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Tecogen Announces Second Quarter 2024 Results

NORTH BILLERICA, MA / ACCESSWIRE / August 7, 2024 / Tecogen Inc. (OTCQX:TGEN), a leading manufacturer of clean energy products, reported revenues of $4.7 million and net loss of $1.5 million for the quarter ended June 30, 2024 compared to revenues of $6.7 million, and a net loss of $0.8 million in 2023. We generated $0.1 million in cash from operations during the six months ended June 30, 2024 and our cash balance was $0.8 million at June 30, 2024.

"As expected, during Q2 we had no production as we moved our factory and offices. Now, I believe we are about to put the challenges of the last year and half behind us.

We've found new markets for our products despite anti-fossil fuel laws in New York City, Boston, and other east coast regions. We've successfully managed the $675k factory move without a dilutive equity raise.

Customers have told us to expect substantial product orders before the end of Q3. Some of these are in regions that are receptive to natural gas. Some are in new segments like data centers. During the investor call, I will discuss why our technology is better than the alternatives for data centers. I'll also explain how collocation and enterprise data centers have unique needs that our products can solve," commented Abinand Rangesh, Tecogen's Chief Executive Officer.

Key Takeaways

Net Loss and Earnings Per Share

  • Net loss for the three months ended June 30, 2024 was $1.54 million compared to a net loss of $0.78 million for the same period of 2023, an increase of $0.76 million, due to decreased revenue and gross profit for our Products segment due to the relocation of our manufacturing operations to our new facility in April 2024. EPS for the three months ended June 30, 2024 and 2023 was $(0.06)/share and $(0.03)/share, respectively.

  • Net loss for the six months ended June 30, 2024 was $2.64 million compared to a net loss of $2.27 million in 2023, an increase of $0.37 million, due to decreased revenue and gross profit for our Products segment due to the relocation of our manufacturing operations to our new facility in April 2024. EPS for the six months ended June 30, 2024 and 2023 was $(0.11)/share and $(0.09)/share, respectively.

Loss from Operations

  • Loss from operations for the three months ended June 30, 2024 was $1.47 million compared to a loss from operations of $0.78 million for the same period in 2023, an increase of $0.69 million, due to decreased revenue and gross profit for our Products segment.

  • Loss from operations for the six months ended June 30, 2024 was $2.5 million compared to a loss from operations of $2.2 million for the same period in 2023, an increase of $0.3 million, due to decreased revenue and gross profit for our Products segment.

Revenues

  • Revenues for the three months ended June 30, 2024 were $4.7 million compared to $6.7 million for the same period in 2023, a 29.9% decrease.

    • Products revenues in the three months ended June 30, 2024 were $120 thousand compared to $2.4 million for the same period in 2023, a decrease of 95.1%. The decrease in revenue during the three months ended June 30, 2024 is due to the relocation of our manufacturing operations to our new facility in April 2024, which necessitated construction activities to install equipment test cells and comply with local regulations, significantly reducing our production capacity. We plan to resume manufacturing operations during the third quarter of 2024.

    • Service revenues in the three months ended June 30, 2024 were $4.1 million, compared to $4.0 million for the same period in 2023, an increase of 4.4% due to increased in revenue from the acquired Aegis maintenance contracts and increased revenues from existing contracts

    • Energy Production revenues in the three months ended June 30, 2024 were $482 thousand compared to $350 thousand for the same period in 2023, an increase of 37.5%. The increase in Energy Production revenue is due to increased run hours at certain energy production sites.

  • Revenues for the six months ended June 30, 2024 were $10.9 million compared to $12.1 million for the same period in 2023, a decrease of 10.0% year over year.

    • Products revenues in the six months ended June 30, 2024 were $1.6 million compared to $4.2 million for the same period in 2023, a decrease of 61.2%. The decrease in revenue during the six months ended June 30, 2024 is due to the relocation of our manufacturing operations to our new facility in April 2024, which necessitated construction activities to install equipment test cells and comply with local regulations, significantly reducing our production capacity. We plan to resume manufacturing operations during the third quarter of 2024.

    • Service revenues in the six months ended June 30, 2024 were $8.1 million compared to $7.1 million for the same period in 2023, an increase of 14.8%. The increase in revenue during the six months ended June 30, 2024 is due to the addition of $0.8 million in revenue from the acquired Aegis maintenance contracts, and a $0.2 million increase in service contract revenues from existing contracts.

