Envirotech Vehicles Inc. (OTCMKTS:ADOM) is down 9% in a week after receiving nine vouchers valued at $882,000 from the New Jersey Zero Emissions Incentive Program for the acquisition of three of its Class 4 urban trucks and six of its Class 4 logistics vans to Envirotech clients.CEO Philip Oldridge said that, as expected, the NJ ZIP initiative is offering vital sales momentum to the company’s best-in-class electric vans and trucks.
However, he added that the objective to change to electric vehicles had been affected by the cost of transitioning to cleaner energy for most businesses.
The New Jersey Zero Emissions Incentive Program is a $15 million voucher program supporting institutions and businesses buying zero-emission cars operating in the greater Camden and Newark areas. The program offers up to $100,000 for the acquisition of EVs to customers with a target of 100 to 300 vouchers that range between $25,00 and $100,000 for institutions and businesses that want to transition to zero-emissions cars. Therefore, ADOM is worth watching in the coming days.
Market Reaction:
On Wednesday, ADOM stock fell 0.50% at $0.2738 with more than 176k shares, compared to its average volume of 638K shares. The stock has moved within a range of $0.2700 – 0.2800 after opening the trade at $0.2783.
