Solectrac eUT+ Electric Tractors Eligible for California CORE Voucher Program

Rhea-AI Summary

Solectrac's narrow zero-emission vineyard and orchard tractor, the eUT+, is now eligible for the California CORE Voucher Program, which provides up to 50% of the initial purchase cost for zero-emission off-road equipment. The eUT+ is designed to fit between narrow rows and offers instant torque and high peak power capabilities. Solectrac is also taking orders for its compact electric tractors, the e25G and e25H, which are eligible for the voucher. Solectrac is a subsidiary of Ideanomics.

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• Solectrac's eUT+ tractor is now eligible for the California CORE Voucher Program, which covers up to 50% of the initial purchase cost of zero-emission off-road equipment.
• The eUT+ tractor offers instant torque and high peak power capabilities, making it a powerful and efficient option for vineyards and orchards.
• Solectrac's compact electric tractors, the e25G and e25H, are also eligible for the voucher and are ideal for hobby farms, golf courses, and other applications.

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Narrow zero-emission vineyard and orchard tractor electrifies agriculture

WINDSOR, Calif., Aug. 1, 2023 /PRNewswire/ -- Solectrac is excited to announce the eligibility of its narrow zero-emission vineyard and orchard tractor, the eUT+, for the California CORE Voucher Program, which aims to accelerate the purchase of zero-emission off-road equipment. The program, which is tailored to small business and government entities, opened on July 18 and pays up to 50% of the initial purchase of eligible zero-emission off-road equipment.

"We appreciate the dedication of the State of California to incentivize zero-emission off-road machinery through its CORE program and encourage small business owners and government entities to take advantage of this opportunity to electrify their machinery at a significantly reduced cost," said Mani Iyer, CEO of Solectrac. "This is the kind of government action that will help companies like Solectrac, who are committed to providing alternatives to fossil fueled machinery, to grow our customer base and our product offerings."

The California CORE Voucher program provides vouchers at the point of sale to make eligible zero-emission equipment similar in price to diesel-fueled equipment. It is a first-come-first -serve program and is receiving applications now. "The eUT+ is our powerful, zero-emission, quiet version of a conventional 80-90 HP tractor category, but superior because it provides instant torque & high peak power capabilities, " Iyer explained. "This machine Is designed to fit between narrow vineyard and orchard rows and perform all the tasks of that size tractor, but without the noise and pollution and with lower total cost of ownership."

The eUT+ is approved for a $28,000 CORE voucher which makes it as affordable as an equally sized diesel tractor minus the associated environmental and human health costs of fossil fuel combustion. Solectrac is taking orders now for the eUT+ which will be available in early 2024.

Solectrac's compact 4WD electric tractors, the e25G and e25H, are also eligible for the voucher at $16,167 and $13,753 respectively, and are an ideal solution for California's hobby farms, golf courses, sports fields, equestrian centers, educational institutions, and municipalities that need to electrify their tractor fleets to comply with California's climate regulations.

Solectrac assembles its tractors in Windsor, California, at one of the largest dedicated electric tractor assembly facilities in the United States. Recently expanded, the facility supports local green jobs and has an annual assembly capacity of 6,000 units per year.

Solectrac is the first company to create a national USA certified dealership network and is now partnering with its dealerships to offer an electric tractor rental program, allowing customers to experience the benefits of Solectrac electric tractors on a monthly basis. The Solectrac dealer network currently includes 40 dealers with 86 locations across the country, with 8 of those locations In California.

Solectrac is a subsidiary of Ideanomics (Nasdaq: IDEX), a global company with the mission to accelerate the adoption of electric vehicles. Solectrac has been a Certified B Corp since 2019 and continues to maintain the highest standards of verified social and environmental performance, public transparency and legal accountability.  

Safe Harbor Statement   

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.  

Investor Contact:
Tony Sklar, SVP of Investor Relations
 1441 Broadway, Suite 5116, New York, NY 10018
 ir@ideanomics.com

Solectrac Contact:
Christiane Heckeroth, Director of Communications
Email: christiane@solectrac.com  

 

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SOURCE Solectrac

FAQ

What is the California CORE Voucher Program?

The California CORE Voucher Program provides vouchers to cover up to 50% of the initial purchase cost of zero-emission off-road equipment.

What are the benefits of Solectrac's eUT+ tractor?

The eUT+ tractor offers instant torque, high peak power capabilities, and is designed to fit between narrow vineyard and orchard rows.

What other tractors are eligible for the voucher?

Solectrac's compact electric tractors, the e25G and e25H, are also eligible for the voucher.

Who owns Solectrac?

Solectrac is a subsidiary of Ideanomics.