To Our Valued Shareholders—
Welcome to Envirotech Electric Vehicles Inc. and the first release of our Shareholder Newsletter. Through this platform, we hope to provide you with regular and current updates on the progress of our company, as well as ongoing communication from Envirotech President, David Oldridge.
The first quarter of 2018 has been extremely busy for the management team, particularly in the areas of business development and prototype production. At this critical stage in the company, we are committed to cultivating early, widespread interest in our technologies through well-networked, local strategic partnerships.
One such partnership we are developing with much excitement is with the British Columbia Institute of Technology School of Transportation, a North American leader in transportation training. We are pursuing multiple potential synergies with BCIT, from significant industry networks to access to local research & development funding and facilities.
Further, as part of its comprehensive Renewable City Strategy, the City of Vancouver is dedicated to increasing electric transportation usage in the city, including its own $200M fleet of 1,850 vehicles. We are in active talks with the City regarding this initiative—Envirotech currently provides the only viable solution in response to the city’s RFEOI for medium and heavy duty electric vehicles. Similar opportunities apply to surrounding municipalities.
April marked the conclusion of shares sold at a FMV of $0.50 per share. Given the overwhelming interest in investing in Envirotech and the future of electric vehicle technologies, your investment contributed to a total of over $2.3M raised to-date. We anticipate a follow-on financing at a higher valuation in Fall of this year.
This initial infusion of capital has been used in large part to fund the design and manufacture of two 5-ton prototype trucks, chargers, and drivetrain systems, as well as four demonstration trucks and chargers to land in the US and Canada in June for homologation (i.e. vehicle approval according to custom national regulatory requirements). In the meantime, we’d love to introduce you to one of our trucks!
A MESSAGE FROM THE PRESIDENT,
I first want to express my utmost gratitude for your partnership in this worthwhile endeavour. I am privileged to be working with an outstanding and capable management team and group of advisors, and am proud of the exceptional technologies we have built.
As you read this newsletter, I am on location at the manufacturing facility finalizing approval for delivery of our very first vehicles, chargers, and drivetrain systems.
It is an exciting time to be certain, and I am honoured to be sharing it with each of you.
President & CTO
Envirotech Electric Vehicles Inc.
Providing 100% electric solutions for the transport industry.
We are proud of the work we do here at Envirotech—because we know that our commitment to the success of the company is ultimately about providing environmentally sustainable solutions. It is our privilege to have your support in that commitment.