Under the Symbol:
ADOMANI(R) To Explore Manufacturing of EVs in Ukraine at the Request of the UA Ministry of Infrastructure
Monday, December 23, 2019 4:05 PM
ADOMANI Executives traveled to Ukraine in December to discuss establishing a presence in the country to manufacture EVs and components for electric vehicles as part of Ukraine's push to electrify vehicles in the coming years.
CORONA, CA / ACCESSWIRE / December 23, 2019 / Executives of ADOMANI, Inc. (OTCQB:ADOM), a provider of advanced zero-emission vehicle drivetrain solutions and purpose-built electric vehicles, at the request of the Ukraine government, recently traveled to Ukraine to discuss establishing a presence in the country to supply various government and private agencies with commercial electric vehicles. In addition, ADOMANI has been asked to consider playing an integral role in establishing EV manufacturing facilities in Ukraine to help provide local jobs and help the country attain their goals for reducing pollution caused by internal combustion engine-powered vehicles.
In early December, Jim Reynolds, ADOMANI's President and CEO and Mike Menerey, ADOMANI's CFO, attended meetings in Kyiv with members of the Office of the President, Ministry of Infrastructure, Mayors of several cities and Regional Governors as well as other state government officials to discuss supplying commercial electric vehicles to both government agencies and private entities in the coming months. ADOMANI's primary purpose for the visit was to meet the decision makers they had been in contact with for almost 2-years through intermediaries and to insure ADOMANI's position as a preferred vendor. ADOMANI was informed of their vendor status approval subsequent to the tour of key cities and facilities. Next steps are to secure specific orders; supply a number of commercial EV's for demonstration and regulatory approvals, then to establish an initial manufacturing presence in the country in order to supply the various entities/agencies with EVs. ADOMANI's ultimate goal is to use the facility as a hub to manufacture and export commercial EVs to neighboring European countries.
In the past several years, Ukraine has witnessed a growth in electric automobile registrations. In 2016, the country had 1,602 registered electric cars, today, there are 15,500 electric cars registered, with 90% ownership being passenger cars and the balance being commercial cars.
"There are tremendous growth opportunities in the commercial EV market within Ukraine," stated Jim Reynold's, President and CEO of ADOMANI. "Electric vehicles are not just limited to a few countries and California. We are seeing a growth in adoption all across the globe as countries look to reduce toxic pollutants and leverage the total cost of ownership and environmental benefits of electric transportation. ADOMANI began in California, but our plan is to become a global player in the EV space."
Ukraine, with a population of over 43 million, has seen a reduction of their greenhouse gases emissions between 1990 and 2012. However, the country continues to show a carbon intensity for their economy almost 5 times that of the world average, mostly due to energy production emissions. Transportation contributes nine percent of the total GHG emissions.
"Ukraine is a country looking to grow their EV footprint while reducing their dependence on fossil fuels," said Grigorii Shimshirian, Vice President of Aviastar Investment Corp. and a key member of the Public/Private Partnership established by Ukraine to move this process forward. "We are serious about improving the quality of life for our citizens by reducing toxic pollutants and creating jobs. We believe that with the expertise and products ADOMANI offers, we can begin to accomplish our goals and compete on the world market for quality commercial EV products."
On July 11, 2019, President Volodymyr Zelensky signed into law a bill that facilitates access to charging stations and designates specific lanes for electric vehicles only. Violating the laws carry a stiff fine of 20 to 30-times the gross monthly income. Additional fines are imposed for using spaces reserved for electric vehicles with a non-electric vehicle or using electric vehicle driving lanes. This law exemplifies the seriousness of Ukraine's commitment to increasing access to electric vehicles.
"We are enthusiastic and eager to be part of this emerging market, and to enter the European market." Said Reynolds. "Commercial electric vehicles are just part of what we expect to supply Ukraine. We are in further discussions to offer military and emergency services electric vehicles. We see the benefits and possibilities of forging a global relationship with Ukraine, India, and other foreign allies in the pursuit of delivering technologies that help reduce toxic pollutants for their citizens while improving their quality of life," Reynolds concluded.
ADOMANI, Inc. is a provider of zero-emission electric drivetrain systems for integration in new school buses and medium to heavy-duty commercial fleet vehicles, as well as re-power conversion kits for the replacement of drivetrain systems in combustion-powered vehicles. ADOMANI is also a provider of new zero-emission electric vehicles focused on reducing the total cost of vehicle ownership, and helps fleet operators unlock the benefits of green technology and address the challenges of traditional fuel price cost instability and local, state and federal environmental regulatory compliance. For more information visit www.ADOMANIelectric.com
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in ADOMANI's reports filed with the Securities and Exchange Commission, all of which are available online at www.sec.gov. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "planned," "expects," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, ADOMANI® undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
Investor Relations Contacts:
Kevin Kanning, VP Investor Relations
Telephone: (650) 533-7629
Email: [email protected]
Michael K. Menerey, Chief Financial Officer
Telephone: (951) 407-9860 ext. 205
Email: [email protected]
Renmark Financial Communications, Inc.
Joshua Lavers: [email protected]
Telephone: (416) 644-2020, ext. 3409 or (514) 939-3989
SOURCE: ADOMANI, Inc.