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Envision Solar Reports Financial Results for the Second Fiscal Quarter Ended June 30, 2020

August 14, 2020

 

Envision Solar Reports Financial Results for the Second Fiscal Quarter Ended June 30, 2020

 

 

 

SAN DIEGO  — Envision Solar International, Inc.,(Nasdaq: EVSI, EVSIW) (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle charging, energy security and outdoor media, today announced financial results for the second fiscal quarter ended June 30, 2020.

Q2 2020 Business Highlights

  • Announced the official launch of the Next Generation EV ARCTM 2020 off-grid EV Charging structure.
  • Delivered another solar-powered EV ARCTM 2020 DC fast charging system at Caltrans Rest Area in California.
  • Delivered follow-on multi-unit EV ARCTM 2020 units to the City of Madison, Wisconsin.
  • Delivered EV ARC™ to City of Greensboro, North Carolina for public use in central downtown lots.
  • Delivered the first Canadian order for the Company’s EV ARCTM solar-powered infrastructure product.
  • Delivered EV ARCTM 2020 to City of San Luis Obispo, California for city fleet vehicles.
  • Delivered two Solar Tree® solar-powered sustainable infrastructure products to the Ocean Discovery Institute in San Diego.
  • EV ARCTM product provided off-grid power and EV charging at COVID-19 emergency facilities in California.
  • Envision added to the FTSE Russell Microcap Index

Recent Developments

  • Closed an underwritten public offering on July 7, 2020, which generated net proceeds of approximately $10.6 million after deducting underwriting discounts and commissions and offering expenses. Proceeds will be used for growth/working capital and general corporate purposes.

“COVID-19 has tragically affected many companies across the U.S., but we have continued to operate and provide critical off-grid solar-powered infrastructure products for electric vehicle charging and for emergency power during the pandemic,” said Desmond Wheatley, CEO of Envision Solar.  “Q2 was a challenging quarter for everyone but our team continued to execute. Even at the height of the lockdown we continued to produce and sell products, submit a new patent application and see our existing products provide vital EV fueling and emergency power for our customers’ COVID emergency facilities. Though there is a great deal of uncertainty across the globe, we are still seeing strong interest in our products and the broader EV sector. We believe that support from stimulus spending and increasing appetites for electric vehicles of all types, and the off grid charging solutions we produce, will drive our growth in the coming quarters.”

Q2 2020 Financial Summary

Revenue
For the three months ended June 30, 2020, revenues were $1,455,158, compared to $1,640,350 for the same period last year, an 11% decrease. Revenues in the three months ended June 30, 2020 included our first EV ARCTM shipment into Canada and our second solar-powered EV DC fast charging deployment to a California rest area. We also delivered two Solar Tree® solar-powered sustainable infrastructure products which are designed to provide charging for electric buses, electric heavy-duty vehicles and growing electric vehicle options in the construction industry, in addition to several other EV ARCTM units. The same period in 2019 included the delivery of 16 units to one customer, the City of New York. For the first six months of 2020, revenues were $2,772,210 compared to $2,829,945 for the same period in 2019, a 2% decrease. As of June 30, 2020, our contracted backlog was approximately $2.6 million. Our shipments will continue to fluctuate each quarter due to the varying size of orders and timing of deliveries. The COVID-19 virus has caused some delays and cancellations of opportunities in our pipeline as a result of funding issues, priority issues or business closures, and may impact us more in the future.

Gross Profit 
For the three months ended June 30, 2020, we had a gross profit of $55,336 compared to a gross profit of $61,545 for the three months ended June 30, 2019 and for the six months ended June 30, 2020, we had a gross profit of $15,695 compared to a gross profit of $8,443 for the same period in the prior year. Our gross profit remains low as we’ve priced our units to be competitive and to gain market share in the EV charging market, but we expect it to improve as our revenues increase and we benefit from lower fixed overhead cost per unit, volume purchase pricing and improved labor efficiency.

Net Loss
Our net loss was $833,957, or $0.16 per basic and diluted share, for the three months ended June 30, 2020, reduced from $983,874, or $0.21 per basic and diluted share for the same period in 2019. This is primarily attributable to a reduction in interest expense due to the pay-off of debt following our public offering last year, partially offset by an increase in operating expenses, primarily for increased sales and marketing expense to support revenue growth, non-cash compensation expense and salaries and benefits. Our net loss for the six months ended June 30, 2020 was $1,776,478, or $0.34 per basic and diluted share, down from $1,933,505, or $0.51 per basic and diluted share for the same period in the prior year. Similar to the quarter, the reduction in interest expense that resulted from the elimination of debt was partially reinvested in higher operating expenses, primarily for sales and marketing activities.

