Envirotech Vehicles Announces Letter of Intent to Acquire Battery Manufacturer ProGreens New Energy Technology Co.Ltd - Seite 2

Mr. Oldridge continued, "In addition to providing batteries for our vehicles as we scale, ProGreens also offers state-of-the-art energy storage systems (ESS). ESS is a quickly growing multi-billion-dollar market with applications including EV charging stations or energy backup for commercial and residential solar. This will be an exciting contiguous market opportunity for us."

Mr. Oldridge concluded, "Over the past year, Envirotech has gone through a major turnaround in which we have repositioned the business as a leader in the small to medium size EV vehicle space. We have established multiple Factory Authorized Representative agreements and are seeing our pipeline expand considerably as Envirotech builds recognition in the marketplace. This acquisition is a key step as we drive revenue growth and evolve to become a fully integrated manufacturer to optimally support the demand we are seeing."

George Tao, CEO of ProGreens, stated "We are very excited to be expanding our partnership with Phil and the Envirotech team and to participate more directly in their growth and success that benefits our team as well. The prospect of transferring our technology and leadership in the battery industry into the US and integrating it in Envirotech's planned manufacturing facility is very rewarding, and we look forward to completing the transaction quickly."

Completion of the acquisition is subject to the completion of a due diligence review, the negotiation and execution of a definitive purchase agreement, approval by Envirotech Vehicles' Board of Directors and third-party approvals.

About Envirotech Vehicles

Envirotech Vehicles, Inc. is a provider of purpose-built zero-emission electric vehicles focused on reducing the total cost of vehicle ownership and helping fleet operators unlock the benefits of green technology. We serve commercial and last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for heavy duty electric vehicles. Our vehicles address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.EVTVUSA.com.