Envirotech Vehicles Delivers One Van to New Jersey Customer

Rhea-AI Summary

Envirotech Vehicles (OTCQX: EVTV, EVTVD) announced the delivery of an additional van to a customer in New Jersey, bringing the total vehicles delivered under the NJ Zip voucher program to 17. This pilot program, funded by the New Jersey Economic Development Authority, offers up to $100,000 for businesses transitioning to zero-emission vehicles. CEO Phillip Oldridge highlighted that vehicle deliveries signify sales once accepted by customers. The NJ ZIP initiative is aimed at reducing emissions and fostering economic opportunities in specific New Jersey areas.

Positive

• Total of 17 vehicles delivered in New Jersey under NJ Zip program, indicating strong sales growth.
• NJ Zip program offers significant financial incentives, enhancing demand for zero-emission vehicles.

Negative

• None.

OCESOLA, AR / ACCESSWIRE / June 29, 2022 / Envirotech Vehicles, Inc. (OTCQX:EVTV and EVTVD) a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that it has delivered one additional van to a customer in New Jersey, bringing the cumulative total of vehicles delivered in New Jersey to recipients of NJ Zip vouchers to seventeen thus far.

Phillip Oldridge, CEO of Envirotech Vehicles, commented, "We are pleased to deliver another vehicle to a customer through the NJ Zip program. This program continues to be an excellent driver of sales for our Company and we look forward to more opportunities as businesses throughout New Jersey make the change to zero emission vehicles. I would also like to clarify that Envirotech does not record revenue from a sale until the vehicle is delivered to the customer and accepted by them, so that when we announce deliveries, we are, in effect, announcing sales."

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. 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: evtv@imsinvestorrelations.com

Press Inquiries
Kristen Nicholson, APR
Telephone: 501.350.3658
Email: knicholson@mhpteamsi.com

Envirotech Vehicles
Susan Emry, Executive Vice President
Telephone: (870) 970-3355 ext. 1001
Email: sue.e@evtvusa.com

SOURCE: Envirotech Vehicles, Inc.

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FAQ

What is the recent delivery announced by Envirotech Vehicles?

Envirotech Vehicles announced the delivery of an additional van to a customer in New Jersey, increasing total deliveries to 17 under the NJ Zip program.

What is the NJ Zip program related to Envirotech Vehicles?

The NJ Zip program is a $15 million initiative offering vouchers up to $100,000 to support the purchase of zero-emission vehicles in New Jersey.

How does Envirotech Vehicles recognize revenue from vehicle sales?

Envirotech Vehicles recognizes revenue only when a vehicle is delivered and accepted by the customer.

What are the financial benefits of the NJ Zip program for businesses?

The NJ Zip program provides financial incentives ranging from $25,000 to $100,000, encouraging businesses to transition to zero-emission fleets.

What areas does the NJ Zip program target?

The NJ Zip program focuses on the greater Newark and Camden areas in New Jersey.