Welcome to our dedicated page for Envirotech Vehicles news (Ticker: EVTV), a resource for investors and traders seeking the latest updates and insights on Envirotech Vehicles stock.
Envirotech Vehicles Inc. is a leading provider and manufacturer of purpose-built zero-emission electric vehicles, focusing on reducing the total cost of vehicle ownership. The company serves various sectors, including commercial and last-mile fleets, school districts, transportation service companies, and universities, meeting the increasing demand for heavy-duty electric vehicles. Envirotech Vehicles generates revenue from the sales of zero-emission electric vehicles and vehicle maintenance services, emphasizing sustainability and environmental compliance. Recent achievements include a partnership with PlugD Commercial Electric Leasing and Rentals Inc., delivering 200 electric high roof vans and trucks, demonstrating the commitment to developing low-maintenance, zero-emissions vehicles.
Envirotech Vehicles (NASDAQ:EVTV) has acquired Maddox Industries, a Puerto Rico-based government contracting solutions provider. The acquisition involves issuing 3.1 million shares of common stock and a conditional $1 million cash payment. The deal includes a three-year contract manufacturing agreement at Envirotech's 580,000 square-foot facility in Osceola, Arkansas, expected to create over 250 jobs. Maddox brings expertise in electric vehicle transportation, including military vehicles, postal service delivery, and school buses, with a history of managing over $1 billion in U.S. government contracts. The partnership aims to enhance Envirotech's manufacturing capabilities and deliver multimillion-dollar revenue from government contracts.
Envirotech Vehicles (NASDAQ:EVTV) has announced two key leadership appointments: Jason Maddox as President and Elgin Tracy as Chief Operating Officer. Both executives bring extensive experience from Maddox Defense, Inc. and other sectors.
Jason Maddox, former CEO of Maddox Defense, is known for his expertise in government contracting and building large companies. Elgin Tracy, with over 20 years of experience in defense and oil & gas sectors, has overseen $2.5 billion in contracts in the past five years.
CEO Phil Oldridge expressed excitement about these additions, highlighting their potential to drive EVTV's growth in sustainable transportation. The company also announced the resignation of Susan M. Emry as Secretary.
Envirotech Vehicles (NASDAQ:EVTV), a leader in electric commercial vehicles, has appointed Brock Pierce, a renowned crypto entrepreneur and futurist, to its Board of Directors. This strategic move aims to accelerate EVTV's mission in revolutionizing sustainable transportation, particularly in delivery and postal services.
Pierce's expertise in technology, cryptocurrency, and venture capital is expected to propel EVTV to the forefront of the EV industry. CEO Phil Oldridge expressed excitement about leveraging Pierce's network, vision, and capital-raising abilities. Pierce's involvement is anticipated to infuse fresh perspectives, integrate cutting-edge technology and blockchain innovation, amplify brand presence, and attract significant investments.
This appointment marks a significant milestone for EVTV, potentially enhancing its strategic direction, driving innovation, and expanding its global market influence in the rapidly growing electric vehicle sector.
Envirotech Vehicles (NASDAQ:EVTV) has secured a $10 million Purchase Order financing line from GOBA Capital Inc., enabling the production of over 200 vehicles for PLUGD Electric Leasing and Rentals Inc. This order, combined with 25 EV Bumble Bee school buses and 67 Class IV cargo vans for New Jersey's voucher program, positions EVTV as a major player in the last mile EV space.
Additionally, Karla Mae Capital is securing over $100 million in financing commitments for EVTV. This dual capital infusion will drive accelerated growth, product development, and market expansion. CEO Philip Oldridge expressed excitement about the company's enhanced position to lead in zero-emission transportation.
Envirotech Vehicles (NASDAQ:EVTV) announced the sale of 25 'Bumble Bee' electric school buses: six in Arkansas and 19 in Texas.
The buses are part of an initiative supported by the Environmental Protection Agency (EPA) award announced on January 25, 2024.
Although there were minor delays, the buses are now ready for demonstrations in Arkansas and Texas.
CEO Philip Oldridge highlighted the significance of this project in promoting eco-friendly transportation and sustainability in student travel.
Envirotech Vehicles (NASDAQ: EVTV) announced the addition of seven new employees to enhance their production capabilities. The hires include professionals in manufacturing, logistics, and operational finance, aimed at meeting the increasing demand for their zero-emission electric vehicles. Notable hires include Zakir Khan, an experienced aeronautical engineer focusing on the assembly line for electric vans, and David Kirlin, a veteran in hybrid and electric vehicle servicing. This expansion is expected to support timely order deliveries and uphold high-quality standards, reflecting the company's commitment to innovation, sustainability, and customer satisfaction. CEO Philip Oldridge emphasized that these strategic hires will help scale production and meet the growing market for sustainable transportation solutions.
Envirotech Vehicles (NASDAQ:EVTV) reported a significant increase in sales for Q1 2024, reaching $810,490, a 55% rise compared to Q1 2023. However, the net loss widened to $4,532,363, or ($0.29) per share, from $2,267,908, or ($0.15) per share, in Q1 2023. Adjusted net loss improved to $1,144,053, or ($0.07) per share, compared to $2,180,764, or ($0.14) per share, in Q1 2023. Adjusted EBITDA also improved to ($1,098,698) from ($2,183,933) in the same period. The company held cash and equivalents of $1,049,357 and working capital of approximately $8,148,204 as of March 31, 2024. CEO Phil Oldridge highlighted progress in refurbishing the Osceola, Arkansas facility and leasehold improvements in the Clark facility in the Philippines. The company was awarded EPA funding for 25 electric school buses and continues to see rising demand for its products.
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