Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) on Tuesday announced it has 43 vehicles on order from 19 customers participating in a New Jersey program that offers incentives for businesses to purchase new electric vehicles.
In a news release, the company said the orders represent approximately $4.3 million in revenue. Delivery is expected this year.
“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,” CEO Phillip Oldridge said in a statement. “We are also excited to continue to be participating in the program in its second phase, which began in 2022.”
The $19 million NJ ZIP program provides vouchers between $20,000 and $175,000 for organizations looking to transition their fleets to zero-emissions.
Envirotech’s announcement comes after it received $8 million in grants from the U.S. Environmental Protection Agency for electric school buses. Deliveries to eight school districts across Arkansas and Texas are expected to begin in the third quarter of 2024.
The publicly traded company has been looking to rebound after a challenging 2023, during which it pushed back production at its facility in Osceola and faced regulatory scrutiny for financial misstatements.
The electric vehicle maker in February parted ways with CFO Douglas Campoli, who oversaw efforts to fix its financial disclosure controls. Franklin Lim, the company’s controller, was named as Campoli’s replacement. Lim is the company’s third CFO in a year.
The company has not announced when it will release financial results for the first quarter of 2024. Envirotech has yet to report a profitable quarter.
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