Benzinga | Jun 28, 2021 09:37AM EDT

Envirotech Vehicles Picked As Approved Vendor For New Jersey Zero Emissions Incentive Program

* Electric vehicle manufacturer Envirotech Vehicles Inc (OTC:ADOM) has been selected as an approved vendor for the New Jersey Zero Emissions Incentive Program (NJ ZIP).

* NJ ZIP is a $15 million pilot voucher program that supports businesses and institutions purchasing new, zero-emission vehicles operating in the greater Newark and greater Camden areas.

* The Program will fund 100 to 300 vouchers ranging in value from $25,000 to $100,000 for businesses and institutional organizations looking to transition their fleets to zero emissions.

* "As we remain focused on executing our growth plan and capitalizing on the increasing demand for innovative, high-quality, conventional and special purposed electric vehicles, we see our approval by NJ ZIP as an excellent opportunity to expand our presence in the East Coast market," said Envirotech CEO Phillip Oldridge.

* Price action: ADOM closed at $0.3 on Friday.