Envirotech Vehicles, Inc. Signs Letter of Intent to Acquire Kymera - A Company Twice Featured On ABC's Shark Tank
Envirotech Vehicles (NASDAQ:EVTV) has signed a non-binding Letter of Intent to acquire Kymera, a marine craft manufacturer known for its appearances on ABC's Shark Tank. The acquisition, expected to close in Q2 2025, will establish Envirotech's new marine division focusing on recreational watercraft and military & tactical applications.
The division will be led by Kymera's co-founders Adam Majewski and Jason Woods, who bring over a decade of experience in electric propulsion systems. The acquisition aligns with Envirotech's vision to deliver zero-emission transportation across land, air, and sea. However, the deal remains subject to due diligence, definitive agreement negotiation, and board approvals.
Envirotech Vehicles (NASDAQ:EVTV) ha firmato una Lettera di Intenti non vincolante per acquisire Kymera, un produttore di imbarcazioni noto per le sue apparizioni nel programma Shark Tank di ABC. L'acquisizione, prevista per il secondo trimestre del 2025, dar脿 vita alla nuova divisione marina di Envirotech, focalizzata su imbarcazioni ricreative e applicazioni militari e tattiche.
La divisione sar脿 guidata dai co-fondatori di Kymera, Adam Majewski e Jason Woods, che vantano oltre un decennio di esperienza nei sistemi di propulsione elettrica. L'acquisizione 猫 in linea con la visione di Envirotech di offrire trasporti a zero emissioni su terra, aria e mare. Tuttavia, l'accordo 猫 ancora soggetto a due diligence, negoziazioni per un accordo definitivo e approvazioni del consiglio.
Envirotech Vehicles (NASDAQ:EVTV) ha firmado una carta de intenci贸n no vinculante para adquirir a Kymera, un fabricante de embarcaciones conocido por sus apariciones en Shark Tank de ABC. La adquisici贸n, que se espera cerrar en el segundo trimestre de 2025, establecer谩 la nueva divisi贸n marina de Envirotech, enfocada en embarcaciones recreativas y aplicaciones militares y t谩cticas.
La divisi贸n estar谩 liderada por los cofundadores de Kymera, Adam Majewski y Jason Woods, quienes aportan m谩s de una d茅cada de experiencia en sistemas de propulsi贸n el茅ctrica. La adquisici贸n est谩 alineada con la visi贸n de Envirotech de ofrecer transporte cero emisiones en tierra, aire y mar. Sin embargo, el acuerdo est谩 sujeto a la debida diligencia, negociaci贸n del acuerdo definitivo y aprobaciones de la junta.
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Envirotech Vehicles (NASDAQ:EVTV) a sign茅 une lettre d'intention non contraignante pour acqu茅rir Kymera, un fabricant de bateaux connu pour ses apparitions dans l'茅mission Shark Tank d'ABC. L'acquisition, pr茅vue pour le deuxi猫me trimestre 2025, permettra de cr茅er la nouvelle division marine d'Envirotech, ax茅e sur les embarcations de loisirs et les applications militaires et tactiques.
La division sera dirig茅e par les cofondateurs de Kymera, Adam Majewski et Jason Woods, qui apportent plus d'une d茅cennie d'exp茅rience dans les syst猫mes de propulsion 茅lectrique. Cette acquisition s'inscrit dans la vision d'Envirotech de proposer des transports z茅ro 茅mission sur terre, dans les airs et sur mer. Toutefois, l'accord reste soumis 脿 une diligence raisonnable, 脿 la n茅gociation d'un accord d茅finitif et aux approbations du conseil d'administration.
Envirotech Vehicles (NASDAQ:EVTV) hat eine unverbindliche Absichtserkl盲rung zur 脺bernahme von Kymera unterzeichnet, einem Hersteller von Wasserfahrzeugen, der durch Auftritte in ABCs Shark Tank bekannt ist. Die 脺bernahme, die voraussichtlich im zweiten Quartal 2025 abgeschlossen wird, wird die neue Marineabteilung von Envirotech etablieren, die sich auf Freizeitwasserfahrzeuge sowie milit盲rische und taktische Anwendungen konzentriert.
Die Abteilung wird von den Kymera-Mitbegr眉ndern Adam Majewski und Jason Woods geleitet, die 眉ber mehr als ein Jahrzehnt Erfahrung in elektrischen Antriebssystemen verf眉gen. Die 脺bernahme passt zur Vision von Envirotech, emissionsfreien Transport zu Land, in der Luft und auf See zu bieten. Der Deal unterliegt jedoch noch der Due Diligence, der Verhandlung eines endg眉ltigen Vertrags und der Zustimmung des Vorstands.
