Aemetis Enters Electric Vehicle Market Through Stake in Zero Emission Heavy Duty Truck Producer Nevo Motors
Aemetis, Inc.
December 22, 2020, 5:00 AM·6 min read
Nevo Motors Plans to Launch Patented Range Extender Engines Designed to Meet Low and Zero Emissions Vehicle (ZEV) Standards
CUPERTINO, CA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ: AMTX) announced today that its Aemetis Properties Riverbank, Inc. subsidiary acquired approximately 20% ownership of Nevo Motors, Inc. under a Strategic Electric Vehicle Production Facilities Agreement that will utilize current and future Aemetis manufacturing facilities and fueling stations, as well as renewable natural gas and renewable electricity produced by Aemetis. “Nevo”, which stands for “New Electric Vehicle Optimization”, is a stealth mode company with its product launch planned for Q1 2021.
“Aemetis is excited to become a significant shareholder of Nevo Motors just prior to the launch of the Nevo truck product lines planned in 2021,” stated Eric McAfee, Chairman and CEO of Aemetis. “This strategic agreement utilizes the production buildings, onsite railroad, renewable electricity substation and other facilities at the 140-acre, 710,000 square foot Aemetis Riverbank, California manufacturing facility, as well as other Aemetis infrastructure, renewable energy products, and expertise in renewable fuel credits and markets.”
High Capacity Electric Vehicles (HCEV’s) from Nevo Motors are designed for heavy cargo and long range by using on-board range extender generators powered by renewable natural gas (“RNG”), with future electric truck models designed to use patented hydrogen and ethanol range extenders. The goal is to achieve major reductions in operating and maintenance costs while eliminating carbon and pollution emissions in highway cargo transport by meeting Zero Emission Vehicle (“ZEV”) standards.
“Nevo Motors plans to replace diesel engines in the $90 billion per year trucking industry with hybrid electric systems that combine electric drivetrains, batteries and patented range extender generators,” stated Michael Peterson, CEO of Nevo Motors. “Long haul and other diesel trucks can be powered by low carbon, lower cost, domestically produced renewable natural gas and biofuels that expand local investment and jobs instead of continuing to export investment capital to other countries to purchase imported petroleum.”
Aemetis, Inc.
December 22, 2020, 5:00 AM·6 min read
Nevo Motors Plans to Launch Patented Range Extender Engines Designed to Meet Low and Zero Emissions Vehicle (ZEV) Standards
CUPERTINO, CA, Dec. 22, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Aemetis, Inc. (NASDAQ: AMTX) announced today that its Aemetis Properties Riverbank, Inc. subsidiary acquired approximately 20% ownership of Nevo Motors, Inc. under a Strategic Electric Vehicle Production Facilities Agreement that will utilize current and future Aemetis manufacturing facilities and fueling stations, as well as renewable natural gas and renewable electricity produced by Aemetis. “Nevo”, which stands for “New Electric Vehicle Optimization”, is a stealth mode company with its product launch planned for Q1 2021.
“Aemetis is excited to become a significant shareholder of Nevo Motors just prior to the launch of the Nevo truck product lines planned in 2021,” stated Eric McAfee, Chairman and CEO of Aemetis. “This strategic agreement utilizes the production buildings, onsite railroad, renewable electricity substation and other facilities at the 140-acre, 710,000 square foot Aemetis Riverbank, California manufacturing facility, as well as other Aemetis infrastructure, renewable energy products, and expertise in renewable fuel credits and markets.”
High Capacity Electric Vehicles (HCEV’s) from Nevo Motors are designed for heavy cargo and long range by using on-board range extender generators powered by renewable natural gas (“RNG”), with future electric truck models designed to use patented hydrogen and ethanol range extenders. The goal is to achieve major reductions in operating and maintenance costs while eliminating carbon and pollution emissions in highway cargo transport by meeting Zero Emission Vehicle (“ZEV”) standards.
“Nevo Motors plans to replace diesel engines in the $90 billion per year trucking industry with hybrid electric systems that combine electric drivetrains, batteries and patented range extender generators,” stated Michael Peterson, CEO of Nevo Motors. “Long haul and other diesel trucks can be powered by low carbon, lower cost, domestically produced renewable natural gas and biofuels that expand local investment and jobs instead of continuing to export investment capital to other countries to purchase imported petroleum.”