Liquidity and Capital Resources
At June 30, 2020, we had cash of $1,952,394, compared to $3,849,456 at December 31, 2019. The cash usage during the first six months of 2020 resulted primarily from the net loss, net of non-cash expenses and increased inventory and prepaid expenses, and the payment of a convertible note payable to a related party. This was partially offset by cash generated from the exercise of warrants and a loan through the Small Business Administration Paycheck Protection Program made available through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Our working capital decreased from $5,142,719 to $3,989,036 from December 31, 2019 to June 30, 2020.

 

Webcast URL: https://services.choruscall.com/links/evsi200813.html

A webcast replay of the call will be available approximately one hour after the end of the call through November 13, 2020. The replay can be accessed through the above links.

About Envision Solar International, Inc.

Envision Solar, www.envisionsolar.com, produces and sells its unique and patented, sustainable infrastructure products for electric vehicle charging, energy security and outdoor media including the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia™ solar advertising displays.

Based in San Diego, the company produces Made in America products. Envision Solar is listed on the Nasdaq CM under the symbols EVSI and EVSIW. For more information visit www.envisionsolar.com or call (858) 799-4583. Follow us on social media to keep up with the latest news: LinkedIn, Facebook, Twitter, Instagram, and YouTube.

Forward-Looking Statements 

This Envision Solar International, Inc. Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements.  Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results.

Envision Solar Announces First EV ARC™ Order from Baltimore Gas and Electric

August 13, 2020

 

Envision Solar Announces First EV ARC™ Order from Baltimore Gas and Electric

 

SAN DIEGO, Aug. 13, 2020  — Envision Solar International, Inc., (Nasdaq: EVSI, EVSIW)  (“Envision Solar,” or the “Company”), the leading producer of unique and sustainable infrastructure products for electric vehicle (EV) charging, energy security and outdoor media, announced that Baltimore Gas and Electric (BGE) has ordered its EV ARC™ product to forward the utility’s innovation and environmental stewardship efforts and to promote off grid EV charging within its workplaces and corporate offices.

The deployment of the EV ARC™ product is intended to reduce the time and cost of construction associated with traditional grid-tied infrastructure as well as to demonstrate an additional source of electrical power to support the grid as EV adoption rates increase in the future.

“We see a unique opportunity to integrate the EV ARC into our strategy for providing charging solutions to our operators, including the ability to expand charging in remote locations or where on-grid chargers have yet to be installed. The fact that the product is transportable with a 100% renewable power source is an added benefit that supports our commitment to environmental stewardship and decarbonization,” said Liz O’Connor, BGE’s vice president of support services. “BGE is focused on bringing EV chargers to the region to help spur the adoption of electric vehicles. We are also working hard to electrify our fleet with a goal of having 50 percent of our fleet electric by 2030. Technologies like the EV ARC will help us as we work to achieve both these goals.”

Baltimore Gas and Electric is a subsidiary of Exelon Corporation and Maryland’s largest Gas and Electric utility. Headquartered in Baltimore, BGE provides service to more than 1.2 million electric customers and more than 650,000 natural gas customers in central Maryland. BGE employs 3,100 people in the state of Maryland, making the company one of the 15 largest private employers in the region. BGE ordered the EV ARC™ product through a Master Contract between Envision Solar and Exelon Business Services Company LLC.

“BGE is an innovative utility which recognizes the fantastic potential of EVs and of powering them with distributed renewable power sources which are carbon free and highly robust,” said Envision Solar CEO, Desmond Wheatley. “We are delighted to partner with BGE and our other utility customers like SDG&E and LGE. Electric vehicles are coming fast and they will need lots of infrastructure both connected to the grid and from distributed sources. Driving on sunshine delivered by our EV ARC products provides the ultimate clean, rapidly deployed and highly scalable solution for this exciting and rapid growth opportunity. Working with the utilities is an excellent way to scale up in a way that benefits everybody.”

About Envision Solar International, Inc.

Envision Solar, www.envisionsolar.com, produces and sells unique and patented sustainable infrastructure products, for electric vehicle charging, energy security and outdoor media, including the EV ARC™ and the Solar Tree® with EnvisionTrak™ patented solar tracking, SunCharge™ solar Electric Vehicle Charging, ARC™ technology energy storage, and EnvisionMedia™ solar advertising displays.

Based in San Diego, the company produces Made in America products. Envision Solar is listed on the Nasdaq CM under the symbols EVSI and EVSIW. For more information visit www.envisionsolar.com or call (858) 799-4583. Follow us on social media to keep up with the latest news: Facebook, Twitter, Instagram, and YouTube.