    • Energy Production revenues in the six months ended June 30, 2024 were $1.2 million, compared to $0.9 million for the same period in 2023, an increase of 31.5%. The increase in Energy Production revenue is due to increased run hours at certain energy production sites.

Gross Profit

  • Gross profit for the three months ended June 30, 2024 was $2.1 million compared to $2.8 million in the same period in of 2023. Gross margin increased to 44.0% in the three months ended June 30, 2024 compared to 42.0% for the same period in 2023. The increase in gross profit margin was driven by increased Service contract revenues and improved Energy Production gross profit due to higher revenues and lower costs.

  • Gross profit for the six months ended June 30, 2024 was $4.7 million compared to $4.9 million in the same period of 2023. Gross margin increased to 42.7% in the first quarter compared to 40.6% for the same period in 2023. The increase in gross profit margin was driven by increased Service contract revenues.

Operating Expenses

  • Operating expenses decreased $62 thousand, or 1.7%, to $3.55 million in the three months ended June 30, 2024 compared to $3.61 million in the same period in 2023.

  • Operating expenses increased $22 thousand, or 0.3%, to $7.18 million in the six months ended June 30, 2024 compared to $7.16 million in the same period in 2023.

Adjusted EBITDA(1) was negative $1.3 million for the three months ended June 30, 2024 compared to negative $0.6 million for the three months ended June 30, 2023. Adjusted EBITDA(1) was negative $2.2 million for the six months ended June 30, 2024 compared to negative $1.9 million for the six months ended June 30, 2023. (Adjusted EBITDA is defined as net income or loss attributable to Tecogen, adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges or gains including abandonment of intangible assets. See the table following the Condensed Consolidated Statements of Operations for a reconciliation from net income (loss) to Adjusted EBITDA, as well as important disclosures about the company's use of Adjusted EBITDA).

Conference Call Scheduled for August 8, 2024, at 9:30 am ET

Tecogen will host a conference call on August 8, 2024 to discuss the second quarter results beginning at 9:30 am eastern time. To listen to the call please dial (800) 715-9871 within the U.S. and Canada, or (646) 307-1963 from other international locations. Participants should ask to be joined to the Tecogen Second Quarter 2024 earnings call. Please begin dialing 10 minutes before the scheduled starting time. The earnings press release will be available on the Company website at www.Tecogen.com in the "News and Events" section under "About Us." The earnings conference call will be webcast live. To view the associated slides, register for and listen to the webcast, go to https://ir.tecogen.com/ir-calendar. Following the call, the recording will be archived for 14 days.

The earnings conference call will be recorded and available for playback one hour after the end of the call. To listen to the playback, dial (877) 660-6853 within the U.S. and Canada, or (201) 612-7415 from other international locations and use Conference Call ID#: 13672659.

About Tecogen

Tecogen Inc. designs, manufactures, sells, installs, and maintains high efficiency, ultra-clean, cogeneration products including engine-driven combined heat and power, air conditioning systems, and high-efficiency water heaters for residential, commercial, recreational and industrial use. The company provides cost effective, environmentally friendly and reliable products for energy production that nearly eliminate criteria pollutants and significantly reduce a customer's carbon footprint.

In business for over 35 years, Tecogen has shipped more than 3,200 units, supported by an established network of engineering, sales, and service personnel across the United States. For more information, please visit www.tecogen.com or contact us for a free Site Assessment.

Tecogen, InVerde e+, Tecochill, Tecopower, Tecofrost, Tecopack, and Ultera are registered trademarks of Tecogen Inc.

Forward-Looking Statements

This press release and any accompanying documents, contain "forward-looking statements" which may describe strategies, goals, outlooks or other non-historical matters, or projected revenues, income, returns or other financial measures, that may include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," "target," "potential," "will," "should," "could," "likely," or "may" and similar expressions intended to identify forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.

In addition to those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and on our Form 8-K, under "Risk Factors", among the factors that could cause actual results to differ materially from past and projected future results are the following: fluctuations in demand for our products and services, competing technological developments, issues relating to research and development, the availability of incentives, rebates, and tax benefits relating to our products and services, changes in the regulatory environment relating to our products and services, integration of acquired business operations, and the ability to obtain financing on favorable terms to fund existing operations and anticipated growth.

