,000.

How many vehicles are included in the voucher program for Envirotech Vehicles?

The voucher program includes six Class 4 high-roof logistics vans and three Class 4 urban trucks.

What does the NJ ZIP program aim to achieve?

The NJ ZIP program aims to support the transition of businesses to zero-emission vehicles and reduce harmful emissions.

What is the maximum value of vouchers under the NJ ZIP program?

The NJ ZIP program offers vouchers ranging from $25,000 to $100,000.

Is the NJ ZIP program linked to any environmental initiatives?

Yes, it is funded by the Regional Greenhouse Gas Initiative to reduce emissions in affected communities.