All-Inclusive ev TaaS™ Leasing Program Transforms CapEx to OpEx, Simplifying Electric Vehicle Adoption to Complement Traditional Ownership Models
BOSTON, MA / ACCESSWIRE / April 28, 2022 / ev Transportation Services Inc. ("evTS"), an electric vehicle manufacturer focused on the essential services and urban e-mobility markets, today announced its ev Transportation as a Service (ev TaaS) program in connection with an initial vehicle order commitment from Zing Tech Inc ("Zing"), a New Jersey-based network of app enabled mobile cafés.
The ev TaaS℠ program includes all vehicle operating expenses from insurance to maintenance and repairs - even electric vehicle charging infrastructure and electricity - all for an affordable flat monthly fee. The program simplifies electric vehicle adoption by transforming capital expenditures to operating expenditures, making vehicle acquisition and operation more affordable for commercial customers that prefer a service-based relationship, as well as municipalities with constrained capital expenditure budgets that prefer to use operating funds to facilitate electric vehicle acquisition and deployment.
Zing operates a network of mobile suburban convenience and curated retail experiences, leveraging data and advanced algorithms to optimize routes, stop locations and customer experience. As more people work from home and the classic idea of suburban living evolves, Zing is determined to provide suburban commercial convenience that rivals what is available in a typical city block. Zing will utilize ev TaaS as a smart and sensible way to add Pure-Electric FireFly® vehicles to their existing fleet for a predictable, all-inclusive monthly payment with no capital investment required.
evTS and Zing have entered into a Memorandum of Understanding ("MOU") for a minimum order of 100 FireFly vehicles for delivery beginning in 2022, followed by a multi-year agreement for deployment of additional vehicles in selected markets across the country. All of these vehicles will all be deployed under the ev TaaS Program. Concurrent with the MOU, evTS has delivered a Zing branded FireFly vehicle with an insulated hot and cold food delivery unit to use in its existing operation.
"Our innovative ev TaaS Program enables vehicle ownership for an incredibly wide variety of organizations that prefer to deploy vehicles on a service basis or may not have access to an appropriate capital budget to purchase vehicles outright - providing a level of predictability needed for corporate and government budgeting programs," said David Solomont, evTS Chairman and CEO. "Customers simply need to choose their configuration options and we will install any special equipment needed, wrapping payment into a simple, flat monthly fee. Zing's growing network of vehicles for suburban commerce is a perfect use case for the FireFly and ev TaaS, and we look forward to expanding our partnership in the years to come."
Avishai Shoham, Co-Founder and CEO of Zing, added: "Zing's focus of reinventing suburban commerce with a smart, dynamic mobile offering requires an equally advanced and flexible vehicle platform. The versatility and features of the FireFly through the ev TaaS program is a compelling transportation solution for the electric, connected future of our fleet. We really appreciate the FireFly's compact footprint, modularity and mobility - enabling us to better execute upon our hyper-local commerce concepts. The friendly appearance also helps our units stand out from the crowd. We are excited to work with evTS to deploy a sustainable fleet of Pure-Electric FireFly vehicles in the quarters ahead."
Zing believes that certain daily suburban retail experiences are hugely enhanced by connections that are physical and social as well as digital. Zing creates magic by putting the right goods and experiences, at the right place and time, into their customers' lives. The company has started this effort with a mobile coffee shop concept delivering a premium café experience in the convenience of your own neighborhood enabled by the most advanced algorithms and mobile offerings in the market. They expect to expand into other food and beverage opportunities as well as curated retail experiences, all from their unique vehicle platforms. For more information, visit www.zingtheday.com.
ev Transportation Services Inc. ("evTS") is a specialty vehicle manufacturer that produces purpose-built, Pure-Electric lightweight commercial utility vehicles and provides fleet management solutions. Founded in 2015, the Boston-based company's flagship product, the FireFly ESV is aimed at the essential services transportation and urban e-mobility markets, which represent an annual domestic replacement market of approximately 400,000 vehicles, or roughly $7 billion annually. End user applications for the Company's vehicles include parking management, security and perimeter patrol, parks and sidewalk maintenance, utility meter reading, property and building management, airports, seaports, sanitation, university and corporate campuses, and last mile on-demand urban delivery. For more information, visit the Company's website at www.evTS.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
MZ Group - MZ North America
VP of Marketing and Product
ev Transportation Services, Inc.
202.347.3359 x 106 Office
Director of Marketing
Zing Tech Inc.
Tenafly, New Jersey
SOURCE: ev Transportation Services, Inc.
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