In addition to GAAP financial measures, this press release includes certain non-GAAP financial measures, including adjusted EBITDA which excludes certain expenses as described in the presentation. We use Adjusted EBITDA as an internal measure of business operating performance and believe that the presentation of non-GAAP financial measures provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance by eliminating items that vary from period to period without correlation to our core operating performance and highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures.

Tecogen Media & Investor Relations Contact Information:
Abinand Rangesh
P: 781-466-6487
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

TECOGEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

 
 

 

June 30, 2024

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

841,913

 

 

$

1,351,270

 

Accounts receivable, net

 

 

5,364,228

 

 

 

6,781,484

 

Unbilled revenue

 

 

1,258,532

 

 

 

1,258,532

 

Inventories, net

 

 

10,113,493

 

 

 

10,553,419

 

Prepaid and other current assets

 

 

486,424

 

 

 

360,639

 

Total current assets

 

 

18,064,590

 

 

 

20,305,344

 

Long-term assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

1,503,204

 

 

 

1,162,577

 

Right of use assets

 

 

2,176,953

 

 

 

943,283

 

Intangible assets, net

 

 

2,698,656

 

 

 

2,436,230

 

Goodwill

 

 

2,563,862

 

 

 

2,743,424

 

Other assets

 

 

147,695

 

 

 

201,771

 

TOTAL ASSETS

 

$

27,154,960

 

 

$

27,792,629

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Related party notes

 

$

518,305

 

 

$

505,505

 

Accounts payable

 

 

4,405,769

 

 

 

4,514,415

 

Accrued expenses

 

 

2,544,467

 

 

 

2,504,629

 

Deferred revenue, current

 

 

2,558,799

 

 

 

1,647,206

 

Lease obligations, current

 

 

475,253

 

 

 

289,473

 

Acquisition liabilities, current

 

 

859,619

 

 

 

845,363

 

Unfavorable contract liability, current

 

 

147,643

 

 

 

176,207

 

Total current liabilities

 

 

11,509,855

 

 

 

10,482,798

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred revenue, net of current portion

 

 

264,284

 

 

 

369,611

 

Lease obligations, net of current portion

 

 

1,703,543

 

 

 

683,307

 

Acquisition liabilities, net of current portion

 

 

1,222,690

 

 

 

1,181,779

 

Unfavorable contract liability, net of current portion

 

 

359,041

 

 

 

422,839

 

Total liabilities

 

 

15,059,413

 

 

 

13,140,334

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 100,000,000 shares authorized; 24,850,261 issued and outstanding at June 30, 2024 and December 31, 2023

 

 

24,850

 

 

 

24,850

 

Additional paid-in capital

 

 

57,691,400

 

 

 

57,601,402

 

Accumulated deficit

 

 

(45,523,419

)

 

 

(42,879,656

)

Total Tecogen Inc. stockholders' equity

 

 

12,192,831

 

 

 

14,746,596

 

Non-controlling interest

 

 

(97,284

)

 

 

(94,301

)

Total stockholders' equity

 

 

12,095,547

 

 

 

14,652,295

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

27,154,960

 

 

$

27,792,629

 


TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 
 

 

Three Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Revenues

 

 

 

 

 

 

Products

 

$

119,673

 

 

$

2,445,631

 

Services

 

 

4,126,517

 

 

 

3,952,971

 

Energy production

 

 

481,597

 

 

 

350,156

 

Total revenues

 

 

4,727,787

 

 

 

6,748,758

 

Cost of sales

 

 

 

 

 

 

 

 

Products

 

 

171,982

 

 

 

1,618,456

 

Services

 

 

2,191,815

 

 

 

2,075,869

 

Energy production

 

 

284,835

 

 

 

220,007

 

Total cost of sales

 

 

2,648,632

 

 

 

3,914,332

 

Gross profit

 

 

2,079,155

 

 

 

2,834,426

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative

 

 

2,897,993

 

 

 

2,917,283

 

Selling

 

 

405,277

 

 

 

480,786

 

Research and Development

 

 

246,489

 

 

 

236,556

 

(Gain) loss on disposition of assets

 

 

3,363

 

 

 

(19,950

)

Total operating expenses

 

 

3,553,122

 

 

 

3,614,675

 

Loss from operations

 

 

(1,473,967

)

 

 

(780,249

)

