Envirotech Vehicles Inc. on Thursday announced that it's eligible for $27 million in performance-based state incentives for development of a manufacturing facility in Osceola.
CEO Phillip Oldridge said the agreement with the Arkansas Economic Development Commission will help facilitate construction and expansion of the 850,000-SF facility.
Envirotech has been using the site for final outfitting and shipment of its imported electric vehicles. It estimates that turning the site into a full manufacturing facility will cost $80 million.
The company announced last month that the first phase of renovations had been completed.
"We have been making tremendous progress," Oldridge said in a news release. "Final assembly is currently taking place in Osceola and facility renovations are underway."
The electric vehicle maker qualified for the state Tax Back program, which provides sales and use tax refunds on the purchase of building materials and taxable machinery, and 10 years of the Create Rebate program, an annual cash rebate based on the number of jobs added by a company and targeted wages.
Olympus Construction of Jonesboro is leading the project, which is expected to create 850 full-time jobs. The factory will be Envirotech's first in the U.S.
The company announced this month that it has delivered seven vehicles to customers in New Jersey participating in the state's Zero Emissions Program, or ZIP.
"We've seen a considerable increase in order activity for our vehicles over the past twelve months," Oldridge said. "While supply chain constraints remain an issue throughout the industry, we are encouraged by this delivery and are working diligently to expand our inventory to meet the growing demand for our vehicles and fulfill existing purchase orders in a timely manner."