- ev Transportation Services (“evTS”) helps operators of essential services fleets with versatile vehicle solutions
- FireFly has a lower cost of ownership because of minimal operation and maintenance (O&M) costs
- FireFly ESV is a task flexible urban mobility solution that “goes fast, goes further and carries heavier loads”
- Additions to Board of Directors offer invaluable experience to help evTS prosper, grow into positive cash flow by end of 2021
ev Transportation Services (“evTS”) is a privately owned specialty vehicle manufacturer that produces purpose-built, all-electric, lightweight commercial utility vehicles and provides fleet management solutions primarily for the essential services transportation and urban mobility markets. As part of the 23rd annual Needham Virtual Growth Conference, evTS chairman and CEO David Solomont joined Needham analyst Jim Ricchiuti for a fireside chat on Jan. 11, 2021 (https://ibn.fm/zI73i). The two men discussed the company’s proprietary product, market goals and how incorporating evTS’ flagship vehicle FireFly ESV(R) helps generate revenue.
During the conference, three key statements were made about what makes evTS successful. Solomont’s responses to Ricchiuti’s questions outline the ways that evTS has overcome obstacles and staked its claim in the electric vehicle (“EV”) market:
- evTS’s focus is on categorized essential services, creating more effective solutions for drivers and fleets in the urban services industry.
- The evTS cash-efficient business model is unique. The company plans to reach positive cash flow by the end of 2021.
- The product offering from evTS is not a science project. More than 70 FireFly ESVs have been in the field for an estimated five years. These vehicles with unique capabilities have been proven for more than a half-million miles of customer experience.
The focus of these essential-service vehicles is to target a select niche of customers, according to Solomont, who added that the parking enforcement industry can be described as the “low-hanging fruit” for the company’s offering due to the sector being a multibillion-dollar business. In addition to “curb management,” security perimeter control is high among the list of verticals that evTS markets the FireFly ESV to.
With the increase in customers wanting on-demand delivery options in the wake of the COVID-19 pandemic, evTS has begun working on targeted on-demand urban delivery as its next wave of focus in 2021. Although international parties have expressed interest in evTS technology, the company remains focused on meeting the immediate needs of the U.S. market for the time being. Solomont did hint that when international expansion occurs, it will likely start with the UK. Potential international sales of the FireFly ESV could increase the company’s sales by five to ten times over a 12- to 18-month time frame.
Also during the fireside chat, Ricchiuti brought up the pricing of evTS’ proprietary FireFly ESV. The current MSRP for the base model vehicle (without the bells and whistles) is $35,000. This amount is higher than competitor prototypes that claim to be able to offer many of the same services, Ricchiuti noted. Despite the larger initial investment in the vehicle, Solomont explained that in the long run, the FireFly has a lower cost of ownership because of minimal O&M costs.
The fireside chat webcast’s replay between evTS CEO David Solomont and Needham Analyst Jim Ricchiuti can be found archived here: https://ibn.fm/l0bPG.
New Board Appointments
Right before the close of 2020, evTS made additional changes to the company’s Board of Directors, with two new appointments announced on Dec. 29, 2020: Shelley Berkley and Gary Herman (https://ibn.fm/FAGxJ). The additional expertise brought by Berkley and Herman is expected to help the company prosper and grow into positive cash flow by the end of 2021.
Berkley is a former seven term Nevada Congresswoman who brings three decades of government experience to the evTS team. Her experience will help evTS understand and navigate legislative and governmental regulatory issues as they arise. Berkley is a graduate of the University of Nevada – Las Vegas and earned a juris doctorate from the University of San Diego School of Law.
Herman is a seasoned investor with experience in the areas of investment and advisory. Since 2005, Herman has managed Strategic Turnaround Equity Partners LP and its affiliates. He has many years of investment experience and has served on several boards for public and private companies. Recently he has worked with Frank Stronach, the founder and Chairman Emeritus of Magna International, Ltd, one of the world’s largest automotive OEM suppliers. Herman has a bachelor of science from the University of Albany.
Solomont commented on the new board members, saying they are joining the team at an exciting time for the company as it continues its drive to deliver the 2021 FireFly ESV to the market and develop stronger relationships with dealers and fleet customers. “The addition of these directors complements the skills and experience of our current board members, and we are confident they will provide valuable perspectives as we continue to execute our strategy,” he added.
For more information, visit the company’s website at www.evTS.com.
NOTE TO INVESTORS: The latest news and updates relating to ev Transportation Services are available in the company’s newsroom at https://ibn.fm/EVTS
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