- Expansion into new market segment (marine division) with established brand
- Acquisition of experienced leadership team with proven track record
- Diversification into both recreational and military/tactical markets
- Strategic alignment with zero-emission transportation vision
- Non-binding LOI subject to multiple conditions and approvals
- No disclosed financial terms or acquisition cost
- Integration risks with new business segment
- Uncertainty in timeline and final deal completion
Insights
Envirotech's non-binding LOI to acquire Kymera signals strategic expansion into electric marine mobility, though success remains uncertain.
Envirotech Vehicles (NASDAQ:EVTV) has signed a non-binding Letter of Intent to acquire Kymera, a manufacturer of marine craft known for its appearances on ABC's Shark Tank. This move represents a strategic expansion into the electric marine mobility space, aligning with Envirotech's vision to deliver zero-emission transportation across multiple domains.
The transaction would establish Envirotech's new marine division focusing on two verticals: recreational watercraft and military & tactical applications. The planned acquisition would bring on Kymera's founding team, including Adam Majewski and Jason Woods, who bring over a decade of experience in designing electric propulsion systems for marine environments.
While the company expects to close the acquisition in Q2 2025, several critical hurdles remain before completion. The LOI is non-binding, subject to due diligence, negotiation of a definitive agreement, and board approvals from both parties. The preliminary nature of this announcement means there's significant uncertainty about whether the deal will materialize.
This potential acquisition represents Envirotech's strategic diversification beyond its current transportation focus, potentially opening new revenue streams in the growing electric marine market. However, investors should note the explicit disclaimer that there is "
HOUSTON, TX / / May 15, 2025 / Envirotech Vehicles, Inc. (NASDAQ:EVTV) ("Envirotech" or the "Company") today announced the signing of a non-binding Letter of Intent ("LOI") to acquire the assets of Kymera, a manufacturer of marine craft. The Company intends for the business to serve as the foundation of Envirotech's new marine division. As planned, Envirotech intends to enter the electric marine mobility space with the acquisition, reinforcing its long-term vision to deliver next-generation, zero-emission transportation across land, air, and sea.
Should the LOI lead to a binding agreement between the parties, Envirotech intends for the Kymera marine division to focus on two high-impact verticals: recreational watercraft and military & tactical applications.
Jason Maddox, President and Interim CFO of Envirotech Vehicles, expressed his optimism about the intended acquisition: "Envirotech expects to close on the acquisition of Kymera's assets in the second quarter of 2025. The acquisition, along with the key personnel of Kymera, would form Envirotech's planned marine division. We believe Kymera will be a high impact addition to Envirotech's growing technology base."
Envirotech intends for Kymera to be led by Adam Majewski and Jason Woods, co-founders of the company that invented the award-winning Kymera Body Board - a revolutionary product that has appeared twice on ABC's Shark Tank and continues to redefine water-based adventure and safety solutions. Together, Majewski and Woods bring more than a decade of experience in designing high-performance electric propulsion systems for recreational and tactical marine environments. Rounding out the team is Grahame Ewins, who will spearhead the buildout of Kymera's domestic and international retail and distribution networks should the final transaction consummate.
"We welcome the opportunity to join the Envirotech team," said Majewski, who would serve as President of the new division. "We believe the Kymera division will thrive with the resources and guidance of Envirotech."
Woods, who would serve as the Chief Technology Officer of the new division, added: "By joining with Envirotech we believe we will have the ability to scale the Kymera division in the recreational watercraft and military & tactical markets. This is the moment we have worked toward for more than a decade."
The signing of a definitive agreement is subject to numerous risks and uncertainties including, without limitation, the Company's due diligence review of Kymera, the negotiation of a definitive acquisition agreement and approval by the parties Boards of Directors. There is no assurance that a definitive acquisition agreement will be executed by the parties or, even if executed, that the transaction will be successfully completed.
About Envirotech Vehicles
Envirotech Vehicles, Inc. (NASDAQ: EVTV) is a technology leader in electric mobility, committed to developing and delivering cutting-edge, zero-emission commercial transportation solutions. Learn more at .
Cautionary Statement Regarding Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects, or performance are forward-looking statements. While they are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions, and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in reports filed by Envirotech with the Securities and Exchange Commission, all of which are available online at . All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words "will," "estimated," "planned," "expected," "believes," "strategy," "opportunity," "anticipated," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Envirotech undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances, or unanticipated events.
Contact:
Envirotech Vehicles, Inc.
Merrick Alpert, Chief Communications Officer
Telephone: (870) 970-3355
Email: [email protected]
SOURCE: Envirotech Vehicles, Inc.
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FAQ
What is the purpose of EVTV's acquisition of Kymera?
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Who will lead EVTV's new marine division after the Kymera acquisition?
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