Envirotech Vehicles Announces an Update on $4.3 million Revenue Backlog Related to NJ ZIP Program

OSCEOLA, AR / ACCESSWIRE / March 12, 2024 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), today announced that the Company currently has 43 vehicles on order from 19 customers with binding purchase orders and with funding approved by New Jersey's Zero Emission Incentive Program ("NJ ZIP") As noted above, these orders represent approximately $4.3 million in revenue, and are anticipated to be delivered in 2024.

Philip Oldridge, Chief Executive Officer of Envirotech Vehicles, commented, "We are pleased to provide this update to our investors and customers to demonstrate that we have been hard at work to attract additional customers through NJ ZIP. Significant interest in green transportation from the business owners in the state of New Jersey in conjunction with the NJ ZIP program continues to be strong, and we look forward to providing customers in New Jersey with our best-in-class vehicles. We are also excited to continue to be participating in the program in its second phase, which began in 2022."

NJ ZIP's second phase is a $19million voucher program that supports businesses and institutions purchasing new, zero-emission vehicles operating in the greater Newark and greater Camden areas by offering up to $175,000 towards the purchase of medium and heavy duty zero-emission vehicles. The program provides vouchers with base values ranging between $20,000 to $175,000 for businesses and institutional organizations looking to transition their fleets to zero-emissions. Bonuses are available for small businesses and minority-, women-, and veteran-owned businesses. NJ ZIP is funded by proceeds allocated to the New Jersey Economic Development Authority ("NJEDA") by the Regional Greenhouse Gas Initiative ("RGGI") for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state.

About Envirotech Vehicles

Envirotech Vehicles, Inc. is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy-duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit 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 Vehicles, Inc. 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 "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 Vehicles undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

Envirotech Vehicles

Franklin Lim, CFO
Telephone: (870) 970-3355 ext. 1001
Email: franklin.l@evtvusa.com

SOURCE: Envirotech Vehicles, Inc