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Envirotech Vehicles, a U.S.-based manufacturer of zero-emission electric vehicles, announced on Tuesday that it has secured a $10 million purchase order financing line from GOBA Capital. This significant financing line is set to fund the build and delivery of over 200 electric vehicles to PLUGD Electric Leasing and Rentals, with manufacturing already in progress.
The $10 million financing line will enable the company to meet growing demand, particularly from PLUGD Electric Leasing and Rentals, which is set to receive a significant fleet of EVs. The production of these vehicles is already underway, signaling a strong start to fulfilling the order.
In addition to the financing from GOBA Capital, Envirotech Vehicles is poised to benefit from more than $100 million in financing commitments secured by its partner, Karla Mae Capital. These combined capital injections are expected to play a crucial role in propelling the company’s growth, product development, and market expansion efforts.
The strategic financial backing from both GOBA Capital and Karla Mae Capital is anticipated to significantly bolster Envirotech Vehicles’ ability to innovate and compete in the rapidly evolving EV industry. This infusion of capital will support the company’s initiatives to scale production, enhance its product offerings, and solidify its market position.
Following the announcement of the financing line, shares of Envirotech Vehicles saw a notable increase of more than 10% in premarket trading, reflecting investor confidence in the company’s future prospects.
Envirotech Vehicles continues to make strides in the EV sector, leveraging strategic partnerships and capital to fuel its mission of delivering sustainable transportation solutions. With the backing of GOBA Capital and Karla Mae Capital, the company is well-positioned to drive future growth and meet the increasing demand for zero-emission vehicles.