Envirotech Vehicles, Inc. (EVTV) has signed a Letter of Intent with Studio di Agronomia Baffetti, a Siena‑based vineyard and olive‑grove consulting firm, to introduce its heavy‑lift agricultural drones into the Italian market. The partnership marks EVTV’s first commercial drone entry into Europe and will see the drones deployed across Tuscany’s vineyards and olive groves beginning in spring 2026.
The agreement targets a serviceable market of roughly $250 million to $400 million in Italy, driven by Tuscany’s 58,000 hectares of vineyards and 90,000 hectares of olive groves. EVTV’s drones are designed to reduce chemical and water usage by up to 40 percent and can operate immediately after rainfall, a capability that is especially valuable on steep hillside terrains and terraced rows that are inaccessible to tractors.
A key component of the partnership is the establishment of Italy’s first certified authority for commercial drone‑based spray operations, ensuring compliance with EU aviation and environmental regulations. A demonstration drone is scheduled to arrive in Italy in late 2025, with a full commercial launch contingent on regulatory certification in 2026.
EVTV’s financial profile underscores the significance of this expansion. The company’s market capitalization is approximately $4.8 million, and it reported a $5.1 million loss in Q2 2025, a 63.3 percent decline from the prior quarter. Over the trailing twelve months ending June 30 2025, EVTV posted a $22.7 million loss, and its Altman Z‑Score of –8.75 signals a high probability of bankruptcy within two years. The Letter of Intent is therefore not a definitive agreement; its success depends on regulatory approval and the company’s ability to secure additional capital.
From a strategic perspective, the partnership represents a diversification move beyond EVTV’s core electric‑vehicle business. The company’s COO, Elgin Tracy, noted that the collaboration would “accelerate EVTV into the heart of Europe’s premium agriculture market” and that the technology could “improve yields, reduce chemicals, and advance sustainable organic farming.” While the market opportunity is substantial, EVTV’s financial headwinds may limit the speed and scale of deployment.
Investors have responded positively to the announcement, citing the high growth potential of precision agriculture and the strategic diversification into a new revenue stream, while also recognizing the company’s significant financial challenges.
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