Electric vehicle maker Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) announced a 200-vehicle sale and purchase agreement with Texas-based startup PlugD Commercial Electric Leasing and Rentals Inc.
The agreement to deliver high roof vans and trucks to PlugD is valued at $16.2 million, Envirotech’s biggest deal ever, the company said in a news release. The sale will take place over the next 13 months.
“After personally testing several different manufacturers, we chose Envirotech Vehicles because they are not only able to deliver with current inventory but were more reliable and cost-effective,” Adam Greenberg, CEO of PlugD, said in a statement. “The safety features and smooth ride are unmatched, and as a sales and leasing company, we feel confident in knowing that our customers and communities will benefit from this technology.”
The deal follows Envirotech’s announcement last week that it had 43 vehicles on order from 19 customers participating in a New Jersey program that offers incentives for businesses to purchase new electric vehicles. Those orders represent about $4.3 million in revenue.
Last month, Envirotech announced it had been awarded more than $8 million from the U.S. Environmental Protection Agency to deliver 25 electric school buses to school districts across Arkansas and Texas.
Publicly traded Envirotech recently 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.
Envirotech has yet to report a profitable quarter.
Sign up for Daily E-news
