Blue Bird Applauds EPA Doubling its Clean School Bus Rebate Awards to Nearly $1 Billion

Rhea-AI Summary

Blue Bird Corporation (NASDAQ: BLBD) commends the U.S. EPA's announcement to nearly double funding for clean school buses to $965 million, accelerating the shift from diesel to low-emission buses. The program aims to enhance student and community health by prioritizing low-income, rural, and Tribal areas. With 90% of requested buses being electric, Blue Bird anticipates a surge in demand, ramping up production to 20 electric buses daily by 2023.

Positive

• Funding increase from $500 million to $965 million for clean school buses.
• Strong demand indicated by 2,000 applications for nearly $4 billion in funding.
• 90% of applicants requested zero-emission electric buses.
• Blue Bird plans to produce 20 electric buses per day by 2023.

Negative

• None.

Funds Accelerate Adoption of Zero- and Low-Emission School Buses; Improve Student and Community Health

MACON, Ga.--(BUSINESS WIRE)-- Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, lauds yesterday’s announcement by the U.S. Environmental Protection Agency (EPA) to double the funding awarded for clean school buses to nearly $1 billion this year. The rebate program accelerates the replacement of diesel-powered school buses with zero- and low-emission school buses. The funds will also assist school districts and other eligible participants to establish the required clean energy infrastructure.

In May, EPA had announced the availability of $500 million, but given overwhelming demand from school districts across the country, EPA is nearly doubling the amount of funding that will be awarded to $965 million. EPA received around 2,000 applications requesting nearly $4 billion for over 12,000 buses. More than 90 percent of buses requested were for zero-emission electric buses.

“The tremendous response to the EPA's Clean School Bus Rebate Program clearly demonstrates that school districts across all 50 U.S. states are ready to transition to electric, zero-emission school buses, thereby, putting student and community health first,” said Matthew Stevenson, president and CEO, Blue Bird Corporation. ”Blue Bird is poised to meet increasing demand and continues to ramp up electric school bus production to 20 vehicles a day by 2023.”

The 2022 Clean School Bus Rebate Program is part of the Bipartisan Infrastructure Law (BIL) which provides a total of $5 billion over five years for clean school bus transportation. The rebate program prioritizes low-income, rural, and Tribal communities. The vast majority of applicants met the priority definition under the 2022 Clean School Bus Rebates criteria, resulting in access to more funds for buses and electric vehicle infrastructure for schools in areas that need them the most.

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005524/en/

Julianne Barclay

TSN Communications

M: +1.267.934.5340

E: julianne@tsncommunications.com

Source: Blue Bird Corporation

FAQ

What is the recent funding announcement for clean school buses related to BLBD?

The U.S. EPA announced a funding increase to nearly $965 million for clean school buses, benefiting Blue Bird Corporation.

How many electric buses is Blue Bird planning to produce daily?

Blue Bird aims to ramp up production to 20 electric buses per day by 2023.

What percentage of bus applications requested zero-emission vehicles?

Over 90% of the applications for the Clean School Bus Rebate Program requested zero-emission electric buses.

How does the funding support disadvantaged communities?

The funding prioritizes low-income, rural, and Tribal communities for cleaner transportation solutions.

What is the total funding amount available for clean school buses under the Bipartisan Infrastructure Law?

The Bipartisan Infrastructure Law provides a total of $5 billion over five years for clean school bus transportation.