Solectrac e25 Electric Tractors Eligible for California CORE Voucher Program

Rhea-AI Summary

Solectrac's e25G and e25H electric tractors are now eligible for the California CORE Voucher Program, which provides up to 50% of the initial purchase of zero-emission off-road equipment. This program aims to accelerate the adoption of zero-emission off-road equipment among small businesses and government entities. Solectrac encourages customers to take advantage of this opportunity to switch to their zero-emission electric tractors, which offer benefits such as less pollution, quieter operation, and lower total cost of ownership compared to diesel-powered tractors.

Positive

• Solectrac's electric tractors are eligible for up to 50% funding through the California CORE Voucher Program, potentially increasing sales and revenue.
• The program aims to accelerate the adoption of zero-emission off-road equipment, which could create a growing market for Solectrac's electric tractors.
• Customers can experience the benefits of Solectrac's electric tractors through the new rental program, potentially increasing demand and market share.

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• None.

WINDSOR, Calif., July 13, 2023 /PRNewswire/ -- Solectrac today announced the eligibility of its e25G and e25H electric tractors 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, opens on July 18 and pays up to 50% of the initial purchase of eligible zero-emission off-road equipment.

"Thanks to the state of California, the CORE program is helping get more electric tractors into the hands of customers and allowing Solectrac to grow our product offerings. We encourage small business owners and government entities to take advantage of this opportunity to switch their polluting equipment to our zero-emission electric tractors," said Mani Iyer, CEO of Solectrac. "Electrifying off-road machinery will help customers realize the benefits of zero-emission operations, including less pollution, quieter operation and lower total cost of ownership compared to diesel-powered tractors."

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. Solectrac tractors are eligible for the incentive 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 electric tractors are as powerful as their diesel counterparts, without the noise and pollution associated with diesel tractors, and can be charged from renewable energy such as wind and solar. Both the e25G and e25H electric tractors accept all standard PTO implements and offer available options such as a front loader, backhoe attachment, cab and three types of tires to suit a wide variety of applications.

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.

Earlier this year, Solectrac rallied with "Farmers for Climate Action", a grassroots alliance of farmers and farmer allies supporting climate change policy in the 2023 Farm Bill. Solectrac is also directly advocating with members of Congress for a 2023 Farm Bill that empowers farmers to implement climate-friendly agriculture practices through technical assistance and incentives.

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.    

Contact: Christiane Heckeroth, Director of Communications
Email: christiane@solectrac.com
Phone: 707-235-8297  

 

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SOURCE Solectrac

FAQ

What is the California CORE Voucher Program?

The California CORE Voucher Program provides up to 50% funding for the purchase of zero-emission off-road equipment, including Solectrac's electric tractors.

What are the benefits of Solectrac's electric tractors?

Solectrac's electric tractors offer benefits such as less pollution, quieter operation, and lower total cost of ownership compared to diesel-powered tractors.

How can customers experience Solectrac's electric tractors?

Customers can now rent Solectrac's electric tractors on a monthly basis through the rental program offered by Solectrac's dealership network.