Envirotech Vehicles, Inc. (NASDAQ: EVTV) Announces Expanded Service Center Capability In New Jersey

Rhea-AI Summary

Envirotech Vehicles (NASDAQ: EVTV) has enhanced its electric vehicle service center in Manalapan, New Jersey, by adding battery balancing and service equipment capabilities. This expansion aims to provide faster repairs for customers participating in the New Jersey Zero-Emission Incentive Program (NJ ZIP).

The service center now offers comprehensive services including multi-point vehicle inspections, tire and brake repairs, and battery maintenance. The upgrade supports EVTV's plans to introduce new electric delivery vans and trucks in New Jersey during 2025, which will be available under the NJ ZIP program.

The NJ ZIP program, funded by Regional Greenhouse Gas Initiative (RGGI), is a $90 million voucher pilot offering incentives ranging from $20,000 to $175,000 for medium and heavy-duty zero-emission vehicles. The initiative aims to reduce emissions and create economic opportunities within New Jersey.

Positive

• Enhanced service capabilities with new battery balancing equipment
• Planned introduction of new electric delivery vehicles in 2025
• Access to NJ ZIP program with vouchers up to $175,000 per vehicle

Negative

• None.

Insights

Market Research Analyst

The expansion of EVTV's New Jersey service center marks a calculated move to strengthen the company's foothold in a strategically vital market. The addition of battery balancing and service capabilities addresses a critical infrastructure gap in the commercial EV sector, where vehicle downtime directly impacts business operations and adoption rates.

The timing is particularly strategic, coinciding with the $90 million NJ ZIP program offering vouchers up to $175,000 per vehicle. This expansion positions EVTV to capture a larger share of this incentive-driven market while building essential service infrastructure ahead of their planned 2025 product line launch. The investment in service capabilities could create a significant competitive moat, as comprehensive service networks remain a key differentiator in the commercial EV space.

Market implications are multifaceted:

• Enhanced service capabilities typically lead to reduced vehicle downtime, a important factor for fleet operators evaluating EV adoption
• The expansion signals EVTV's commitment to the New Jersey market, potentially attracting fleet operators who prioritize long-term service support
• The investment anticipates growing demand from the NJ ZIP program, suggesting confidence in future sales growth

For a company with a market cap of $14.67 million, this infrastructure investment represents a calculated bet on New Jersey's commercial EV market. While the immediate revenue impact may be modest, the enhanced service capabilities could prove important for securing larger fleet contracts and supporting the company's planned vehicle introductions in 2025.

OSCEOLA, AR / ACCESS Newswire / January 22, 2025 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), today announces a significant enhancement to its electric vehicle service center in Manalapan, New Jersey, positioning the company for accelerated growth and success in the rapidly expanding zero-emission vehicle market in the Garden State.

In anticipation of additional Envirotech vehicles being delivered to customers under the New Jersey Zero-Emission Inventive Program ("NJ ZIP"), the company has expanded the capability of its New Jersey service center by adding battery balancing and service equipment and capabilities. This will allow Envirotech customers to get vehicles repaired and back in service faster.

"Envirotech is steadfast in our commitment to expanding our New Jersey service center capabilities, ensuring we deliver continued support to both our current and future customers," stated Jason Maddox, President of Envirotech Vehicles. "As the adoption of electric commercial vehicle technology accelerates in New Jersey, our investment reflects our belief in this market's enormous growth potential. We recognize and commend the businesses in New Jersey for their leadership as early adopters of zero-emission technology, and we are proud to stand beside them by enhancing our service infrastructure to support their transformative missions."

In addition to the newly added battery service and balancing capability, the Envirotech electric vehicle service center features multi-point vehicle inspections and repair, including tires and brakes.

Envirotech's Jason Maddox added: "The upgraded capabilities of the vehicle service center positions Envirotech to support the new line of electric delivery vans and trucks the company intends to introduce to the New Jersey market in 2025. We intend to make those vehicles available to New Jersey businesses under the NJ ZIP program."

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 will provide 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 as a vehicle 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 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 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

What new capabilities did EVTV add to its New Jersey service center in January 2025?

EVTV added battery balancing and service equipment capabilities to its Manalapan, New Jersey service center, along with multi-point vehicle inspections and repair services for tires and brakes.

What is the value range of vouchers available through NJ ZIP for EVTV vehicles?

Through the NJ ZIP program, vouchers range from $20,000 to $175,000 for medium and heavy-duty zero-emission vehicles.

When will EVTV introduce its new line of electric delivery vans and trucks in New Jersey?

EVTV plans to introduce its new line of electric delivery vans and trucks to the New Jersey market in 2025.

How much funding is available through the NJ ZIP pilot program?

The NJ ZIP pilot program has $90 million in funding, provided by the Regional Greenhouse Gas Initiative (RGGI).