Envirotech Vehicles, Inc. (NASDAQ:EVTV) Announces Support Team for California And New Jersey Electric Vehicle Applications

Rhea-AI Summary

Envirotech Vehicles (NASDAQ:EVTV) has announced the formation of a support team to assist customers with electric vehicle voucher applications in California and New Jersey. The team will help customers apply for funding through the California Air Resources Board (CARB)'s Hybrid And Zero-Emission Truck And Bus Voucher Incentive Program (HVIP) and the New Jersey Zero-Emission Incentive Program (NJ ZIP).

The NJ ZIP is a $90 million voucher pilot offering base values between $20,000 to $175,000 for Medium and Heavy Duty Zero-Emission Vehicles. The program aims to accelerate zero-emission vehicle adoption, reduce emissions, and stimulate market readiness in New Jersey.

Positive

• Creation of dedicated support team to facilitate customer access to state funding programs
• Access to NJ ZIP's $90 million voucher program with values up to $175,000 per vehicle

Negative

• None.

Insights

Market Research Analyst

The establishment of a dedicated support team for EV funding applications in California and New Jersey represents a strategic move to capitalize on significant state-level incentive programs. The $90M NJ ZIP program offers substantial vouchers ranging from $20,000 to $175,000, creating a compelling value proposition for potential customers. However, EVTV's micro-cap status ($25.6M) raises questions about its ability to capture meaningful market share in these competitive regions.

The focus on assisting with CARB's HVIP and ISEF programs, along with NJ ZIP applications, could help reduce friction in the sales process and potentially accelerate customer acquisition. Yet, the company faces intense competition from larger, established EV manufacturers who likely have similar support systems in place. The initiative, while positive for customer service, may not significantly impact near-term financial performance without substantial sales execution.

OSCEOLA, AR / ACCESSWIRE / December 10, 2024 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), today announced Envirotech's support team for California and New Jersey electric vehicle applications. The company has assembled a working group of employees to assist customers submitting voucher applications for California Air Resources Board ("CARB") funding as well as for New Jersey Zero-Emission Incentive Program ("NJ ZIP") funding.

Phil Oldridge, CEO of Envirotech, explained the company's action: "Envirotech has assembled a working team of employees to assist customers with their applications for CARB funding and NJ ZIP funding. By assisting customer with their applications, Envirotech continues to lower the hurdle for business owners to successfully transition from hydrocarbon-fueled vehicles to electric vehicles."

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 Hybrid And Zero-Emission Truck And Bus Voucher Incentive Program ("HVIP"). Innovative Small E-Fleet ("ISEF") is a set aside within the HVIP program.

NJ ZIP is a $90M 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 in California or New Jersey, and what vouchers may be available to them from the California Air Resources Board or 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 accesswire.com

FAQ

What funding programs is Envirotech Vehicles (EVTV) helping customers access in December 2024?

Envirotech Vehicles is helping customers access CARB funding in California through the HVIP program and NJ ZIP funding in New Jersey for zero-emission vehicles.

How much funding is available through the NJ ZIP program that Envirotech (EVTV) customers can access?

The NJ ZIP program is a $90 million voucher pilot offering base values ranging from $20,000 to $175,000 for Medium and Heavy Duty Zero-Emission Vehicles.

What support is Envirotech Vehicles (EVTV) providing for electric vehicle voucher applications?

Envirotech has assembled a dedicated team of employees to assist customers with submitting voucher applications for CARB funding and NJ ZIP funding programs.