|Blue Bird Electric School Buses "Powered By ADOMANI" Eligible for $4.7 Million New York Truck Voucher Incentive Program|
New York is Home to the Largest School District in the United States and Operates a Fleet of Approximately 50,000 School Buses
Corona, CA / ACCESSWIRE / February 5, 2018 /ADOMANI, Inc. (NASDAQ: ADOM) announced today that the "Powered By ADOMANI" Blue Bird All American, Type-D electric school bus now qualifies for a New York Truck - Voucher Incentive Program ("NYT-VIP") purchase incentive of $150,000 per bus. NYT-VIP is a state program designed to help New York fleet owners transition their fleets into cleaner, more efficient and cost-effective alternative fuel vehicles by offering incentives using a simplified purchase voucher. The cost of the electric vehicle, alternative fuel vehicle or verified diesel emission control (VDEC) technology is reduced at the time of purchase. In order to take advantage of the NYT-VIP incentives, an "Approved Vendor" (dealer) must request a voucher for their fleet customer (a "Vehicle Purchaser") at the time the customer orders each Eligible Vehicle. Once the Vehicle Purchaser has received the new vehicle, the Vendor is redeemed the full voucher amount. This same approach is used to accelerate clean vehicle sales in California with a similar program called the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project ("HVIP").
"NYT-VIP is another way that New York continues to demonstrate tangible leadership in the area of clean transportation," said Jim Reynolds, President and CEO of ADOMANI. "The incentive helps cover the incremental additional cost of the electric drivetrain, making the zero-emission choice more attainable for New York school districts as they update their fleets."
About New York Truck - Voucher Incentive Program (NYT-VIP)
To promote clean air and a sustainable future for New York's transportation system, the New York Truck - Voucher Incentive Program (NYT-VIP) aims to accelerate the integration of advanced vehicle technologies in the commercial truck and bus sectors. In partnership with the New York State Energy Research and Development Authority (NYSERDA), New York State Department of Transportation (NYSDOT), New York City Department of Transportation (NYCDOT), and CALSTART, the NYT-VIP provides incentives for clean vehicle technologies. The NYT-VIP is a "first come, first serve" incentive program comprised of three unique funds that seek to provide incentives for the purchase of alternative fuel vehicles and verified diesel emission control (VDECs) technologies. Vendors that market and sell these technologies can apply for a voucher incentive to reduce the cost to the purchaser. Once the purchaser receives the new truck or VDEC, the vendor will be redeemed the full voucher amount.
ADOMANI, Inc. is a provider of new zero-emission electric and replacement drivetrains that is focused on reducing the total cost of vehicle ownership. ADOMANI's drivetrain systems are designed to help 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 advanced zero-emission electric drivetrain systems for integration 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, prospects 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:
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