Other income (expense)

 

 

 

 

 

 

 

 

Other income (expense), net

 

 

18,894

 

 

 

(21,061

)

Interest expense

 

 

(17,869

)

 

 

(1,857

)

Unrealized gain (loss) on investment securities

 

 

(37,497

)

 

 

37,497

 

Total other income (expense), net

 

 

(36,472

)

 

 

14,579

 

Loss before income taxes

 

 

(1,510,439

)

 

 

(765,670

)

Provision for state income taxes

 

 

37

 

 

 

9,614

 

Consolidated net loss

 

 

(1,510,476

)

 

 

(775,284

)

Income attributable to the non-controlling interest

 

 

(28,320

)

 

 

(4,826

)

Net loss attributable to Tecogen Inc.

 

$

(1,538,796

)

 

$

(780,110

)

 

 

 

 

 

 

 

 

 

Net loss per share - basic

 

$

(0.06

)

 

$

(0.03

)

Net loss per share - diluted

 

$

(0.06

)

 

$

(0.03

)

Weighted average shares outstanding - basic

 

 

24,850,261

 

 

 

24,850,261

 

Weighted average shares outstanding - diluted

 

 

24,850,261

 

 

 

24,850,261

 

 

 
 

 

Three Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Non-GAAP financial disclosure (1)

 

 

 

 

 

 

Net loss attributable to Tecogen Inc.

 

$

(1,538,796

)

 

$

(780,110

)

Interest expense, net

 

 

17,869

 

 

 

1,857

 

Income taxes

 

 

37

 

 

 

9,614

 

Depreciation & amortization, net

 

 

141,137

 

 

 

185,175

 

EBITDA

 

 

(1,379,753

)

 

 

(583,464

)

Stock based compensation

 

 

45,463

 

 

 

28,589

 

Unrealized loss (gain) on investment securities

 

 

37,497

 

 

 

(37,497

)

Adjusted EBITDA

 

$

(1,296,793

)

 

$

(592,372

)


TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

 
 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Revenues

 

 

 

 

 

 

Products

 

$

1,611,071

 

 

$

4,155,767

 

Services

 

 

8,140,827

 

 

 

7,089,144

 

Energy production

 

 

1,161,985

 

 

 

883,665

 

Total revenues

 

 

10,913,883

 

 

 

12,128,576

 

Cost of sales

 

 

 

 

 

 

 

 

Products

 

 

1,221,525

 

 

 

2,831,024

 

Services

 

 

4,284,072

 

 

 

3,813,471

 

Energy production

 

 

753,475

 

 

 

557,746

 

Total cost of sales

 

 

6,259,072

 

 

 

7,202,241

 

Gross profit

 

 

4,654,811

 

 

 

4,926,335

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative

 

 

5,746,559

 

 

 

5,709,766

 

Selling

 

 

934,946

 

 

 

1,000,856

 

Research and development

 

 

501,185

 

 

 

465,658

 

Gain on sale of assets

 

 

(4,028

)

 

 

(19,950

)

Total operating expenses

 

 

7,178,662

 

 

 

7,156,330

 

Loss from operations

 

 

(2,523,851

)

 

 

(2,229,995

)

Other income (expense)

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

 

3,147

 

 

 

(20,231

)

Interest expense

 

 

(36,539

)

 

 

(2,272

)

Unrealized gain (loss) on investment securities

 

 

(18,749

)

 

 

37,497

 

Total other income (expense), net

 

 

(52,141

)

 

 

14,994

 

Loss before provision for state income taxes

 

 

(2,575,992

)

 

 

(2,215,001

)

Provision for state income taxes

 

 

22,100

 

 

 

32,252

 

Consolidated net loss

 

 

(2,598,092

)

 

 

(2,247,253

)

Income attributable to non-controlling interest

 

 

(45,671

)

 

 

(22,886

)

Net loss attributable to Tecogen Inc.

 

$

(2,643,763

)

 

$

(2,270,139

)

 

 

 

 

 

 

 

 

 

Net income loss per share - basic

 

$

(0.11

)

 

$

(0.09

)

Net income loss per share - diluted

 

$

(0.11

)

 

$

(0.09

)

Weighted average shares outstanding - basic

 

 

24,850,261

 

 

 

24,850,261

 

Weighted average shares outstanding - diluted

 

 

24,850,261

 

 

 

24,850,261

 

 

 
 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

Non-GAAP financial disclosure (1)

 

 

 

 

 

 

Net income (loss) attributable to Tecogen Inc.

