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Blue Bird Lauds Biden Administration’s Inflation Reduction Act
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Blue Bird Corporation (NASDAQ: BLBD) commends the Inflation Reduction Act of 2022, which represents a historic $369 billion investment in energy security and climate change initiatives. This act aims to decrease harmful carbon emissions by approximately 40% by 2030 and fosters the growth of clean school buses and charging infrastructure. Key funding includes $1 billion in grants for heavy-duty vehicles and up to $100,000 in tax credits for charging infrastructure, supporting Blue Bird's mission in advancing clean transportation.
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The Inflation Reduction Act allocates $369 billion for climate initiatives, promoting clean transportation and energy security.
$1 billion in grants for clean heavy-duty vehicles will help expand Blue Bird's market.
Tax credits of up to $40,000 and $100,000 will incentivize zero-emission vehicle and charging infrastructure adoption.
$3 billion for loans financing advanced vehicle technology manufacturing enhances Blue Bird's manufacturing capabilities.
$2 billion in grants for electric vehicle manufacturing aligns with Blue Bird's focus on low-emission solutions.
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Largest U.S. Investment in Combating Climate Change Promotes Clean School Buses, Charging Infrastructure, and Manufacturing
MACON, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, applauds the Inflation Reduction Act of 2022 signed into law today by U.S. President Joe Biden. The Inflation Reduction Act authorizes a $369 billion investment in energy security and combating climate change – the largest investment of its kind in U.S. history. The legislative action is projected to reduce harmful carbon emissions by roughly 40% by 2030.
The Inflation Reduction Act promotes clean transportation to reduce harmful greenhouse gas emissions and fight climate change. Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company builds a full range of electric, zero-emission school buses that put student and community health first. (Photo: Business Wire)
The comprehensive Inflation Reduction Act promotes clean school buses, charging infrastructure, and high-tech manufacturing. Notable transportation investments that can help to expand the nation’s clean school bus fleet include:
$1 billion in grants for clean Class 6 and 7 heavy-duty vehicles
Up to $40,000 in tax credits for zero-emission commercial vehicles
Up to $100,000 in tax credits for heavy-duty charging infrastructure
$3 billion for direct loans to finance advanced vehicle technology manufacturing
$2 billion for grants to support electric and fuel cell vehicle manufacturing.
“The Inflation Reduction Act demonstrates America’s leadership in advancing clean transportation solutions to help fight climate change,” said Matthew Stevenson, president and CEO, Blue Bird Corporation. “As the leader in electric and low-emission school buses, Blue Bird welcomes all initiatives that foster a clean energy future and advance student and community health.”
The Inflation Reduction Act builds on the Administration’s Bipartisan Infrastructure Law (BIL), which provides a total of $5 billion over five years for clean school bus transportation. The Bipartisan Infrastructure Law includes the 2022 Clean School Bus Rebate Program administered by the U.S. Environmental Protection Agency. The program is currently offering $500 million for 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. The application period ends on August 19, 2022. Blue Bird subject matter experts can assist members of its dealer network and school districts in applying for program funds. Interested parties can contact Blue Bird grant funding specialists via GrantSupport@blue-bird.com.
Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company builds a full range of electric school buses which can carry a maximum of 84 passengers for up to 120 miles on a single charge. Depending on the charging infrastructure, the buses take between three and eight hours to recharge fully.
In addition, Blue Bird offers a comprehensive portfolio of low emission propane and natural gas-powered school buses. The company remains the proven clean transportation leader with more than 20,000 propane, natural gas, and electric-powered buses in operation today. Blue Bird manufactures its school buses in Fort Valley, Ga. The shift to clean transportation helps sustain approx. 2,000 well-paying manufacturing jobs and will significantly reduce the emissions of carbon dioxide and other harmful pollutants. Blue Bird continues to increase production and fortify its supply chain to meet the increasing demand for zero and low emission school buses.
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.
What is the impact of the Inflation Reduction Act on Blue Bird Corporation?
The Inflation Reduction Act provides significant funding for clean transportation, directly benefiting Blue Bird through grants and tax incentives.
How much funding is allocated for clean school buses in the Inflation Reduction Act?
The Act includes $1 billion in grants specifically for clean Class 6 and 7 heavy-duty vehicles, aiding in the expansion of clean school bus fleets.
When does the application period for the 2022 Clean School Bus Rebate Program end?
The application period for the 2022 Clean School Bus Rebate Program ends on August 19, 2022.
How many electric buses has Blue Bird Corporation produced?
Blue Bird Corporation has more than 20,000 propane, natural gas, and electric-powered buses in operation today.
What are the benefits of the Inflation Reduction Act for school transportation?
The Act promotes clean school buses, provides funding for charging infrastructure, and supports high-tech manufacturing, improving environmental standards in school transportation.
