Envirotech Vehicles, Inc. Announces Delivery of Two Vehicles Against $5,275,200 NJ ZIP Pipeline

Rhea-AI Summary

Envirotech Vehicles (NASDAQ:EVTV) has delivered two high roof vans to a New Jersey small fleet operator under the New Jersey Zero Emission Incentive Program (NJ ZIP), generating $218,000 in revenue. This delivery is part of the company's projected NJ ZIP pipeline of $5,275,200.

Two additional vehicles are scheduled for delivery to the same operator by mid-March 2025. The NJ ZIP program, a $90 million voucher pilot launched by NJEDA, provides vouchers ranging from $20,000 to $175,000 for medium and heavy-duty zero-emission vehicles. The program aims to reduce emissions and stimulate the adoption of zero-emission vehicles in New Jersey.

It's important to note that business owners awarded vouchers are not obligated to purchase the vehicles listed in their applications and may cancel existing orders for Envirotech vehicles.

Positive

• Secured $218,000 in immediate revenue from NJ ZIP program
• Potential revenue pipeline of $5.28M from NJ ZIP vouchers
• Additional delivery of two vehicles confirmed for March 2025

Negative

• Voucher holders not obligated to purchase vehicles
• Revenue pipeline of $5.28M not guaranteed due to cancellation rights

Insights

Financial Analyst

Envirotech Vehicles' delivery announcement represents meaningful revenue for a company of its size. The $218,000 in recognized revenue equals approximately 3.7% of EVTV's $5.97 million market capitalization - a material contribution for a microcap EV manufacturer.

More significant is the projected $5.27 million NJ ZIP pipeline, which if fully realized would nearly equal the company's entire market value. This pathway to potential revenue through government-supported clean transportation initiatives offers a defined sales channel in the competitive EV space.

However, investors must carefully weigh the critical qualification stated in the release: voucher recipients are not required to complete purchases and may cancel orders. Without historical conversion data for this program, the realization rate from vouchers to actual sales remains a significant unknown.

For context, the NJ ZIP program's voucher values ($20,000 to $175,000) create meaningful purchasing incentives that could reduce price sensitivity for EVTV's products. The scheduled delivery of two additional vehicles by mid-March to the same customer suggests some operational momentum.

This revenue recognition demonstrates execution capability - a key metric for small manufacturers. While the full $5.27 million pipeline faces conversion uncertainty, even partial realization could substantially impact EVTV's financial results given its current scale.

OSCEOLA, AR / ACCESS Newswire / March 4, 2025 / Envirotech Vehicles, Inc. (NASDAQ:EVTV) (the "Company" or "Envirotech") today announced that the Company has delivered two high roof vans to a New Jersey small fleet operator that has been awarded vouchers under the New Jersey Zero Emission Incentive Program ("NJ ZIP"). The delivery represents $218,000 in revenue against the Company's projected NJ ZIP pipeline of $5,275,200, which represents the aggregate revenue that may be generated by the Company if all customers that have been awarded vouchers to purchase an Envirotech vehicle through the NJ ZIP elect to purchase a vehicle through this program.

Envirotech is preparing two additional vehicles for delivery to the same New Jersey small fleet operator, with delivery expected by mid-March 2025.

President of Envirotech, Jason Maddox, emphasized "This represents the first of many expected deliveries against our projected pipeline of $5,275,200 related to NJ ZIP. As vehicles continue to come off our line, we look forward to continuing to deliver Envirotech vans and trucks to NJ ZIP customers who elect to redeem their vouchers."

The NJ ZIP is a $90 million voucher pilot launched by New Jersey Economic Development Authority ("NJEDA") for medium and heavy duty zero-emission vehicles. This pilot is funded by Regional Greenhouse Gas Initiative ("RGGI") proceeds allocated to NJEDA for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state. The program provides vouchers with base values ranging between $20,000 to $175,000.

The goal of the program is to accelerate the adoption and use of zero-emission medium and heavy-duty vehicles within New Jersey; to reduce emissions within the state; and to continue to allow NJEDA to determine and stimulate market-readiness, assess effectiveness of funding levels and program design, and test methodologies for measuring economic impact of such adoption. The pilot is being used to support the growth of the NJ zero-emission vehicle ecosystem, with accelerated adoption of zero-emission vehicles being the first step to attracting more jobs and investment, as other zero-emission vehicle programs and regulations roll out across multiple state agencies. Business owners that are awarded vouchers are not required to purchase the electric vehicles listed in their application and may cancel existing orders to purchase the Company's vehicles.

Business owners interested in learning about Envirotech's vehicle offering under NJ ZIP, and what vouchers may be available to them from the New Jersey Economic Development Authority should contact Envirotech at https://evtvusa.com/contact-evtv/

About Envirotech Vehicles
Envirotech Vehicles, Inc. (NASDAQ:EVTV) is a technology company dedicated to revolutionizing the electric vehicle landscape by designing and manufacturing electric commercial vehicles that offer sustainable, efficient, and cost-effective transportation solutions. Committed to driving the future of mobility, Envirotech is pushing the boundaries of innovation and sustainability. 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 Company's continued qualification for NJ ZIP, the Company's ability to meet any increase in demand for its vehicles and to manufacture and deliver its vehicles along expected timelines, the risk that customers may not elect to redeem their voucher, may determine not to purchase the Company's electric vehicles and may cancel existing orders for the Company's electric vehicles and the risks and uncertainties disclosed in reports filed by Envirotech 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 "will," "estimated," "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 undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.

CONTACT:
Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: merrick@evtvusa.com

SOURCE: Envirotech Vehicles, Inc.

View the original press release on ACCESS Newswire

FAQ

How much revenue did EVTV generate from its latest NJ ZIP delivery in March 2025?

EVTV generated $218,000 in revenue from delivering two high roof vans to a New Jersey fleet operator.

What is EVTV's total projected revenue pipeline from the NJ ZIP program?

Envirotech's projected NJ ZIP pipeline is $5,275,200, representing potential revenue if all voucher-awarded customers purchase their vehicles.

When will EVTV deliver the next batch of vehicles under the NJ ZIP program?

EVTV plans to deliver two additional vehicles to the same New Jersey fleet operator by mid-March 2025.

What is the value range of vouchers available under the NJ ZIP program?

The NJ ZIP program offers vouchers with base values ranging from $20,000 to $175,000.