Forward-Looking Statements

This Envision Solar International, Inc. Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements.  Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results.

Westward’s GO-4 Vehicles Enhance Purdue University Parking Efficiencies While Reducing Fuel Costs by 65%

June 16, 2020

 

 

 

 

Westward’s GO-4 Vehicles Enhance Purdue University Parking Efficiencies While Reducing Fuel Costs by 65%

 

 

 

Purdue University recently obtained two GO-4 parking specific vehicles from Westward Industries. The GO-4 vehicles will support the university’s efforts to expand their mobility, transportation, and parking management operations, elevating their on-street and lot presence while increasing mobile reads within their mobile LPR systems.

 

 

Purdue University sought a solution to their parking enforcement needs as they continue to experience significant growth on campus. The University’s goals for introducing the vehicles to their fleet were efficiency, safety, and reliability, while achieving a return on investment not typically experienced with standard fleet vehicles. The GO-4’s unique design makes them highly maneuverable making them essential for patrolling beyond the pylons and in the parking decks.

According to Andy Pruitt, Purdue’s Parking Facilities Coordinator, “We recently added two GO-4s and have already recognized exceptional gains for our department. Apart from the approachable aspect, these GO-4 vehicles are highly efficient, saving our university 65% in fuel costs per month as compared to our other enforcement vehicles. The GO-4’s design aids in creating the desired environment; efficient, maneuverable, safe and different. I would highly recommend any of my colleagues to look into how these vehicles can fit into your operation”

He continued, “Purdue University strives to have its PEO’s be ambassadors for the University, exemplifying the Boiler Maker way. Westward’s GO-4 vehicles have been a valuable complement to the University’s parking operation and will continue to help its parking operation exceed its goals”.

 

About Westward Industries

Westward has a strong history of designing and manufacturing task-specific vehicles for use across cities, colleges and universities, healthcare campuses, corporate parking facilities, and more. Their GO-4 series of parking enforcement vehicles adapt to many environments, offering a cost-effective and functional solution to parking management department needs through license plate recognition and digital chalking, while offering flexibility and efficiency not offered with standard vehicles.

As one of the largest manufacturers of task-specific on road vehicles in North America, Westward is leading the industry with smart enforcement vehicle technology that will propel parking enforcement solutions into the future.

For more information, visit https://westwardindustries.com

ElectraMeccanica Begins Proposed Site Visits in Second Phase of BDO-Led Search for SOLO EV U.S. Assembly Facility and Engineering Technical Center

June 08, 2020

 

ElectraMeccanica Begins Proposed Site Visits in Second Phase of BDO-Led Search for SOLO EV U.S. Assembly Facility and Engineering Technical Center

 

VANCOUVER, British Columbia, June 08, 2020  — ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles, today provided an update related to its ongoing search for a U.S. based assembly facility and engineering technical center.

On February 27, 2020 the Company announced its engagement with BDO USA’s Site Selection & Business Incentives Practice (“BDO”) to lead the search. After a nationwide review of potential locations that matched ElectraMeccanica’s criteria, BDO initially identified seven candidates and sent initial requests for proposal to the chief economic development entities in each state.

Following the initial review, the Company has narrowed its list to the following five states (in no particular order): Arizona, Colorado, Florida, North Carolina and Tennessee.

The proposed new U.S. facility is expected to employ up to 250 people and feature a state-of-the art engineering technical center, including plans for multiple labs to support ongoing vehicle, chassis and power electronics testing as well as comprehensive research facilities. Collectively, the operation would be expected to meet the growing demand for SOLO EVs throughout the United States, where EVs are projected to exceed more than 30% of all passenger vehicles by 2040. In addition, the proposed new U.S.-based facility would allow ElectraMeccanica to reduce or potentially eliminate tariffs as well as benefit from logistical efficiencies.

ElectraMeccanica intends to maintain a capital-light model and begin commercial production and delivery of its flagship, single-seat, three-wheeled SOLO EV during 2020 with its contract manufacturing partner and strategic investor, Zongshen Industrial Group (“Zongshen”), in Chongqing, China. In conjunction with the proposed new ElectraMeccanica U.S. facility, Zongshen will continue to manufacture SOLO EVs for the global market, while also supplying knock-down kits for assembly in the United States.

As part of the secondary phase in the site selection process, ElectraMeccanica management will be visiting proposed sites within the remaining states during the summer of 2020 with a final decision expected by the end of the year.

