Envirotech Vehicles Inc.
Envirotech Vehicles, Inc. Extends Earnout Period for Maddox Industries Acquisition
Summary
On October 20, 2025, Envirotech Vehicles, Inc. (EVTV) amended its Purchase Agreement with Maddox Industries, LLC to extend the earnout period from December 18, 2024, to June 17, 2026. The earnout period pertains to potential cash payments of up to $1 million to the seller, Jason Maddox, based on Maddox Industries' gross revenue during the earnout period. This amendment follows the Maddox Acquisition, where EVTV purchased all issued and outstanding membership interests in Maddox Industries on December 18, 2024.
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About Envirotech Vehicles Inc.
Envirotech Vehicles Inc. is a commercial electric vehicle company focusing on manufacturing, selling, and leasing zero-emission vehicles. These vehicles primarily serve industries such as logistics, delivery services, public transportation, and municipal services, which are increasingly transitioning to sustainable energy solutions. Envirotech Vehicles aims to address environmental and regulatory demands by providing alternatives to traditional combustion engine vehicles, offering reduced carbon footprints and lower operational costs. Key features of Envirotech’s offerings include customizable vehicle platforms, energy-efficient designs, and advanced technology integrations that ensure performance and safety. The company is significant within the market as it aligns with the growing emphasis on eco-friendly transportation solutions amid global climate change concerns. By catering to both private and public sector clients, Envirotech Vehicles supports their sustainability goals and enhances fleet efficiency, thus playing a crucial role in the broader shift towards green technology in the automotive industry.
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