Envirotech Vehicles, Inc. (Nasdaq: EVTV) Announces Intent to Expand the Type of Vehicles Offered Through the California HVIP Program and to Begin Participation in the California ISEF Set-Aside Program

Rhea-AI Summary

Envirotech Vehicles (NASDAQ:EVTV) has announced plans to expand its vehicle offerings through California's Hybrid And Zero-Emission Truck And Bus Voucher Incentive Program (HVIP) and participate in the California Innovative Small E-Fleet (ISEF) set-aside program. The company will submit required documentation to CARB in December 2024. The initiative aims to help California business owners access over $26 million in available state funding for transitioning to electric commercial vehicles. Currently, $26,954,532 in ISEF funding remains available on a first-come, first-served basis, with increased voucher amounts for vehicles domiciled in disadvantaged communities.

Positive

• Access to $26.9M in available ISEF funding for potential customers
• Expansion of vehicle offerings through California HVIP program
• New market opportunity through ISEF set-aside program participation

Negative

• None.

Insights

Market Research Analyst

This initiative to expand participation in California's HVIP and ISEF programs represents a strategic move to tap into a $26.9 million market opportunity. The focus on small fleet owners and disadvantaged communities positions EVTV to capture a significant share of California's commercial EV transition market. However, several factors temper the immediate impact: EVTV's small market cap of $23.9 million, intense competition in the commercial EV space and the first-come-first-served nature of the funding which doesn't guarantee success.

The program expansion could potentially accelerate EVTV's revenue growth in California, but investors should note that actual vehicle sales and revenue impact will depend on successful program approval and market execution. The company's ability to convert this opportunity into tangible financial results remains to be proven, especially given the competitive landscape and EVTV's current market position.

OSCEOLA, AR / ACCESSWIRE / November 29, 2024 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), today announced its intent to expand the type of Envirotech vehicles offered through the California Hybrid And Zero-Emission Truck And Bus Voucher Incentive Program ("HVIP") and to begin participation in the California Innovative Small E-Fleet ("ISEF") set-aside program

The company plans to submit the required paperwork to the California Air Resources Board ("CARB") in December 2024 to expand Envirotech's vehicle offerings under HVIP as well as to begin participation in ISEF.

Jason Maddox, President of Envirotech, emphasized the company's commitment to serving business owners in California who operate fleets of delivery vehicles. "Envirotech wants to provide California businesses easy access to electric commercial vans and trucks, as well as electric buses. The California Air Resources Board deserves great thanks for the HVIP and ISEF voucher incentive programs that allow even more businesses to immediately benefit from operating electric commercial vehicles in California. It is our intention to help business owners access the more than $26 million in available state funding so that business owners can begin using an Envirotech vehicle."

To facilitate the transition of California's businesses from fossil fuel powered commercial vehicles to electric vehicles, and to support small fleets and individual owner operators in accessing zero-emission vehicles, CARB established the HVIP program. ISEF is a set aside within the HVIP program.

As of November 29, 2024, $26,954,532 in ISEF funding remains available, according to California HVIP. Those funds will be allocated on a first come, first served basis.

Business owners interested in learning about Envirotech's vehicle offering in California, and what vouchers may be available to them - including increased voucher amounts for participants whose vehicle is domiciled in a disadvantaged community - 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 accesswire.com

FAQ

What is Envirotech Vehicles (EVTV) planning to do with California's HVIP program in December 2024?

Envirotech Vehicles plans to submit paperwork to CARB to expand its vehicle offerings under HVIP and begin participation in the ISEF set-aside program.

How much ISEF funding is available for Envirotech Vehicles (EVTV) customers as of November 29, 2024?

$26,954,532 in ISEF funding remains available, distributed on a first-come, first-served basis.

What additional benefits do Envirotech Vehicles (EVTV) customers in disadvantaged communities receive?

Customers whose vehicles are domiciled in disadvantaged communities are eligible for increased voucher amounts through the HVIP and ISEF programs.