Last week, at the invitation of the Arizona Commerce Authority (the “ACA”) and the Greater Phoenix Economic Council (“GPEC”), the Company toured locations in Phoenix, Mesa, Avondale and Casa Grande, Arizona.

“On behalf of the entire ElectraMeccanica team, I want to thank Sandra Watson, Chris Camacho and their teams at the ACA and GPEC as well as Arizona State University, the Arizona Public Service and Salt River Project for their hospitality as we begin the next phase of our site selection process,” said Company CEO Paul Rivera. “Going forward, we will be conducting similar visits in the remaining states before making our ultimate decision by the end of the year. We believe having a future base of operations in the United States will provide us several material benefits, including gaining access to a top-tier talent pool of engineering resources, protecting our global supply chain costs and driving increased efficiencies within our distribution processes.”

Tom Stringer, Leader for the National Site Selection & Business Incentives Practice, BDO USA, added: “Arizona is an excellent candidate-location for this project. In the last five years Arizona has quickly committed itself to developing a world-class electric vehicle ecosystem. We look forward to meeting with the other candidate cities and working to find the best partner-location for our long-term success.”

ElectraMeccanica recently provided a video update of its Arizona site visits on its Facebook page, which is available for public viewing here.

About ElectraMeccanica Vehicles Corp.   
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles (EVs). The company’s flagship vehicle is the innovative, purpose-built, single-seat EV called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. The SOLO provides a driving experience that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.

About BDO Site Selection & Incentives
BDO’s Site Selection & Incentives practice works with clients to identify the ideal locations for new or relocating operations, analyze business climates and labor markets, and maximize economic development incentives. In the last decade they have secured over $2 Billion in state and local support for their clients, including noteworthy transportation startups, multiple Fortune 500 Corporate Headquarters, major national defense projects and several professional sports leagues.

Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Schetky Bus & Van Sales: Randy Schetky, Commercial Bus Pioneer, Passes Away at Age 69 

April 13, 2020

 

 

 

 

Schetky Bus & Van Sales: Randy Schetky, Commercial Bus Pioneer, Passes Away at Age 69 

 

 

Portland, Ore. (Friday, April 10, 2020) – John “Randy” Schetky, the president and owner of Schetky Bus & Van Sales, one the United States’ largest dealerships, passed away early in the morning of April 3, 2020. He was 69 years old. 

 

Randy Schetky died after his cancer diagnosis became unmanageable, said his sons David and Chase, both vice presidents for the company. They will now take Randy’s years of guidance, advice, and leadership to lead the company going forward. 

Randy Schetky graduated from Oregon State University in 1975 and began working full time for his father, John L., at Schetky that same year. In 1980, Randy launched the company’s commercial bus division, and begin selling to transit agencies throughout the Northwest. Randy grew the business from the top dealership in the Pacific Northwest, to one of the top bus and van suppliers nationwide. Randy led Schetky to multiple industry awards and took great pride in after-the-sale support. He grew their service facilities from one shop to four within Oregon and Washington. Randy also opened their Arizona sales and service facility in 2017, which has seen exponential growth and is projected to become Arizona’s top dealership in the coming years. 

Schetky also sells School Buses, and represents Collins Bus and Thomas Built Bus. In 1997, Randy purchased Larsen Bus Sales, and became the Thomas Bus dealer in Oregon and Washington. In 2018, Thomas Built Buses and Daimler named Schetky a Platinum Support Dealer. This award recognizes a dealer’s ability to provide customers with the best possible experience, communication, robust parts availability and superb customer service. 

In addition to David and Chase (wife Liana), Schetky is survived by wife Linley, granddaughter Maya, and brother Steve (wife Chris). 

The family said it is unable to plan Schetky’s funeral or celebration of life at this time, due to the ongoing coronavirus outbreak. But an announcement will follow as soon as arrangements can be made. 

 

About Schetky Bus and Van Sales 

Founded in 1942, Jack Schetky assembled the first bus west of the Mississippi River, and built a reputation for providing unsurpassed service and support. Schetky Bus and Vans Sales specializes in new bus sales; used bus sales; bus service; bus leasing; bus financing; online parts ordering; bus warranty; and electric vehicle conversions. Please visit Schetky online at www.schetkynw.com 

 

If you’d like more information about this topic, please call David Schetky at 503-334-9489 or email David at davids@schetkynw.com 

SemaConnect Installs 40 Smart EV Charging Stations at Two Cuesta College Campuses

April 09, 2020

 

 

SemaConnect Installs 40 Smart EV Charging Stations at Two Cuesta College Campuses

 

 

