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Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced a Term Sheet for a potential business combination with Maddox Defense Inc., a federal contractor. This transaction aims for Maddox to become a majority-owned subsidiary of EVTV in exchange for common stock and a promissory note totaling $11.39 million. Post-transaction, Maddox stockholders are expected to hold approximately 46% of EVTV shares. Both companies foresee enhanced operational capabilities and shared revenue from government contracts. Maddox has the right to unwind the deal if EVTV fails to meet specified capital raises. The combination is projected to strengthen EVTV's position in the sustainable transportation market.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) has announced that customers purchasing its commercial electric vehicles with a gross vehicle weight rating over 14,000 pounds can now receive a tax credit of $40,000 per vehicle under the Inflation Reduction Act. This includes medium-duty logistics vans and urban trucks, with upcoming models like school buses also expected to qualify. The IRA aims to support the transition to zero-emission vehicles, with additional funding for infrastructure and worker training. Phillip Oldridge, CEO, emphasized that this move enhances vehicle affordability and positions EVTV well for future growth.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) has partnered with Strategic EV Solutions, extending its reach into markets across Arkansas, Texas, Oklahoma, Tennessee, Louisiana, Mississippi, Alabama, and Florida. This collaboration aims to enhance EVTV's distribution through established networks in the mid-south. Initially, the partnership plans to acquire one vehicle type annually from EVTV, with future dealership setups planned nationwide. The CEO of EVTV emphasizes the importance of impactful market partnerships for growth, while Curtis Stout expresses excitement about showcasing EVTV's affordable electric vehicles for fleet owners.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced the hiring of Dr. Victoria Pagonis as its new grant writer and project manager on February 9, 2023. Dr. Pagonis brings 30 years of experience in securing various funding awards across government levels, having previously held leadership roles in education. Her expertise will help EVTV access critical local, state, and federal funding opportunities, enhancing the company's position as the electric vehicle (EV) market evolves. CEO Phillip Oldridge emphasized the importance of securing government incentives for EV adoption. Dr. Pagonis has a proven track record of writing successful grants worth millions.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) has announced a strategic partnership with Garsite to deliver its first all-electric aircraft refueler to Atlantic Aviation in Colorado. This innovative vehicle has a 900-gallon capacity and incorporates advanced technology for improved efficiency. CEO Phillip Oldridge highlighted the growing interest in sustainable aviation solutions, noting the shift towards electrification in the industry. The partnership aims to meet the demand for environmentally friendly ground support equipment, providing reliable alternatives to traditional fuel systems. This development positions EVTV favorably within the aviation sector's transition to greener operations.
Envirotech Vehicles (NASDAQ:EVTV) reported a notable financial turnaround for Q3 2022, achieving sales of $3.88 million, a significant increase from $0.71 million in Q3 2021, driven by 37 vehicle deliveries compared to 8 units the previous year.
The company posted a net income of $126,749 or $0.01 per share, reversing a net loss of $850,475 in Q3 2021. Total operating expenses rose to $1.74 million, influenced by higher headcount and marketing investments. The company has cash reserves of $4.66 million and working capital of $20.25 million, positioning it for future growth.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) has delivered two zero-emission vans to Pick and Send Transportation in Newark, New Jersey, as part of the state's Zero Emission Incentive Program (NJ ZIP). This program offers up to $175,000 in vouchers for businesses transitioning to zero-emission vehicles. CEO Philip Oldridge emphasized the strong interest in green transportation in New Jersey and looks forward to the program's next phase in 2023. The NJ ZIP initiative aims to reduce harmful emissions and promote economic opportunities in affected communities.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) has announced the delivery of two electric vans to D&S Management Consulting LLC in Newark, supported by New Jersey's Zero Emission Incentive Program (NJZIP). This program, funded by the NJ Economic Development Authority, offers up to $100,000 to incentivize businesses to transition to zero-emission vehicles. The CEO, Philip Oldridge, highlighted the importance of supporting local businesses in achieving sustainability goals, while D&S's owner noted the expected cost savings from using electric vans.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) will hold a conference call on November 15, 2022, at 8:30 a.m. ET to discuss its third quarter and nine-month results ending September 30, 2022. Investors can access the live webcast here or call 877-545-0523. An international line is available at 973-528-0016 with the access code 815808. A replay of the call will be available until November 29, 2022, at 877-481-4010 (international: 919-882-2331, passcode: 47078). The company also warns that forward-looking statements may differ from actual results due to various risks.
Envirotech Vehicles, Inc. (NASDAQ:EVTV) announced the deployment of the first all-electric prisoner transport van in the U.S. in partnership with Cobb County in Atlanta. This 2022 model can travel approximately 200 miles on a full charge. CEO Phillip Oldridge expressed excitement about expanding their lineup of zero-emission vehicles, anticipating further adoption in the corrections sector. Cobb County Fleet Director Al Curtis highlighted the partnership's environmental benefits and cost savings. This move aligns with growing government initiatives to electrify fleet vehicles.
