Effectively Covers the Incremental Cost of an Electric Drivetrain, Under Newly Approved $560 Million 2017-18 Budget, Allocated by California Clean Air Agency
CORONA, CA / ACCESSWIRE / December 21, 2017 / ADOMANI, Inc. (NASDAQ: ADOM) acknowledged today the increase in the California Air Resources Board (CARB), Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) purchase incentive to $220,000 for the Blue Bird zero-emission electric, All American, Type-D school bus. The change in voucher amount was approved at a CARB Scoping Plan Board Meeting held December 14th during which their proposed Fiscal Year 2017-2018 Funding Plant for Clean Transportation Incentives was approved in full. The funding plan includes $180 million for clean truck and bus voucher incentives (HVIP), $140 million for advanced freight equipment demonstration and development, $140 million for light-duty vehicle incentives (CVRP), and $100 million for transportation equity projects.
"Once again, California has come through with funds that should accelerate the adoption of zero-emission electric transportation," said Jim Reynolds, president and CEO of ADOMANI. "The increased incentive now essentially covers the incremental additional cost of the electric vehicle making the zero-emission choice more attainable for school districts as they update their fleets while protecting the health of their students, their drivers and the communities where they operate."
The Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) is a program created by CARB to help speed the early market introduction of clean, low-carbon hybrid and zero-emission trucks and buses. HVIP vouchers are intended to reduce the incremental costs of purchasing hybrid and zero-emission medium-duty and heavy-duty trucks and buses. The point-of-sale based voucher amount for the Blue Bird, "Powered By ADOMANI" All American, Type-D school bus has now increased from $95,000 to $220,000. If the bus operates in a Disadvantaged Community as defined by a CalEPA tool called CalEnviroScreen, the fleet operator can receive an incentive of $245,000 for their first 3 electric school buses and $235,000 per bus thereafter.
It's anticipated that purchase orders will be accepted starting next month by Blue Bird dealers for the "Powered by ADOMANI" zero-emission electric school buses and that deliveries for the Type-D, All American will begin in mid-2018.
About the HVIP Program
The Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) and Low NOx Engine Incentives was formed by the California Air Resources Board (CARB) as a result of the Air Quality Improvement Program (AQIP) following the passing of the California Alternative and Renewable Fuel, Vehicle Technology, Clean Air, and Carbon Reduction Act of 2007 (AB 118, Statutes of 2007, Chapter 750). AQIP offers funding for projects and initiatives focused on supporting the development and deployment of the advanced technologies needed to meet California's longer-term, post-2020 air quality goals. The fuel efficiency and zero- to low-emission benefits of zero-emission, hybrid, and natural gas vehicle technologies provide a strong public health benefit by reducing harmful greenhouse gas (GHG) and criteria emissions.
HVIP responds to a key market challenge by making clean trucks and buses more affordable for fleets. By offering point-of-sale incentives for clean trucks and buses, HVIP provides a streamlined approach for providing helpful incentives to fleets without waiting to submit proposals or complicated paperwork. Fleets receive the voucher discount at the point of sale while HVIP-approved vendors and dealers process the required documentation.
To date, HVIP has deployed more than 2,700 medium- to heavy-duty vehicles, accelerating the growth of the nation's early market of zero-emission and hybrid trucks and buses by 30 percent. HVIP has successfully increased the demand of these technologies which is proving to advance the industry, create jobs and economic benefits while accelerating the commercialization of these trucks and buses for all. With more than 1,000 fleets participating across California, HVIP is helping the state meet its clean air goals.
ADOMANI, Inc., is a provider of zero-emission electric and hybrid vehicles and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOMANI helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price instability and local, state and federal environmental regulatory compliance. ADOMANI designs, manufactures, and installs advanced zero-emission electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. For more information, visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospectus or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in ADOMANI's reports filed with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext 205
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
James Carbonara, Hayden IR
Telephone: (646) 755-7412
SOURCE: ADOMANI, Inc.