SemaConnect smart electric vehicle charging stationNew EV charging stations promote sustainability and reduced carbon emissions in the San Luis Obispo Community College District community

 

Cuesta College is setting an example for other California colleges with its future-forward sustainability initiatives. We look forward to charging students and faculty when they return to campus.”— Georgette Cardona, national sales director at SemaConnect

 

 

SAN LUIS OBISPO, CALIF., USA, April 9, 2020  — SemaConnect, leading provider of electric vehicle charging stations in North America, announces the installation of 40 smart EV charging stations at Cuesta College in San Luis Obispo. 24 of the stations are installed at the Main Campus in San Luis Obispo, and 16 stations are installed at the North Campus in Paso Robles. The stations are mounted on single and dual pedestals, and are open to all EV drivers with valid parking permits.

Last year, in an effort to build a more environmentally conscientious campus, the San Luis Obispo Community College District contacted SemaConnect about applying for the PG&E EV Charge Network grant. With the grant, Cuesta College would receive free “make ready” infrastructure, plus funds for charging equipment from PG&E. All 40 of Cuesta College’s SemaConnect stations will receive three years of SemaConnect full network services and warranty.

“The EV Charge Network program from PG&E is helping workplaces and colleges like Cuesta College do their part to reduce emissions in California,” said Georgette Cardona, national sales director at SemaConnect. “SemaConnect is honored to be an approved vendor for PG&E’s rebate programs. Furthermore, we’re excited to help Cuesta College and the broader San Luis Obispo community support electric vehicles along the Central Coast. The San Luis Obispo Community College District is setting an example for other California colleges with its future-forward sustainability initiatives. We look forward to charging students and faculty when they return to campus next term.”

The new Series 6 SemaConnect charging stations at Cuesta College are designed for shared use at Class A commercial properties. Built for years of worry-free operation, the 40 stations feature SemaConnect’s distinctive compact design, interactive LED lights, and three-year Full Service Warranty and Network package. With the SemaConnect Network, Cuesta College parking management can control access, set custom pricing, and download usage and sustainability reports. Drivers can use one of SemaConnect’s Five Ways to Pay: calling 1-800-663-5633, visiting network.semaconnect.com, waving a SemaConnect Pass, using the SemaConnect mobile application, or downloading PlugShare. The stations are open to drivers with a valid parking permit, and cost $1.50 per hour for the first four hours. Station locations, pricing, and live charging status can be found on the SemaConnect or PlugShare apps.

About SemaConnect:
SemaConnect is the leading provider of electric vehicle amenities to the North American commercial and residential property markets. A complete EV support partner, SemaConnect delivers a truly modern property experience through innovative, elegantly designed charging stations and a robust and open network. The company has helped maximize property value and appeal through thousands of successful Class A deployments since its founding in 2008, for companies such as CBRE, JLL, Hines, Greystar, Cisco Systems and Standard Parking. SemaConnect remains the preferred charging solutions partner of municipal, parking, multifamily, hotel, office and retail customers across the United States and Canada. For more information, visit https://www.semaconnect.com/.

Bethany Villarreal
SemaConnect
+1 301-352-3730
email us here
Visit us on social media:
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ElectraMeccanica Announces New Cost-Effective Aluminum Chassis for Flagship, Single-Occupant SOLO EV

April 07, 2020

ElectraMeccanica Announces New Cost-Effective Aluminum Chassis for Flagship, Single-Occupant SOLO EV

 

 

VANCOUVER, British Columbia, April 07, 2020  — ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles, has announced the engineering and development of a new, cost-effective aluminum chassis for the Company’s flagship, single-occupant SOLO electric vehicle (EV).

The new, high strength, drop-in aluminum chassis will replace the current composite chassis in the SOLO EV, making it much better suited for mass production by reducing the overall weight and per-unit assembly cost of the vehicle. ElectraMeccanica has engaged a Tier-One engineering partner with a global presence, which will provide on-the-ground support in both Canada and China.

“This project represents our continued focus on evolving the safety, comfort and design of our flagship single-occupant SOLO EV, while incorporating important cost saving advantages to improve margins in mass-production,” said Paul Rivera, Chief Executive Officer of ElectraMeccanica. “The partner we’ve selected for this project brings significant expertise in lightweight, high-strength automotive safety structures that are perfectly suited for the SOLO. We look forward to the impending launch of the revolutionary SOLO EV later this year.”

With an MSRP of $18,500, the SOLO EV is a trend-setting all-electric, single-seat vehicle expected to revolutionize the commuting, delivery and shared mobility experience. To be one of the first to own a SOLO, please reserve yours online by visiting www.electrameccanica.com.

