07:04 AM EDT, 08/27/2024 (MT Newswires) -- Envirotech Vehicles ( EVTV ) said Tuesday it secured a $10 million purchase order financing line from GOBA Capital.

The company said the financing line will fund the build and delivery of over 200 vehicles to PLUGD Electric Leasing and Rentals, with manufacturing already underway.

In addition, Envirotech Vehicles ( EVTV ) said it also expects to benefit from over $100 million in financing commitments secured by its partner Karla Mae Capital. According to the company, both capital injections will help drive its growth, product development, and market presence.

Shares of Envirotech Vehicles ( EVTV ) were up more than 10% premarket.

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