Envirotech Vehicles, which sells zero-emission electric vehicles for commercial fleets, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering. The company is currently listed on the OTCQX (EVTV).
The company was formerly known as Adomani, which went public on the Nasdaq in 2017 and was delisted in 2019. It acquired Envirotech Drive Systems in March 2021 and changed its name to Envirotech Vehicles the following May.
Envirotech Vehicles states that it is a provider of purpose-built zero-emission electric vehicles, serving commercial and last-mile fleets, school districts, public and private transportation service companies, and colleges and universities. Its vehicles are manufactured by OEM partners in China and Malaysia, and are marketed, sold, warrantied, and serviced through its developing distribution and service network. It is currently exploring the possibility of manufacturing its vehicles in the US. In 2021, Envirotech sold 21 vehicles, and at year end it had a backlog of 37 zero-emission Class 4 trucks and 43 zero-emission Class 4 cargo vans.
The Osceola, AR-based company was founded in 2012 and booked $2 million in sales for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol EVTV. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
