Envirotech Vehicles Set for Major Expansion with $10 Million Financing Boost and $100 Million Commitment

OSCEOLA, AR / ACCESSWIRE / August 27, 2024 / Envirotech Vehicles, Inc. (NASDAQ:EVTV), a trailblazer in zero-emission, purpose-built electric vehicles, is thrilled to unveil a game-changing financial boost that positions the company for explosive growth. The company has secured a transformative $10 million Purchase Order (PO) financing line from GOBA Capital Inc. ("GOBA"), marking a significant milestone in its mission to revolutionize the electric vehicle (EV) market.

This strategic financing will supercharge the build and delivery of over 200 vehicles to PLUGD Electric Leasing and Rentals Inc. This order, combined with EnviroTech Vehicles' 25 EV Bumble Bee school buses and 67 Class IV cargo vans for the State of New Jersey's voucher program, set Envirotech Vehicles on a trajectory to become a major player in the last mile EV space. Manufacturing is already underway, with accelerated efforts to deliver sustainable and efficient transportation solutions to vital public programs.

Adding to the excitement, Envirotech Vehicles is also set to benefit from over $100 million in financing commitments being secured by Karla Mae Capital, a boutique finance consulting firm. Bront Bird, President of Karla Mae Capital, shared his enthusiasm: "We're incredibly excited to partner with Envirotech Vehicles as they lead the charge in EV innovation. The initial $10 million PO financing is just the beginning. We're eager to expand our support and help Envirotech Vehicles unlock even greater opportunities. This partnership underscores our belief in their vision and the potential for substantial growth."

This dual infusion of capital underscores robust investor confidence in Envirotech Vehicles' dynamic strategy and operational excellence. The funding will drive accelerated growth, fuel advanced product development, and expand market presence, all while reinforcing the company's commitment to delivering superior value to customers and shareholders.

Philip Oldridge, CEO of Envirotech Vehicles, expressed his excitement:

"The backing from GOBA Capital and Karla Mae Capital is a tremendous endorsement of our strategy and vision. We're now exceptionally well-positioned to seize emerging opportunities in the electric vehicle landscape and to lead the charge in zero-emission transportation."

With this strong financial foundation, Envirotech Vehicles is ready to elevate its competitive edge and continue leading the evolution of the EV industry. The company is committed to delivering groundbreaking, sustainable transportation solutions that meet the diverse needs of commercial fleets, educational institutions, and transportation sectors across the board.

The future has never looked brighter for Envirotech Vehicles!

About Envirotech Vehicles

Envirotech Vehicles, Inc. is dedicated to providing purpose-built, zero-emission electric vehicles that reduce the total cost of ownership for fleet operators while promoting sustainable technology solutions. The company serves a broad range of sectors, including commercial and last-mile delivery, school districts, and public and private transportation providers, to address the growing demand for heavy-duty electric vehicles. Envirotech Vehicles is committed to overcoming the challenges posed by traditional fuel costs and environmental regulations at local, state, and federal levels. 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.

Contact:

Envirotech Vehicles, Inc.
Franklin Lim, Chief Financial Officer
Telephone: (870) 970-3355 ext. 1005
Email: [email protected]

SOURCE: Envirotech Vehicles, Inc.

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