A week after going public, Adomani received its first all-electric Type D school bus, an eligible vehicle for the California Air Resources Board’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project’s (HVIP).
The Type D school bus is built with partner Greenpower and will be introduced this summer to the California market.
Adomani, a manufacturer of electric buses and drivetrains, said Wednesday it will take the vehicle and start its tour with visits to Californian school districts recently selected by the South Coast Air Quality Management District and the North Coast Air Quality Management District. ADOMANI also indicated that selected schools will receive grants to purchase all-electric school buses. The Adomani team will be at the STN EXPO Trade Show on July 11.
CARB’s HVIP provides vouchers of $95,000, and under certain circumstances up to $120,000, to offset the incremental purchase price of new qualifying clean buses and trucks. Adomani pointed out that purchasers need not submit proposals or complicated paper work for eligibility or wait for reimbursements. Incentives are locked in at the time of the purchase order.
Just last week, Adomani started public trading on the NASDAQ with its share price nearly doubling from the initial public offering, which was completed on June 14.
The company raised more than $9.2 million in selling over 2.5 million shares and began trading the following day at $5 per share. It closed up 45 percent to $7.25, and then rose another 32.5 percent to head into the weekend at $9.60 per share. At this report, stock was trading Thursday at about $10.60 per share.
Adomani trades on the NASDAQ Capital Market under the ticker symbol ADOM.
Adomani also became the first Regulation A offering on NASDAQ under the amended “Regulation A+” provisions of the Jumpstart Our Business Startups (JOBS) Security Act. This allows small companies to secure up to $50 million in funding from accredited or non-accredited investors.
The company said it can now use its patent on electric and hybrid drivetrains to “accelerate the design, manufacture and marketing” of zero-emission new vehicles and replacement drivetrain systems for existing vehicles in the medium- and heavy-duty market.
