Transportation tech co. to go public in Porterville

Just five years after opening in Porterville, ZeroNox will be a publicly traded company on the NASDAQ after announcing major deals to sell its battery and electric motor technology in Africa and Europe

TULARE COUNTY – A Porterville tech start-up vowing to make the Central Valley the Silicon Valley of green energy is going public just five years after unveiling its technology to convert fossil fuel fleets to electric motors.

ZeroNox began tinkering with farm utility vehicles to convert them to electric power in the fields of Tulare County in 2017. The key selling point was that their conversions were cheaper than replacing fleets with new vehicles. Now the fast-growing company has spread its vision, products and technology worldwide to both retrofit opportunities and new vehicles, and are on the precipice of being publicly traded on the NASDAQ.

On Aug. 23, Growth for Good Acquisition Corp and ZeroNox will hold a general meeting of their shareholders to finalize a merger between the two companies. Once the deal is set, ZeroNox will be listed on the NASDAQ, the stock market specializing in the technology sector, under the new ticker symbol “ZNOX.” Both boards of directors have unanimously approved the merger and it has been recognized by the U.S. Securities and Exchange Commission.

Growth for Good is a publicly traded special purpose acquisition company (SPAC) listed on NASDAQ, which focuses on sustainable, socially responsible companies with strong business fundamentals, high growth potential and a readiness to scale in the public markets. The merger represents a value of $306 million for ZeroNox, according to a news release.

ZeroNox 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 farm equipment and off-road vehicles.

They started their mission by convincing local farmers they could economically convert existing farm equipment to electric vehicles that spewed no emissions and were cheaper than buying brand new electric equipment.

“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,” CEO Vonn R. 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.”

The small company made the news this May when they announced an agreement with a Ghana company Jospong to convert a fleet of 1,000 heavy duty garbage trucks to electric, the world’s largest fleet electrification retrofitting project according to some experts. 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, a total savings of roughly $84 million. 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 lithium ferro phosphate (LFP) – otherwise known as lithium-iron phosphate – batteries and Electric Powertrain Platforms (ZEPP) they announced in a news release.

They also promoted the company’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.

In addition to its garbage truck deal in Ghana, ZeroNox has agreements with Los Angeles International Airport (LAX), financial services company Baird, Ritz-Carlton hotel company 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-iron batteries.

Just last month, ZeroNox announced it has signed distribution agreements with E-lix Elektromobil 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 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 Tuatara is a powerful electric UTV with a 2,200 load and towing capacity as well as a 4-6 hour driving range. Utilizing ZeroNox’s proprietary ZEPPs with LFP, the UTV provides top speeds of 35 mph and is able to recharge in six hours using a 110-volt plug along with a rapid charge option of 3.5 hours using a 220-volt outlet. ZeroNox has partnered with the UTV manufacturer since 2019 and debuted the technology at the 2020 World Ag Expo in Tulare.

“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%,” Christenson said. “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.”

Christenson also noted that, in its goal to electrify fossil fuel fleets and produce green energy, the company is adding more jobs and buying land.

“We are in the process of closing on the purchase of our current location and three adjoining properties. This will allow expansion of our facilities,” he said. “We are also in the process of hiring new positions.”

ZeroNox is also expanding into the world of electric motorsports. The company recently announced its partnership with NIO 333 Formula E Team in Formula E, a motorsport championship series for electric cars. The company has signed on for the next three seasons and said “you will find our ZeroNox logo on racing cars, race overalls, team apparel, and more.”