OSCEOLA, AR - Envirotech Vehicles, Inc. (NASDAQ:EVTV), a specialist in zero-emission electric vehicles, has confirmed that it has received binding purchase orders for 43 vehicles from 19 customers, underpinned by funding from New Jersey's Zero Emission Incentive Program (NJ ZIP). These orders are expected to generate approximately $4.3 million in revenue, with deliveries scheduled for 2024.
The company's involvement with NJ ZIP, which began its second phase in 2022, has been a catalyst for these orders. The $19 million voucher program offers significant financial incentives, ranging from $20,000 to $175,000, to businesses and institutions in the greater Newark and Camden areas to switch to zero-emission vehicles. The program is particularly beneficial for small, minority-, women-, and veteran-owned businesses.
Philip Oldridge, CEO of Envirotech Vehicles, expressed his satisfaction with the company's progress and the strong interest in sustainable transportation options in New Jersey. He also indicated the company's eagerness to continue its participation in the NJ ZIP program.
NJ ZIP is funded by the New Jersey Economic Development Authority with proceeds from the Regional Greenhouse Gas Initiative. The program's goal is to reduce emissions, particularly in communities heavily affected by transportation pollution, and to foster economic opportunities within the state.
Envirotech Vehicles aims to reduce the total cost of vehicle ownership for its clients, which include commercial and last-mile fleets, school districts, public and private transportation service companies, and educational institutions. The company's focus is on meeting the growing demand for heavy-duty electric vehicles and assisting fleet operators with the transition to green technology.
The information in this article is based on a press release statement from Envirotech Vehicles, Inc. As with all forward-looking statements, they are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected. Envirotech Vehicles has provided cautionary details regarding these forward-looking statements in their press release.
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