Envirotech Vehicles Inc Stock Price, News & Analysis

Envirotech Vehicles (NASDAQ:EVTV) has announced the creation of its annual Chairman's Award to recognize companies that have achieved the most significant business transformation through the use of Envirotech vehicles. The 2024 award will be presented in January 2025, with nominations open until December 31, 2024.

CEO Phil Oldridge highlighted that users frequently praise their vehicles for fuel cost savings, maintenance cost savings, and environmental benefits. The company's installed base continues to expand across the United States, accompanied by growing positive user testimonials.

Envirotech Vehicles (NASDAQ:EVTV) announced that Sardo Bus & Coach Upholstery of Gardena, California, is successfully utilizing two Envirotech electric delivery vans in their operations. Sardo, a century-old provider of upholstery services for buses and trains, operates factories in Gardena, California, and Minneola, Florida.

Louis Sardo, the company's owner, expressed satisfaction with the vehicles' performance and indicated plans to purchase more Envirotech vehicles. The company is encouraging California business owners to explore their electric vehicle offerings and available CARB vouchers through their website.

Envirotech Vehicles (NASDAQ:EVTV) announced that Newark Public Library is utilizing two of their electric delivery vans for transporting books and materials between its main library and six branch locations. The vehicles were acquired through the New Jersey Zero-Emission Incentive Program (NJ ZIP).

According to the library's Building Superintendent, the vans are proving highly efficient, requiring charging only once every two weeks, and generating significant savings on fuel costs. The implementation has resulted in reduced usage of the library's traditional gas-powered van.

The electric vans are being used to facilitate book delivery services to Newark residents, including children, adults, and elderly patrons.

Envirotech Vehicles (NASDAQ:EVTV) has announced the opening of a certified maintenance facility in Manalapan, New Jersey. The facility will support 76 vehicles delivered under the New Jersey Zero-Emission Incentive Program (NJ ZIP) and future deliveries in the state.

The new service center features drive-in bays where Envirotech technicians perform on-site multi-point vehicle inspections and repairs, including tires, brakes, and battery maintenance. The facility's strategic location in central New Jersey demonstrates the company's commitment to supporting electric vehicle owners in the Garden State.

Envirotech Vehicles (NASDAQ:EVTV) has successfully delivered 76 vehicles under the New Jersey Zero-Emission Incentive Program (NJ ZIP). The program, a $90M voucher pilot launched by the New Jersey Economic Development Authority (NJEDA), provides vouchers ranging from $20,000 to $175,000 for Medium and Heavy Duty Zero-Emission Vehicles. The initiative aims to reduce emissions, particularly in communities heavily impacted by transportation emissions, while creating economic opportunities within New Jersey.

Envirotech Vehicles (NASDAQ:EVTV) has announced plans to expand its vehicle offerings through California's Hybrid And Zero-Emission Truck And Bus Voucher Incentive Program (HVIP) and participate in the California Innovative Small E-Fleet (ISEF) set-aside program. The company will submit required documentation to CARB in December 2024. The initiative aims to help California business owners access over $26 million in available state funding for transitioning to electric commercial vehicles. Currently, $26,954,532 in ISEF funding remains available on a first-come, first-served basis, with increased voucher amounts for vehicles domiciled in disadvantaged communities.

Envirotech Vehicles (NASDAQ:EVTV) has delivered two demonstration electric delivery vans to FedEx Delivery Service Partners (DSPs), including Dreaming Green Corp. in Connecticut. The mid-roof electric vans will be used for package delivery services. Dreaming Green Corp. expects monthly savings of $1,800 in fuel and maintenance costs per vehicle. With Connecticut gas prices over $3.00/gallon and diesel near $3.70, the combination of cost savings and zero emissions makes Envirotech vehicles attractive for fleet operators. PLUGD, an EV financing company, facilitated the introduction and provides financing options for companies scaling their electric fleets.

Envirotech Vehicles (NASDAQ: EVTV) announced access to $25 million in funding from Yorkville Advisors Global LP through a standby equity purchase agreement (SEPA). The agreement allows EVTV to sell shares at 96-97% of market value over 36 months. Yorkville advanced $2 million via a convertible note due November 2025, with an additional $1 million pending. The funding will support scaling up manufacturing at EVTV's Osceola, Arkansas facility and fulfilling existing orders for electric buses, vans, and trucks. The company issued 64,103 shares as a commitment fee and paid $25,000 as a structuring fee to Yorkville.

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.