About ElectraMeccanica Vehicles Corp.   
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles. The company’s flagship vehicle is the innovative purpose built; single-seat electric vehicle called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. The SOLO provides a driving experience that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.

Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Company Contact:
Ms. Bal Bhullar, CPA, CGA, CRM
Chief Financial Officer & Director
(604) 428-7656
Bal@electrameccanica.com

Investor Relations:
Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449
SOLO@mzgroup.us
www.mzgroup.us

ElectraMeccanica Reports Fourth Quarter and Full Year 2019 Financial Results

March 26, 2020

ElectraMeccanica Reports Fourth Quarter and Full Year 2019 Financial Results

 

VANCOUVER, British Columbia, March 25, 2020 (GLOBE NEWSWIRE) — ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica” or the “Company”), a designer and manufacturer of electric vehicles, has reported its financial results for the fourth quarter and full year ended December 31, 2019.

Recent Company Highlights:

  • Unveiled production intent SOLO EV, integrating upgrades that include an advanced liquid-cooled motor incorporating torque-limiting electronic stability control, a wider front steering track, a revised electronic power steering software and additional occupant safety protection. Additional upgrades include a more robust and rugged appearance, a more comfortable seat design, an enhanced entertainment system and display with Bluetooth technology and reduced interior cabin noise.
  • ElectraMeccanica is currently preparing for a mid-year 2020 launch of its uniqueSOLO EV, with a strategic launch in the Los Angeles market first, followed by other west coast cities later in the year.
  • Engaged BDO to lead search for a U.S. assembly facility and state-of-the-art engineering technical center, with the goal of assembling knock-down kits for SOLOEVs to be sold in the U.S. market, thereby reducing uncertainties in the global supply chain, increasing logistical efficiencies and eliminating tariffs. BDO has identified seven states as finalists and sent initial request for proposals to the chief economic development entities in Arizona, Colorado, Florida, North Carolina, South Carolina, Tennessee and Texas. The leading location and backup sites are expected to be announced in the third quarter of 2020.
  • Established EMV Automotive Technology, Inc. (Chongqing), a wholly-owned subsidiary for in-country operations in China.
  • Opened first retail kiosk at the Westfield Century City Shopping Mall in Los Angeles, providing customers with the opportunity to view, test drive and place pre-orders in a modern sleek storefront. ElectraMeccanica will open additional kiosks throughout 2020 in Southern California locations, as well as in the San Francisco area, Washington and Oregon.
  • Entered into an agreement with FreedomRoad Financial, a national lending institution providing retail vehicle loans to the nation’s leading vehicle manufacturers, to provide consumers with turnkey vehicle financing solutions for the Company’s flagship SOLOEV.
  • Appointed accomplished financial executive and ElectraMeccanica Chief Financial Officer, Ms. Bal Bhullar, to the Board of Directors effective December 6, 2019.
  • Appointed Peter Savagian as an Independent Director, a pioneer in automotive electrification with a broad spectrum of expertise in the technology, development, launch and production of electric vehicles including the first modern Electric Vehicle, the GM EV1, the first plug-in hybrid, the Chevy Volt, and the industry’s first long-range value EV, the Chevy Bolt.

Management Commentary

“2019 was a metamorphic year for ElectraMeccanica as we laid the groundwork for the launch of our flagship, single-occupant SOLO EV,” Paul Rivera, Chief Executive Officer of ElectraMeccanica. “Since joining as CEO in August 2019, our entire team has been focused on a reboot and execution, moving the Company from a concept to one that is in commercial production of the most efficient, trend-setting vehicle to move a single occupant.  As part of this endeavor, we’ve re-engineered significant safety, comfort and design enhancements that are being implemented into the production ready SOLO.  Today, more than ever, we remain focused and committed as we move forward with production plans and methodical launch in the Los Angeles area.”

“Importantly, we’ve also taken several strategic steps to support our go-forward operations, such as the establishment of EMV Automotive Technology, our wholly-owned subsidiary in China that provides us with a greater presence in this important market. In addition, we’ve engaged BDO’s Site Selection & Business Incentives Group to lead a search for a U.S. assembly facility and state-of-the-art engineering and technical center.  A U.S. facility dedicated to assembling knock-down kits for SOLO EVs to be sold domestically will minimize uncertainties in the global supply chain, increase logistical efficiencies and reduce or eliminate tariffs.

