Envirotech delivers first electric school buses to Texas districts

HOUSTON - Envirotech Vehicles, Inc. (NASDAQ:EVTV), currently trading at $0.18 per share and operating with a market capitalization of $4.59 million, has begun commercial operations in its electric school bus division with the delivery of three EVT Bumble Bee electric school buses to independent school districts in Freer, Blanket, and Waelder, Texas. According to InvestingPro analysis, the company is currently trading below its Fair Value, suggesting potential upside for investors interested in the EV sector.

The buses are funded through the Environmental Protection Agency’s Clean School Bus Program, which provides $5 billion over five years (2022-2026) to replace existing school buses with zero-emission alternatives.

Envirotech expects to deliver a total of 25 electric buses to school districts in Texas and Arkansas, supported by $8.57 million in awards under the program. The company anticipates delivering an additional electric school bus this week to another Texas school district.

The EVT Bumble Bee electric school buses have a range of up to 150 miles per charge with zero emissions and reduced noise. According to the company, the vehicles offer benefits including lower maintenance costs due to regenerative braking and the absence of engine and exhaust systems.

"Kicking off unit shipping for our EVT Bumble Bee line demonstrates the continuing growth and maturation of Envirotech’s electric vehicle segment," said Jason Maddox, President and Interim Chief Financial Officer of Envirotech, in the press release.

Superintendents from the three school districts expressed enthusiasm about receiving their first electric buses, highlighting the zero-emission benefits for students.

The Clean School Bus Program aims to reduce diesel emissions exposure for students, drivers, and community members while decreasing greenhouse gas emissions compared to conventional diesel-powered school buses.

This information is based on a company press release statement.

In other recent news, Envirotech Vehicles, Inc. has announced plans to expand its electric mobility solutions across land, air, and sea, aiming to create a "unified ecosystem" that includes agricultural drones, commercial drone services, and electric watercraft markets. The company expects to generate new revenue streams by 2025, while continuing to derive core revenue from its electric buses, vans, and trucks. Envirotech has also signed a non-binding Letter of Intent to acquire assets from Kymera, a marine craft manufacturer, to enter the electric marine mobility sector. This acquisition is anticipated to be finalized in the second quarter of 2025, subject to due diligence and agreement negotiations.

Additionally, Envirotech has announced a significant expansion into the drone market with plans to establish a U.S. drone manufacturing hub, focusing on heavy lift drones for agricultural use. The company has entered into a Consulting and Manufacturing Agreement to ensure the drone is entirely U.S.-made. In another development, Envirotech has launched a newly redesigned website to enhance user experience, providing detailed information on its electric vehicle lineup and serving as a hub for stock information and company news. The website will eventually include information on the company’s upcoming electric drones and watercraft. Envirotech’s President, Jason Maddox, expressed optimism about these expansions, which are expected to contribute to the company’s revenue growth.

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