Envirotech Vehicles Inc. of Osceola (Nasdaq: EVTV) announced Wednesday night that it’s moving its corporate headquarters to Houston, Texas, after three challenging years in Arkansas.
The move is scheduled to take effect by the end of March. The electric vehicle maker plans to increase manufacturing with an 86,000-SF factory in Houston, creating a central hub for corporate leadership, manufacturing, fleet sales, engineering and service operations.
In a news release, the company said it will “retain” its 580,000-SF manufacturing facility in Osceola. The company didn’t say whether any jobs in Osceola will be affected.
In a statement to Arkansas Business, the company said, “Envirotech intends to continue manufacturing at the Osceola site at this time. Envirotech has recently made an investment in the Arkansas facility. As with all Envirotech production and service facilities, we are continuously evaluating the proper product mix associated with each facility. The existing Osceola facility and surrounding property allows the company expansion capacity. We intend to continue to use the facility in the best interest of our shareholders.”
The publicly traded company’s most recent earnings report shows that Envirotech had been planning for growth at the Osceola factory. The acquisition of Maddox Industries LLC included a three-year manufacturing deal to be executed in Osceola, with the goal of developing zero-emission school buses and fleet vehicles for first responders. The company paid search and labor costs for employees in anticipation of expansion.
Envirotech said it’s move to Houston provides access to major transportation infrastructure and a workforce skilled in engineering, logistics and manufacturing. It also cited a business-friendly environment with no state income tax.
“Relocating to Houston is a natural step in our evolution,” Jason Maddox, president and interim CFO of Envirotech, said in the release. “This move strengthens our ability to support commercial fleet customers nationwide, expand our presence in key EV markets, and attract top industry talent. With a strong infrastructure and a growing demand for electric commercial vehicles, Houston positions Envirotech for long-term success.”
Some of Envirotech’s biggest customers are fleet providers that participate in a New Jersey voucher program for electric vehicles. Envirotech recently opened a service center in New Jersey and announced orders for 48 vehicles totaling $5.3 million from its customers in the state.
The company, founded in 2012 as Adomani Inc. and led by CEO Phillip Oldridge, has yet to report a profitable quarter.
Envirotech announced in February 2022 that it was relocating from Corona, California, to Osceola with plans to create more than 800 jobs and invest $80 million over five years.
But it was forced to push back fall-scale manufacturing multiple times. Supply chain constraints and global competition for EV parts made moving its manufacturing from China a challenge. The company also struggled with construction and equipment sourcing and found it difficult to recruit talent to rural Arkansas for senior positions and specialized roles.
Envirotech has also struggled with its financial controls. The company misstated sales revenue and cost of sales in each of the first three quarters of 2022. Correcting the inaccuracies delayed financial reports for subsequent quarters and prompted Nasdaq to warn the company that it could be delisted.
Executive turnover has been another issue for Envirotech. William Miller resigned as CFO in January after less than a month on the job, becoming the fifth CFO to leave the company since 2022. Other high-profile departures include board member Brock Pierce, a cryptocurrency entrepreneur and philanthropist who left the role in December after four months.
Envirotech stock has been highly volatile in recent months, with large daily price swings. Over the past year, shares of the company have fallen 85% to 35 cents.
The company reported a third-quarter loss of $1.2 million, improving on a loss of $5.9 million in the same period a year ago. It reported no sales in the period.
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