HOUSTON, TX / ACCESS Newswire / May 15, 2025 / Envirotech Vehicles, Inc. (NASDAQ: EVTV) ("Envirotech" or the "Company") today announced the signing of a non-binding Letter of Intent ("LOI") to acquire the assets of Kymera, a manufacturer of marine craft. The Company intends for the business to serve as the foundation of Envirotech's new marine division. As planned, Envirotech intends to enter the electric marine mobility space with the acquisition, reinforcing its long-term vision to deliver next-generation, zero-emission transportation across land, air, and sea.

Should the LOI lead to a binding agreement between the parties, Envirotech intends for the Kymera marine division to focus on two high-impact verticals: recreational watercraft and military & tactical applications.

Jason Maddox, President and Interim CFO of Envirotech Vehicles, expressed his optimism about the intended acquisition: "Envirotech expects to close on the acquisition of Kymera's assets in the second quarter of 2025. The acquisition, along with the key personnel of Kymera, would form Envirotech's planned marine division. We believe Kymera will be a high impact addition to Envirotech's growing technology base."

Envirotech intends for Kymera to be led by Adam Majewski and Jason Woods, co-founders of the company that invented the award-winning Kymera Body Board - a revolutionary product that has appeared twice on ABC's Shark Tank and continues to redefine water-based adventure and safety solutions. Together, Majewski and Woods bring more than a decade of experience in designing high-performance electric propulsion systems for recreational and tactical marine environments. Rounding out the team is Grahame Ewins, who will spearhead the buildout of Kymera's domestic and international retail and distribution networks should the final transaction consummate.

"We welcome the opportunity to join the Envirotech team," said Majewski, who would serve as President of the new division. "We believe the Kymera division will thrive with the resources and guidance of Envirotech."

Woods, who would serve as the Chief Technology Officer of the new division, added: "By joining with Envirotech we believe we will have the ability to scale the Kymera division in the recreational watercraft and military & tactical markets. This is the moment we have worked toward for more than a decade."

The signing of a definitive agreement is subject to numerous risks and uncertainties including, without limitation, the Company's due diligence review of Kymera, the negotiation of a definitive acquisition agreement and approval by the parties Boards of Directors. There is no assurance that a definitive acquisition agreement will be executed by the parties or, even if executed, that the transaction will be successfully completed.

About Envirotech Vehicles

Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology leader in electric mobility, committed to developing and delivering cutting-edge, zero-emission commercial transportation solutions. Learn more at www.evtvusa.com.

Cautionary Statement Regarding Forward-Looking Statements

Statements made in this press release that relate to future plans, events, financial results, prospects, or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "will," "estimated," "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.

Contact:
Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: merrick@evtvusa.com

SOURCE: Envirotech Vehicles, Inc.