Envirotech Vehicles Announces Letter of Intent to Acquire Battery Manufacturer ProGreens New Energy Technology Co.Ltd

• Acquisition Uniquely Positions Envirotech With In-House, State-of-The-Art Battery Manufacturing Capabilities
• Represents Key Step Toward Becoming a Fully Integrated Manufacturer of Small to Medium Sized Electric Trucks

CORONA, CA / ACCESSWIRE / September 16, 2021 / Envirotech Vehicles, Inc. (OTCQB:ADOM), a provider of new zero-emission, purpose-built electric vehicles (the "Company"), today announced the signing of a letter of intent to purchase ProGreens New Energy Technology Co. Ltd. ("Progreens")

ProGreens is a battery manufacturer committed to the development, production, sale, and service of battery systems for innovative and high-tech companies across the globe. They offer several battery packs and systems capable of powering a broad range of vehicles from electric buses and cars to motorcycles and scooters, as well as an energy storage system that allows for the conversion and storage of unused electrical energy.

Benefits of the acquisition include:

• Uniquely positions Envirotech with in-house battery manufacturing capabilities
• Acquisition expected to drive significant cost synergies and reduce vehicle cost
• Key step in Envirotech's longer-term strategy to become a fully integrated EV manufacturer
• Acquisition provides access to contiguous high growth energy storage systems (ESS) market opportunity
• Strengthens management team with the addition of over 10 years of combined battery industry experience as well as an engineering and manufacturing team

Phillip Oldridge, CEO of Envirotech Vehicles, commented, "This is a transformational acquisition for Envirotech, uniquely positioning us as one of the few EV companies with in-house battery manufacturing capabilities. I personally have worked with ProGreens for many years and relied on them as a trusted and innovative battery supplier. Batteries comprise a large portion of the overall cost of an electric vehicle; with this acquisition, we will be better positioned to drive down vehicle cost over the long term while simultaneously maximizing quality. Furthermore, this acquisition is a key next step in our broader strategy to become a fully integrated manufacturer of small to medium-sized EV vehicles. To that end, we are actively evaluating manufacturing facilities in the U.S."