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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.
Envirotech Vehicles, Inc. (OTCQB:ADOM) has voiced its strong support for California's ZEV2030 initiative, aiming for a 100% zero-emission vehicle goal by 2030. CEO Phillip Oldridge highlighted the significance of transitioning to electric vehicles (EVs) and the role of government support in this evolution. The company specializes in purpose-built electric vehicles to address the growing demand for sustainable transportation solutions. Envirotech is positioned to help reduce greenhouse gas emissions, aligning with California's environmental goals.
Envirotech Vehicles (OTCQB:ADOM) has signed a letter of intent to acquire ProGreens New Energy Technology Co. Ltd., enhancing its position in the electric vehicle market. This acquisition enables in-house battery manufacturing, expected to reduce vehicle costs and drive significant cost synergies. It positions Envirotech as a fully integrated manufacturer of small to medium-sized electric trucks and provides access to the growing energy storage systems market. The acquisition will strengthen the management team with over 10 years of battery industry experience.
Envirotech Vehicles, Inc. (ADOM) has announced a new Factory Authorized Representative Agreement with Shine Solar, LLC. This partnership enables Shine Solar to promote and sell Envirotech's zero-emission electric vehicles across the U.S. Initially, Shine Solar must acquire at least one van and one Class 4 or Class 5 truck for demonstrations. Both companies aim to provide environmentally friendly transportation solutions, enhancing market opportunities in the South and Midwest. Shine Solar is recognized in the solar energy sector with operations in several states, further solidifying the partnership's potential impact.
Envirotech Vehicles, Inc. (ADOM) has appointed Larry Caughlan as General Counsel, effective immediately. This strategic move aims to enhance the company’s in-house legal capabilities as it evolves into a public entity. CEO Phillip Oldridge expressed confidence in Caughlan's experience, which includes overseeing significant contract negotiations and recovering over $10 million in personal injury cases. Envirotech focuses on providing zero-emission electric vehicles, catering to various sectors including commercial fleets and educational institutions.
Envirotech Vehicles Inc. (OTCQB:ADOM) reported its second quarter results for 2021, achieving sales of approximately $188,000, a significant increase from $2,000 in Q2 2020. The company incurred a net loss of $893,000, compared to $87,000 in the same quarter of the previous year. Recent developments include multiple Factory Authorized Representative agreements and total purchase orders for 30 vehicles valued at approximately $2.4 million. As of June 30, 2021, Envirotech held $20.6 million in cash and equivalents, positioning itself for future growth in the electric vehicle market.
Envirotech Vehicles, Inc. (OTCQB:ADOM) announced that its stockholders approved a reverse stock split, with a ratio between 1-for-4 and 1-for-20, to meet NASDAQ's minimum trading price requirements. The decision was made during the annual meeting on August 3, 2021, with an 85.8% majority in favor. Although the company plans to apply for NASDAQ listing, approval is not guaranteed. CEO Phillip Oldridge expressed gratitude to stockholders and enthusiasm for the uplisting process.
Envirotech Vehicles, Inc. (OTCQB:ADOM) will host a conference call on August 11, 2021 at 4:30 p.m. ET to discuss its second quarter 2021 results. Interested participants can access the live webcast here or call (844) 407-9500 for phone access. A replay will be available until August 25, 2021, at (877) 481-4010. Envirotech focuses on purpose-built zero-emission electric vehicles, serving various fleets to aid in the transition to green technology.
Envirotech Vehicles, Inc. (ADOM) has announced a Factory Authorized Representative Agreement with Hoglund Bus Co., Inc., enhancing its distribution and service capabilities in the Midwest. Hoglund will promote and service Envirotech's zero-emission electric vehicles from locations in Minnesota, Iowa, and Wisconsin. As part of the agreement, Hoglund must purchase at least one van and one Class 4 or Class 5 truck for demonstrations. This strategic partnership aligns with Envirotech's growth strategy within the rapidly expanding electric vehicle market.
Envirotech Vehicles (OTCQB:ADOM) has delivered its first all-electric Class 4 cargo van to Sunset Vans under a recent partnership. This agreement, signed in May 2021, allows Envirotech to supply electric vehicles tailored for non-emergency medical transportation. The company is also pursuing incentive vouchers for 10 additional vans. Sunset Vans, known for its wheelchair-accessible vehicle modifications, aims to lead in zero-emission transportation solutions. Both companies express optimism about expanding their collaboration amid growing demand for electric commercial vehicles.
