Envirotech Vehicles Provides Update on NJ ZIP and California HVIP Deliveries

Rhea-AI Summary

Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced the delivery of three electric vehicles in April 2023, two through New Jersey's Zero-Emission Incentive Program and one through California's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project. The NJ ZIP program has allocated $90 million and collected $43 million in voucher applications, facilitating the acquisition of approximately 400 vehicles in 2022. In California, the HVIP program, operational since 2009, provides point-of-sale vouchers to make advanced vehicles more affordable, with voucher values ranging from $7,500 to $120,000. CEO Phillip Oldridge expressed optimism for increased vehicle placements through these programs in 2023 compared to 2022. Envirotech focuses on reducing vehicle ownership costs and supporting fleet operators in adopting green technologies.

Positive

• Delivery of three electric vehicles in April 2023.
• Participation in NJ ZIP and HVIP programs enhances revenue potential.
• Historical success of NJ ZIP with approximately 400 vehicles funded in 2022.
• CEO expresses optimism for increased vehicle placements in 2023.

Negative

• None.

OSCEOLA, AR / ACCESSWIRE / April 24, 2023 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles ("EVTV" or "Envirotech"), announced today that so far in the month of April it has delivered two vehicles through the New Jersey Zero-Emission Incentive Program ("NJ ZIP") and one vehicle through the California Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP).

Phillip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, "NJZIP and California's HVIP continue to be invaluable programs for EVTV and we are proud to continue our momentum with both of these. As we look ahead, we look forward to leveraging our contacts to try to place even more vehicles with customers through NJZIP and HVIP in 2023 than we did in 2022."

NJ ZIP is a $90 million voucher pilot launched in 2021 by New Jersey Economic Development Authority (NJEDA) for Medium to Heavy Duty Zero-Emission Vehicles. Phase 1 of the program in 2022 resulted in $43 million in voucher applications received, representing approximately 400 vehicles. The program 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.

California's HVIP plays a crucial role in the deployment of zero-emission and near-zero-emission technologies. HVIP accelerates commercialization by providing point-of-sale vouchers to make advanced vehicles more affordable. Launched by the California Air Resources Board (CARB) in 2009, the project is part of California Climate Investments. HVIP is the earliest model in the U.S. to demonstrate the function, flexibility, and effectiveness of first-come first-served incentives that reduce the incremental cost of commercial vehicles. Vouchers have base values ranging between $7,500 and $120,000.

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. EVTV serves commercial and last-mile fleets, school districts, public and private transportation service companies, and academic institutions to meet the increasing demand for heavy-duty electric vehicles. EVTV's 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

For Envirotech Vehicles:

Investor Relations
ICR, Inc.
Telephone: (646) 200-8873
Email: envirotech@icrinc.com

Sue Emry, Executive Vice President
Telephone: (870) 970-3355
Email: sue.e@evtvusa.com

Arkansas Press Inquiries
Kristen Nicholson, APR
Telephone: (501) 350-3658
Email: knicholson@mhpteamsi.com

SOURCE: Envirotech Vehicles, Inc.

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https://www.accesswire.com/750816/Envirotech-Vehicles-Provides-Update-on-NJ-ZIP-and-California-HVIP-Deliveries

FAQ

How many vehicles did Envirotech Vehicles deliver in April 2023?

Envirotech Vehicles delivered three electric vehicles in April 2023.

What programs are Envirotech Vehicles utilizing for vehicle sales?

Envirotech is utilizing the New Jersey Zero-Emission Incentive Program (NJ ZIP) and California's Hybrid and Zero Emission Truck and Bus Voucher Incentive Project (HVIP).

What is the funding amount for the NJ ZIP program?

The NJ ZIP program has a total funding of $90 million.

What voucher values are offered through the HVIP program?

HVIP program vouchers range from $7,500 to $120,000.

What does Envirotech Vehicles focus on?

Envirotech focuses on providing zero-emission electric vehicles to reduce ownership costs and promote green technology for fleet operators.