Armada Mercantile Ltd. (CSE: ARM | OTC: AAMTF) has released a business update on ZeroNox Inc., its seven-percent ownership portfolio company, highlighting several operational milestones in the commercial electric vehicle retrofit space. ZeroNox has received its third California Air Resources Board (CARB) Executive Order covering its EV Retrofit Kit for Class 8 vehicles, including heavy-duty trucks and transit buses. The update also outlines completed manufacturer eligibility, a school bus conversion milestone, and renewed momentum in a Ghana partnership, developments investors in Armada Mercantile may find significant given ZeroNox's role in the company's portfolio.

Key Points

  • Armada Mercantile Ltd. (CSE: ARM | OTC: AAMTF) released a portfolio update on ZeroNox Inc. on October 14, 2026
  • ZeroNox received its third CARB Executive Order for its EV Retrofit Kit targeting Class 8 heavy-duty trucks and transit buses
  • ZeroNox completed California HVIP manufacturer eligibility for its ZEPP EV Retrofit Kit covering Class 2–8 commercial vehicles
  • Investors may watch for progress on the TREDC pilot programme and the 40-vehicle Ghana electrification deployment

ZeroNox Earns Third CARB Executive Order for Class 8 EV Retrofit Kit

ZeroNox Inc. has received its third Executive Order from the California Air Resources Board, covering its EV Retrofit Kit for Class 8 vehicles, which include heavy-duty trucks and transit buses. This addition builds on previously issued CARB Executive Orders B-96 and B-96-1. CARB approval is a regulatory milestone for EV retrofit products in California, one of the most stringent emissions regulatory environments in North America. The disclosure suggests the company continues to expand its regulatory approvals, which may broaden market access for its retrofit platform across commercial and public transit fleets.

HVIP Manufacturer Eligibility Opens Access to California Incentive Funding

ZeroNox has also completed manufacturer eligibility with California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project, known as HVIP, for its ZEPP EV Retrofit Kit covering Class 2 through 8 commercial vehicles. This eligibility is tied to ZeroNox's existing CARB Executive Orders. The HVIP programme provides voucher-based incentives to fleet operators purchasing qualifying zero-emission vehicles and components, which may reduce procurement costs for ZeroNox customers. The company did not disclose specific voucher values or projected order volumes associated with this eligibility in the announcement.

TREDC School Bus Conversion Completed as Pilot Programme Advances

ZeroNox and TREDC completed the conversion and range testing of a Pleasant View School District school bus, the release states. The ZeroNox engineering team is now reported to be shifting focus to the next vehicles in the TREDC pilot programme: a Class 8 semi-truck intended for Premier Trailer and a Ford E-450 paratransit vehicle. These conversions represent active deployment of ZeroNox's powertrain platform across varied commercial vehicle categories. Separately, the announcement notes renewed momentum in ZeroNox's partnership with the Jospong Group in Ghana, working toward the first phase of 40 garbage truck electrification deployments.