“In summary, we’ve made unbelievable progress in our asset-light approach to preparing for the launch of a vehicle unlike any other. We’ll continue to leverage our proven retail kiosk model at highly trafficked areas throughout Southern California and the broader West Coast, and as production volumes ramp throughout the year, we look forward to increasing shareholder value, revolutionizing the urban driver experience and providing a long-overdue solution for ‘SOLO Mobility.’”

Fourth Quarter and Full Year 2019 Financial Summary 

  • Revenue in the fourth quarter of 2019 was CAD$0.3 million, compared to revenue of CAD$0.1 million in the same year-ago quarter. Revenue in 2019 was CAD$0.8 million compared with CAD$0.8 million in 2018.
  • Research and development expenses in the fourth quarter of 2019 were CAD$2.7 million, compared to CAD$1.4 million in the same year-ago quarter. Research and development expenses in 2019 were CAD$9.5 million, compared to CAD$5.6 million in 2018. Research and development costs relate to the electric vehicle segment as the Company continued to develop its first electric vehicle, the SOLO.
  • Operating loss in the fourth quarter of 2019 was CAD$8.3 million, compared to an operating loss of CAD$4.8 million in the same year-ago quarter. Operating loss in 2019 was CAD$27.3 million, compared to CAD$16.9 million in 2018.
  • Net loss in the fourth quarter of 2019 was CAD$8.1 million, compared to a net loss of CAD$2.1 million in the same year-ago quarter. Net loss in 2019 was CAD$30.7 million, compared to CAD$10.0 million in 2018.
  • Cash and cash equivalents and short-term deposits were CAD$11.1 million as of December 31, 2019, compared with CAD$18.9 million as of December 31, 2018.
  • Cash used in operations in the fourth quarter of 2019 was CAD$4.8 million, compared with cash used in operations of CAD$5.3 million in the same year-ago quarter. Cash used in operations in 2019 was CAD$22.5 million, compared to CAD$15.6 million in 2018.

“Throughout 2019, we’ve maintained our focus on prudent expense control and strategically allocating our resources as we prepare for the imminent launch of the SOLO EV,” said Ms. Bal Bhullar, Chief Financial Officer of ElectraMeccanica. “The entire leadership team at ElectraMeccanica has also kept the safety of our employees and partners as a top priority during these unprecedented times and we remain in a strong position to execute upon our operational and production goals.”

With an MSRP of $18,500, the SOLO EV is a trend-setting all-electric, single-seat vehicle expected to revolutionize the commuting, delivery and shared mobility experience. To be one of the first to own a SOLO, please reserve yours online by visiting www.electrameccanica.com.

About ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) is a Canadian designer and manufacturer of environmentally efficient electric vehicles. The company’s flagship vehicle is the innovative purpose built; single-seat electric vehicle called the SOLO. This three-wheeled vehicle will revolutionize the urban driving experience, including commuting, delivery and shared mobility. The SOLO provides a driving experience that is unique, trendy, fun, affordable and environmentally friendly. InterMeccanica, a subsidiary of ElectraMeccanica, has successfully been building high-end specialty cars for 61 years. For more information, please visit www.electrameccanica.com.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward-looking statements. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the automotive industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

Investor Relations:

Greg Falesnik
Managing Director
MZ Group – MZ North America
(949) 385-6449
SOLO@mzgroup.us
www.mzgroup.us

Blink Charging Deploys EV Charging Stations Using Local Load Management

March 04, 2020

 

 

Blink Charging Deploys EV Charging Stations Using Local Load Management

 

 

Blink’s “Smart” load management capability, ideal for multifamily properties, allows for load sharing, greatly reducing EV charging station installation costs

 

Miami Beach, FL  – Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), the leading owner/operator of electric vehicle (EV) charging stations, today announced the installation of four EV charging stations utilizing local load management, the first deployment of its kind. The installation configuration allows up to twenty charging stations to be deployed on a single circuit. This can result in  significantly lower installation costs while also providing a fast charging experience for drivers.

 

The innovative design allows equal output to each charger based on the number of stations being used at one time. When one EV is charging, the EV will receive the maximum output of nearly 20 kWh. When others connect, the load will be equally shared between them. The system automatically redistributes the output when one vehicle completes its charge, even if it’s still plugged into the station.  This new functionality allows the EV charger load to be best matched with the power available at the facility, thereby minimizing installation cost and eliminating electric service upgrades. The Blink IQ 200 is the only charger on the market capable of local load management across four or more charging stations.  Future upgrades will include the ability to allow up to 20 EV’s to be plugged in and queued to charge overnight in sequence.

