Envirotech, AEDC enter into $27 million agreement
by July 4, 2022 5:10 pm 1,333 views
Northeast Arkansas electric vehicle manufacturer, Envirotech, has entered into a $27 million agreement with the Arkansas Economic Development Commission. The agreement will aid in facility construction and expansion in Osceola, in addition to hiring and training efforts to bring more than 850 full-time employees to Mississippi County.
Corona, Calif.,-based Envirotech announced in February it would bring an $80 million manufacturing plant to Arkansas with the intention to quickly begin aspects of production.
“We’re excited to announce a partnership with AEDC, which is one of many recent announcements showcasing the company’s ability to ramp up EV production and get more commercial EVs on the road to our customers. We have been making tremendous progress. Final assembly is currently taking place in Osceola and facility renovations are underway. As the state’s only licensed auto manufacturer, we’re excited to have AEDC on board as we work to hire and train more than 850 employees,” said Envirotech Vehicles CEO Phillip Oldridge.
“It is great news that the AEDC and Envirotech Vehicles have partnered together to bring auto manufacturing back to the state,” said State Sen. Dave Wallace, R-Leachville. “EVT has a proven track record in the EV space with customers all over the country. Electric vehicle demand is growing, and I’m delighted that Arkansas is continuing to gain a foothold in the industry. This partnership will do exceptional things for Mississippi County and for Arkansas.”
In other company news, on Tuesday (July 5), Envirotech announced its common stock has been approved for listing on the NASDAQ capital market. The company will trade under the “EVTV” symbol at the opening of trading on, July 6, 2022.
The company has been trading on the over-the-counter OTCQX exchange under the “EVTVD” symbol. When NASDAQ trading begins, the OTCQX trading will cease. No action is required by any shareholders.
Envirotech has more than 30 years of industry experience. The company has a product line of vehicles, systems and green technology that serve last-mile fleets, school districts, public and private transportation service companies and colleges and universities to meet the increasing demand for medium to heavy-duty electric vehicles. Products include Electric Urban Trucks, Electric Logistics Vans, Electric Cutaway Vans and Electric Right-Hand Drive Logistics Vans.
Earlier in June, EVT announced a partnership with Olympus Construction to assist in the construction and renovation of its 580,000-square-foot facility. Envirotech plans to invest $80 million in Arkansas during the next five years.