 

$

(2,643,763

)

 

$

(2,270,139

)

Interest & other expense, net

 

 

33,392

 

 

 

22,503

 

Income taxes

 

 

22,100

 

 

 

32,252

 

Depreciation & amortization, net

 

 

281,498

 

 

 

291,095

 

EBITDA

 

 

(2,306,773

)

 

 

(1,924,289

)

Stock based compensation

 

 

89,998

 

 

 

105,937

 

Unrealized (gain) loss on marketable securities

 

 

18,749

 

 

 

(37,497

)

Adjusted EBITDA

 

$

(2,198,026

)

 

$

(1,855,849

)

(1) Non-GAAP Financial Measures

In addition to reporting net income, a U.S. generally accepted accounting principle ("GAAP") measure, this news release contains information about Adjusted EBITDA (net income (loss) attributable to Tecogen Inc adjusted for interest, income taxes, depreciation and amortization, stock-based compensation expense, unrealized gain or loss on investment securities, goodwill impairment charges and other non-cash non-recurring charges including abandonment of certain intangible assets), which is a non-GAAP measure. The Company believes Adjusted EBITDA allows investors to view its performance in a manner similar to the methods used by management and provides additional insight into its operating results. Adjusted EBITDA is not calculated through the application of GAAP. Accordingly, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. The use of any non-GAAP measure may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

TECOGEN INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

 
 

 

Six Months Ended

 

 

 

June 30, 2024

 

 

June 30, 2023

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Consolidated net loss

 

$

(2,598,092

)

 

 

(2,247,253

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

281,498

 

 

 

291,095

 

Provision for credit losses

 

 

19,063

 

 

 

44,000

 

Stock-based compensation

 

 

89,998

 

 

 

105,937

 

Unrealized (gain) loss on investment securities

 

 

18,749

 

 

 

(37,497

)

Gain on disposition of assets

 

 

(4,028

)

 

 

(19,950

)

Non-cash interest expense

 

 

12,800

 

 

 

-

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

(Increase) decrease in:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,398,193

 

 

 

755,831

 

Employee retention credit

 

 

-

 

 

 

667,121

 

Unbilled revenue

 

 

-

 

 

 

56,994

 

Prepaid assets and other current assets

 

 

(125,784

)

 

 

(66,201

)

Other assets

 

 

576,926

 

 

 

325,688

 

Increase (decrease) in:

 

 

 

 

 

 

 

 

Accounts payable

 

 

(108,646

)

 

 

839,784

 

Accrued expenses and other current liabilities

 

 

39,838

 

 

 

178,241

 

Deferred revenue

 

 

806,266

 

 

 

752,873

 

Other liabilities

 

 

(756,410

)

 

 

(359,369

)

Net cash provided by operating activities

 

 

90,297

 

 

 

153,676

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(556,636

)

 

 

(19,607

)

Proceeds from disposition of assets

 

 

36,213

 

 

 

16,863

 

Payment for business acquisition

 

 

-

 

 

 

(170,000

)

Distributions to non-controlling interest

 

 

(48,654

)

 

 

(23,838

)

Net cash used in investing activities

 

 

(569,077

)

 

 

(196,582

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Finance lease principal payments

 

 

(30,577

)

 

 

-

 

Net cash used in financing activities

 

 

(30,577

)

 

 

-

 

Net increase in cash and cash equivalents

 

 

(509,357

)

 

 

(42,906

)

Cash and cash equivalents, beginning of the period

 

$

1,351,270

 

 

 

1,913,969

 

Cash and cash equivalents, end of the period

 

$

841,913

 

 

$

1,871,063

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flows information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

22,909

 

 

$

1,443

 

Cash paid for taxes

 

$

22,100

 

 

$

32,252

 

Non-cash investing activities:

 

 

 

 

 

 

 

 

Aegis Contract and Related Asset Acquisition:

 

 

 

 

 

 

 

 

Accounts receivable credit

 

$

-

 

 

$

300,000

 

Accounts payable assumed

 

 

-

 

 

 

111,178

 

Contingent consideration

 

 

272,901

 

 

$

1,442,462

 

Total

 

$

272,901

 

 

$

1,853,640

 

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