Off-highway vehicle electrification pioneer to be listed on NASDAQ
-August 11,2023-
ZeroNox plant in Porterville has electric powered utility vehicles ready to go
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Ghana refuse company employees watch conversion of heavy duty garbage trucks to far cleaner electric power
Nasdaq listed Good for Growth will combine with ZeroNox and be be named “Zero Nox Inc.” with its common stock listed on the NASDAQ under the new ticker symbol “ZNOX”
From the fields of Tulare County, the founders of ZeroNox started by tinkering with farm utility vehicles back in 2017 by converting them to cleaner electric power. The key insight – they could convert existing fleets far cheaper than replacing them with new electric vehicles.
Today the fast growing company has spread its vision,products and technology worldwide to both retrofit opportunities and new vehicles. Now in a giant step forward – they will be publicly traded on the Nasdaq.
August 23 merger will spur Porterville expansion
An extraordinary general meeting of shareholders of Growth for Good Acquisition Corp is scheduled for August 23, 2023 to approve a merger with a Porterville start-up- ZeroNox. Upon closing, ZeroNox will be listed on the NASDAQ under the new ticker symbol “ZNOX” The boards of directors of ZeroNox and Growth for Good Acquisition Corp. have unanimously approved the business combination.The Securities and Exchange Commission has declared they will recognize the business combination.
Growth for Good is a publicly traded special purpose acquisition company listed on Nasdaq, which is essentially the stock market for up and coming companies. The merger represents a value of $306 million for ZeroNox according to a news release.
ZeroNox, now privately held, was founded by partners Vonn Christenson and Robert Cruess in 2017. The partners have vowed to make Porterville the Silicon Valley of green energy by electrifying fossil fueled fleets of off-road vehicles- a mission that started with farm vehicles.
They set out to convince local farmers they could economically convert existing farm vehicles to electric that spewed no emissions and were cheaper than buying new.
“Having been raised in the Central Valley of California, (ZeroNox president) Robert (Cruess) and I returned home to build a business that would first and foremost support our community,” Christenson said in an interview.
“We are motivated to bring our neighbors — who use off-highway vehicles for work across ranches, farms, and construction sites — high performing, affordable and zero emissions equipment that can help grow their businesses. Simply put, that’s our mission, and we are thrilled to partner with Growth for Good, a SPAC with a social impact and sustainability mission that aligns with our own.”
With merger at hand,ZeroNox plans expansion in their home town.
CEO Vonn Christenson says the company is adding more jobs and buying land.
“We are in the process of closing on the purchase of our current location and 3 adjoining properties. This will allow expansion of our facilities. We are also in the process of hiring new positions.”
The small company made the news this May when they announced an agreement with a Ghana company Jospong to convert a fleet of 1000 heavy duty garbage trucks to electric – said to be the world’s largest fleet retrofit electrification project. The two also signed a joint venture agreement to mark significant milestones for both companies and leverage Ghana as the gateway to electric vehicle and related technology distribution throughout Africa
The deal was projected to generate $130 million in revenue for ZeroNox. The conversion of the fleet of 1,000 trucks to electric vehicles is projected to save Jospong $84,000 per vehicle over five years in maintenance costs.
The projected fuel savings for the fleet is $223,000 per vehicle every year over five years. The projected total savings in fuel and maintenance costs is $288 million.
ZeroNox will also train Jospong employees in the installation and the maintenance of the E-kits into the fleet.
The transportation sector is responsible for one-quarter of all global greenhouse emissions and one third of all emissions in the U.S.Growth for Good has stated the company’s market is potentially $1.3 trillion and spans the world in agriculture, construction and mining as well as forklifts, energy storage and electric retrofits.
With 75 percent of the off-highway vehicle sector stating it will or might take steps toward electrification, Growth for Good states “there is a significant unmet need for ZeroNox’s products and services.”
Growth for Good noted three strengths of ZeroNox: It’s production of LFP batteries and Electric Powertrain Platforms (ZEPPS) they announced in a news release.
Also attractive- It’s ability to distribute products to targeted, underserved areas. ZeroNox distributes through 50 dealerships with recent contracts that expand to nearly 1,500 dealerships in the U.S.
Beside the garbage trucks deal, ZeroNox has agreements with LAX, Baird, Ritz-Carlton and Universal Studios. Those include luxury shuttles for Universal Studios along with work utility vehicles. ZeroNox is one of only a few companies that develop forklifts powered by lithium-ion batteries.
Utility vehicle market
Then last month ZeroNox announced it has signed distribution agreements with E-lix Elektromoblie GMBH and Chateaux Des Langues to deliver ZeroNox-powered Tuatara electric utility terrain vehicles (UTVs) across Europe.
With this agreement, the two European firms will add ZeroNox-powered Tuatara vehicles to their offerings for off-highway vehicle customers. Their customers will now have the option to purchase a more environmentally friendly off-highway vehicle without compromising on the performance demands required of UTVs.
The vehicles are the ZeroNox-powered Tuatara -a powerful electric UTV with a 2,200 load and towing capacity as well as a 4-6 hour driving range. Utilizing the ZeroNox proprietary electric powertrain platform (ZEPP) with lithium-ion phosphate battery (LFP), the UTV provides top speeds of 35 MPH and is able to recharge in 6 hours using a 110-volt plug along with a rapid charge option of 3.5 hours using a 220-volt outlet.
Vonn R. Christenson, CEO of ZeroNox, said “Within the first 12 months of bringing the ZeroNox-powered Tuatara electric vehicle to market, Tuatara witnessed a year over year sales increase of over 800%. ZeroNox and Tuatara’s partnership has enabled us to drive enormous growth of off-highway electric UTVs, which we hope to now bring to key growth markets like Europe.”
Race car branding
Start your electric motors . . . ZeroNox is joining Seasons 10, 11, and 12 of Formula E, a motorsport championship for electric cars!
As a partner with NIO 333 Formula E Team, “you will find our ZeroNox logo on racing cars, race overalls, team apparel, and more.”
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