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ADOMANI, Inc. (OTCQB:ADOM) announced its official name change to Envirotech Vehicles, Inc. This rebranding aligns with the company's transition towards becoming a leader in electric vehicle technology, emphasizing zero-emission, purpose-built vehicles. CEO Phillip Oldridge noted the significant market opportunity and plans to enhance visibility and expand marketing efforts under the new name. Envirotech Vehicles targets commercial fleets and aims to provide sustainable transport solutions while addressing fluctuating fuel costs and environmental regulations.
Envirotech Vehicles (ADOM) reported its Q1 2021 results, showcasing significant advancements in the zero-emission vehicle sector. Highlights include the acquisition of Envirotech Drive Systems, raising $16.3 million through a private placement, and securing agreements with TLC Truck & Equipment and Zero Nox for expanding distribution. Sales surged to approximately $471,000 from $87,000 YoY, with a net loss of $659,000. Cash reserves improved to $8.5 million. CEO Phillip Oldridge emphasized the opportunity in the growing electric vehicle market and upcoming government support for EV initiatives.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, has signed a Factory Authorized Representative Agreement with Zero Nox, Inc. to promote and sell its zero-emission electric vehicles across the U.S. Under the agreement, ZeroNox will initially purchase vehicles to serve as demos, bolstering Envirotech's market presence. Envirotech aims to leverage ZeroNox's expertise and established customer base in the EV sector to capture growing demand for electric commercial vehicles. This partnership reflects Envirotech's commitment to expanding its market reach.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, has signed a Factory Authorized Representative Agreement with TLC Truck & Equipment, enhancing its market presence on the East Coast. TLC, based in Florida, will promote and sell Envirotech's zero-emission electric vehicles nationwide. The agreement mandates TLC to purchase initial demonstration vehicles, facilitating access to a broader customer base. CEO Phillip Oldridge emphasized the importance of such partnerships to meet rising demand for EV commercial vehicles. This collaboration aims to drive growth and innovation in the electric vehicle sector.
ADOMANI, Inc. (OTCQB:ADOM) has received deposits for two Class 4 electric trucks with custom dump boxes from entrepreneur Dennis Flynn. Flynn aims to utilize these trucks for his recycling business in the San Francisco Bay area. Additionally, discussions are ongoing for the purchase of up to 24 more trucks to support further expansion. The COO, Ted Thordarson, highlighted the growing demand for high-quality electric vehicles in California, noting the shift towards greener alternatives in business operations.
ADOMANI, Inc. (OTCQB:ADOM), operating as Envirotech Vehicles, will host a conference call on May 24, 2021, at 4:30 p.m. ET to discuss its first quarter 2021 financial results. Interested parties can access the live webcast at this link or participate by phone using the provided entry codes. A replay of the call will be available until June 7, 2021. Envirotech Vehicles focuses on providing zero-emission electric vehicles, tailored for various commercial sectors, aiming to lower vehicle ownership costs while complying with environmental regulations.
ADOMANI, Inc. (OTCQB:ADOM), doing business as Envirotech Vehicles, has successfully completed the second closing of a previously announced $23 million private placement, finalizing on May 7, 2021. This closing generated $16.275 million in cash proceeds through the sale of 38,333,333 shares of common stock at $0.45 per share, along with warrants for 19,166,667 shares at an exercise price of $1.00. The company’s focus is on zero-emission electric vehicles tailored for various commercial applications, addressing cost and environmental challenges.
ADOMANI, Inc. (OTCQB: ADOM), doing business as Envirotech Vehicles, has expressed strong support for the proposed $174 billion American Jobs Plan aimed at enhancing electric vehicle infrastructure. The plan includes replacing 50,000 diesel transit vehicles and transitioning 20% of the yellow school bus fleet to electric. CEO Phillip Oldridge emphasized the company’s readiness with a customer-ready product line, anticipating increased interest from fleet operators. Envirotech aims to assist fleet operators in shifting to electric vehicles, leveraging the government’s commitment to bolster clean transportation.
ADOMANI, Inc. (OTCQB: ADOM), DBA Envirotech Vehicles, has delivered an upgraded Class 4 all-electric box truck to the Child Nutrition Services Department of Pittsburg Unified School District in California. This delivery aligns with the district's grant funding timeline and replaces an older diesel truck, marking a significant step towards zero-emission transportation. CEO Phillip Oldridge emphasized the company's commitment to supporting California school districts in transitioning to electric vehicles, highlighting a cooperative bid that simplifies the purchasing process for over 1,000 schools.
ADOMANI, Inc. (OTCQB: ADOM), known as Envirotech Vehicles, will host a conference call on March 31, 2021, at 4:30 p.m. ET to discuss its fourth quarter results. Interested participants can access the live webcast via this link. For phone participation, callers should dial (888) 506-0062 or (973) 528-0011 for international calls, using entry code 977968. A replay will be available until April 14, 2021. ADOMANI focuses on zero-emission electric vehicles for commercial and public sectors, targeting cost savings and environmental compliance.
