Envirotech Vehicles, Inc. (NASDAQ:EVTV) shares are trading higher premarket Tuesday after the company announced a $10 million Purchase Order financing line from GOBA Capital Inc.

This order, together with EnviroTech Vehicles' 25 EV Bumble Bee school buses and 67 Class IV cargo vans for New Jersey's voucher program, positions the company as a major contender in the last-mile EV sector.

The company stated that manufacturing is underway, and accelerated efforts are being made to deliver efficient, sustainable transportation solutions to important public programs.

This strategic financing will accelerate the production and delivery of over 200 vehicles to PLUGD Electric Leasing and Rentals Inc.

EnviroTech Vehicles is expected to also gain from over $100 million in financing commitments secured by Karla Mae Capital, a boutique finance consulting firm.

Philip Oldridge, CEO of Envirotech Vehicles, said, "The backing from GOBA Capital and Karla Mae Capital is a tremendous endorsement of our strategy and vision. We're now exceptionally well-positioned to seize emerging opportunities in the electric vehicle landscape and to lead the charge in zero-emission transportation."

As of March-end, the company had cash and equivalents totaling $1.049 million.

Price Action: EVTV shares are up 6.51% at $2.29 premarket at the last check Tuesday.

• Envirotech Secures Its Largest Deal Ever: 200 EVs Headed To Texas-Based PlugD For $16.2M

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.