Renewable energy company Aemetis Inc (NASDAQ: AMTX) shares are on the rise Tuesday after the company said its subsidiary, Aemetis Properties Riverbank Inc, has acquired approximately 20% of electric vehicle company Nevo Motors.
Nevo Motors was founded in 2009 and is in stealth mode during its product development phase. The company is designing high capacity electric vehicles for heavy cargo and long-range by using onboard range extender generators powered by renewable natural gas.
The Strategic Electric Vehicle Production Facilities agreement will see Nevo utilise the current and future Aemetis manufacturing facilities and fueling stations, along with renewable natural gas and renewable electricity produced by Aemetis.
“This strategic agreement utilizes the production buildings, onsite railroad, renewable electricity substation and other facilities at the 140-acre, 710,000 square foot Aemetis Riverbank, California manufacturing facility, as well as other Aemetis infrastructure, renewable energy products, and expertise in renewable fuel credits and markets,” commented Eric McAfee Aemetis CEO.
Nevo Motors said it plans to replace diesel engines in the trucking industry with hybrid-electric systems that combine electric drivetrains, batteries and patented range extender generators.
The company’s first trucks are scheduled for production in 2021.
Aemetis’ stock price has risen 88.98% premarket, trading at $4.46 per share.