New Jersey Zero Emissions Incentive Program Approves Voucher Purchase of $796,000 for Eight Envirotech Vehicles

Rhea-AI Summary

Envirotech Vehicles (OTCQX:EVTV) announced it has received a $796,000 voucher from the New Jersey Zero Emissions Incentive Program to support the purchase of five Class 4 C5000 logistics vans and three Class 4 trucks. This marks a total of $3,545,000 in vouchers for 40 vehicles since the program's inception. The pilot program aims to promote zero-emission vehicle purchases in New Jersey, offering substantial financial incentives to businesses transitioning to electric fleets.

Positive

• Awarded a $796,000 voucher for purchasing electric vehicles.
• Total of $3,545,000 in vouchers received for 40 vehicles to date.

Negative

• None.

OCESOLA, AR / ACCESSWIRE / June 21, 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 one voucher with a total value of $796,000 toward the purchase of five of the Company's Class 4 C5000 cutaway logistics vans and three Class 4 trucks. To date, under this program, Envirotech Vehicles' customers have received voucher grants toward the purchase of 40 vehicles with a total value of $3,545,000.

Phillip Oldridge, CEO of Envirotech Vehicles, commented, "With this voucher, Envirotech Vehicles has now achieved over $3 million in total orders from NJ ZIP. Since our approval as a vendor last year, NJ ZIP has been a strong driver of our increasing sales numbers and we look forward to continuing to provide our best-in-class fleet of electric trucks and vans to businesses throughout New Jersey looking to make the switch to zero-emission transportation."

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 https://evtvusa.com/investor-relations/.

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
IMS Investor Relations
John Nesbett/Jennifer Belodeau
Telephone: 203.972.9200
Email: evtv@imsinvestorrelations.com

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

Envirotech Vehicles
Susan Emry, Executive Vice President
Telephone: (870) 970-3355 ext. 1001
Email: sue.e@evtvusa.com

SOURCE: Envirotech Vehicles, Inc

View source version on accesswire.com:
https://www.accesswire.com/705926/New-Jersey-Zero-Emissions-Incentive-Program-Approves-Voucher-Purchase-of-796000-for-Eight-Envirotech-Vehicles

FAQ

What is the latest voucher amount awarded to Envirotech Vehicles?

Envirotech Vehicles was awarded a voucher of $796,000 from the New Jersey Zero Emissions Incentive Program.

How much total funding has Envirotech Vehicles received from the NJ ZIP program?

To date, Envirotech Vehicles has received a total of $3,545,000 toward the purchase of 40 vehicles from the NJ ZIP program.

What vehicles are included in the recent voucher purchase for Envirotech Vehicles?

The voucher supports the purchase of five Class 4 C5000 cutaway logistics vans and three Class 4 trucks.

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

The NJ ZIP program aims to incentivize businesses to purchase zero-emission vehicles, offering vouchers of up to $100,000 to facilitate this transition.