 

“We are incredibly excited to be deploying anywhere from two to twenty chargers with local load management,” stated Blink Founder and Chief Executive Officer Michael D. Farkas. “It will change the conversation from ‘Can our community afford to install them?’ to ‘How soon can we have them?’ The future-proof design of the IQ 200 planned for this advanced capability, and it was intentionally built into the initial product design. The advanced charger intelligence supports multiple charging ports while delivering the fastest level 2 charge possible. When installed on a single electric circuit, it can help minimize installation costs.”

 

“This is a game-changer, especially for multifamily residences where power availability is often limited. This advancement in charging technology is good business for Blink, and it’s great for the environment,” continued Farkas.

 

Blink’s planning for, and use of local load management responds to increased demand for EV charging infrastructure at multifamily and residential locations. Utilizing the local load management installation configuration, Blink can maximize the number of charging stations available at any given time on a single 100 amp circuit.

 

ABOUT BLINK CHARGING

Blink Charging is a leading owner/operator of EV charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean and South America. With a long history as a pioneer in the EV industry and a dedicated team with immense knowledge of the industry, Blink continues to be the preferred, trusted partner in EV charging station technology. As such, the company is a driving force, with more than 150,000 registered EV driver members and more than 15,000 EV charging stations deployed. For more information, please visit www.blinkcharging.com.

 

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. They include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

 

Blink Media Contact
PR@BlinkCharging.com

 

Blink Investor Relations Contact
InvestorRelations@BlinkCharging.com

Blink Charging Appoints Seasoned Executive Michael Rama as New Chief Financial Officer

February 26, 2020

Blink Charging Appoints Seasoned Executive Michael Rama as New Chief Financial Officer

Mr. Rama’s experience to benefit Blink as Company enters its high-growth stage

 

 

Miami Beach, FL, Feb. 11, 2020  — Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner and operator of electric vehicle charging stations, announced today the appointment of Michael Rama as its new Chief Financial Officer (CFO), effective February 10, 2020. Mr. Rama has nearly 30 years of experience with publicly-traded companies in growth stages. His leadership and experience will be a strong asset for Blink as it continues its global expansion and increases its charging station footprint.

“We are thrilled to have someone with Michael’s knowledge and experience in navigating high-growth companies as part of Blink’s senior management team. His leadership will be instrumental as we enter into the next phase of our growth,” stated Michael D. Farkas, Blink Founder and Chief Executive Officer.

“I am confident that Michael will further strengthen our leadership team with his strategic and financial knowledge and will be able to immediately add value to our short and long-term growth goals. I am looking forward to seeing the positive impact he will make within the management team, with investors, the Board of Directors, and all Blink stakeholders.”

In his new role, Mr. Rama will be focused on further strengthening the financial foundation of Blink and working to reduce market volatility through strong financial processes, smart investments, capital raises, and strategic opportunities.

Mr. Rama remarked, “I am very excited about joining the Blink team and am excited to furthering the build-out and strengthening of the finance and accounting functions in order to support the Company’s drive towards growth. Blink is one of the most exciting companies in the explosive electric vehicle charging space, and I look forward to working with Mr. Farkas and the rest of the Blink team as we increase the footprint of the Company’s charging stations.”

Mr. Rama will succeed Mr. Jonathan New, the Company’s CFO since 2018 and a key officer following Blink’s initial public offering on Nasdaq in February 2018. Mr. New will be stepping down in order to pursue other interests.

Mr. Rama joins Blink following nearly a decade with NV5 Global, where he served as Vice President and Chief Financial Officer. From October 1997 until August 2011, Mr. Rama held various accounting and finance roles with AV Homes, Inc. (formerly known as Avatar Holdings, Inc.), including Principal Financial Officer, Chief Accounting Officer, and Controller. Mr. Rama has nearly 30 years of experience in construction, development, and real estate management.

Mr. Rama’s depth of experience includes the strengthening of financial systems for high-growth companies, SEC reporting, due diligence and the leading of acquisitions, capital market transactions, and establishment and maintenance of internal controls. Mr. Rama earned a Bachelor of Science degree in accounting from the University of Florida and is a Certified Public Accountant.

ABOUT BLINK CHARGING CO.

Blink Charging is a leading owner/operator of EV charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean, and South America. With a long history as a pioneer in the EV industry and a dedicated team with immense knowledge of the industry, Blink continues to be the preferred, trusted partner in EV Charging Station technology. As such, the company is a driving force with more than 150,000 registered EV driver members and more than 15,000 EV Charging Stations deployed. For more information, please visit www.blinkcharging.com.

Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Blink Media Contact
PR@BlinkCharging.com

Blink Investor Relations Contact
InvestorRelations@BlinkCharging.com

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