New Jersey Zero Emissions Incentive Program Approves Voucher Purchases for 18 Envirotech Vehicles Valued at a Total of $1.4M

Rhea-AI Summary

Envirotech Vehicles, Inc. (EVTV) announces the award of 18 vouchers totaling approximately $1.4M under the New Jersey Zero Emissions Incentive Program (NJ ZIP) for 13 Class 4 vans and 5 urban trucks. This brings the total vouchers granted to Envirotech customers to 31, valued at $2,651,250. The NJ ZIP program, funded by the Regional Greenhouse Gas Initiative, aims to support businesses transitioning to zero-emission fleets in the Newark and Camden areas. CEO Phillip Oldridge emphasized the program’s role in making electric vehicle adoption more financially viable.

Positive

• Award of 18 vouchers valued at $1.4M boosts sales potential.
• Total vouchers granted now amount to 31 vehicles worth $2.65M, indicating growing demand.
• NJ ZIP supports businesses in transitioning to electric vehicles, enhancing long-term customer relationships.

Negative

• None.

OSCEOLA, AR / ACCESSWIRE / March 11, 2022 / Envirotech Vehicles, Inc. (OTCQX:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), announced today that the New Jersey Zero Emissions Incentive Program ("NJ ZIP or the "Program") has awarded an additional 18 vouchers with a total value of approximately $1.4M toward the purchase of 13 of the Company's Class 4 high/low-roof logistics vans and five of the Company's Class 4 urban trucks to Envirotech customers. Kingbee Rentals in Utah was awarded 15 of the vouchers for 10 vans and 5 trucks. To date, under this program, Envirotech Vehicles' customers have received voucher grants toward the purchase of 31 vehicles with a total value of $2,651,250.

"We are thrilled to announce that NJ ZIP has approved another 18 vouchers towards the purchase 13 of our best-in-class electric vehicles, this time for a total value of just over $1.4 million," Phillip Oldridge, CEO of Envirotech Vehicles commented. "For many businesses, their goal of transitioning to electric vehicles is hampered by the cost of making the transition to cleaner transportation, but the NJ Zip program makes it possible for companies to meet their green transportation goals. NJ ZIP continues to provide important momentum for the sale of our best-in-class electric trucks and vans and we're energized to have this opportunity to provide our vehicles as more and more New Jersey businesses make the switch to environmentally friendly fleet vehicles."

NJ ZIP is a $15 million pilot voucher program that supports businesses and institutions purchasing new, zero-emission vehicles operating in the greater Newark and greater Camden areas by offering up to $100,000 towards the purchase of battery-electric vehicles. The Program intends to fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations looking to transition their fleets to zero emissions. Bonuses are available for small businesses and minority, women, and veteran-owned businesses. NJ ZIP is funded by proceeds allocated to the New Jersey Economic Development Authority ("NJEDA") by the Regional Greenhouse Gas Initiative ("RGGI") for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state.

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. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our 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. (formerly known as ADOMANI, 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
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: evtv@imsinvestorrelations.com

Envirotech Vehicles
Christian S. Rodich, Chief Financial Officer
Telephone: (951) 407-9860 ext. 1207
Email: christian.r@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

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FAQ

What is the value of the vouchers awarded to Envirotech Vehicles in March 2022?

The New Jersey Zero Emissions Incentive Program awarded Envirotech Vehicles 18 vouchers totaling approximately $1.4 million.

How many vehicles are covered under the NJ ZIP program for Envirotech Vehicles?

Envirotech Vehicles has received vouchers for a total of 31 vehicles under the NJ ZIP program.

What types of vehicles are included in the recent NJ ZIP voucher awards for EVTV?

The recent NJ ZIP voucher awards are for 13 Class 4 high/low-roof logistics vans and 5 Class 4 urban trucks.

What is the purpose of the New Jersey Zero Emissions Incentive Program?

The NJ ZIP program aims to support businesses in purchasing zero-emission vehicles and reducing transportation emissions.