GreenPower All-Electric Buses Available for Trust Fund Grants

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced a new listing of vehicles eligible for funding under the Volkswagen Trust Fund by the San Joaquin Valley Air Pollution Control District. These grant opportunities can cover up to 100% of the purchase price for various GreenPower electric buses, including the EV Star Min-eBus and BEAST Type D School Bus. Funding amounts reach up to $400,000 for school buses and $180,000 for transit buses, aimed at replacing internal combustion engine buses. The grant program opened on October 31, 2022, on a first-come, first-served basis.

Positive

• Availability of grants up to $400,000 for school buses and $180,000 for transit buses, enhancing sales potential.
• GreenPower's vehicles are ready for delivery, positioning the company to capture immediate market demand.

Negative

• None.

PORTERVILLE, Calif., Nov. 9, 2022 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles, today announced a listing of vehicles available for funding by the San Joaquin Valley Air Pollution Control District (SJVAPCD) under the Volkswagen Trust Fund.

"Significant amounts of money are available to school districts, businesses, nonprofit organizations, government entities, transit systems and individuals through the VW Trust Fund grants," said GreenPower contracts and grants manager Erica Baker. "GreenPower has a host of vehicles that are eligible for the funding which can cover up to the entire purchase price of the vehicle." 

The GreenPower vehicles eligible for grants under the SJVAPCD VW Trust Fund include:

• EV Star Min-eBus
• EV Star Plus
• Nano BEAST Type A School Bus
• BEAST Type D School Bus
• EV250 30' Transit Bus
• EV350 40' Transit Bus

Amounts available under the offering are up to $180,000 for transit buses, up to $400,000 for school buses, and up to $160,000 for shuttle buses. The new bus must replace an old internal combustion engine (ICE) bus. For non-government entities, the grants are capped at 75 percent of project costs.

"GreenPower currently has vehicles in California that have completed the manufacturing process and are ready for delivery under the grants program," said Michael Perez, vice president of school bus, contracts and grants at GreenPower. "We are here to help eligible applicants understand the program and application process and to help ensure they receive the needed funding to allow them to proceed with purchasing all-electric, zero-emission buses that can be deployed into their fleets quickly."

The SJVAPCD VW Trust Fund offering opened on Oct. 31, 2022 and is on a first-come, first-service basis. Interested parties should contact sales@greenpowermotor.com for more information on GreenPower's vehicles and on navigating the application process.

Contacts 
Michael Perez
Vice President of School Bus, Contracts, and Grants 
(909) 308-0960

Allie Potter
Skyya PR for GreenPower
(218) 766-8856
greenpower@skyya.com 

About GreenPower Motor Company Inc.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

Forward-Looking Statements

This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts, and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control. A number of important factors, including those set forth in other public filings (filed under the Company's profile on www.sedar.com), could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this releases.  All amounts in U.S. dollars © 2022 GreenPower Motor Company Inc. All rights reserved.

 

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SOURCE GreenPower Motor Company

FAQ

What is the significance of the funding under the Volkswagen Trust Fund for GreenPower (GP)?

The funding allows GreenPower (GP) to potentially cover the full purchase price of its electric vehicles, significantly boosting sales opportunities.

When did the grant program for GreenPower's electric buses open?

The grant program opened on October 31, 2022.

What types of vehicles from GreenPower are eligible for the VW Trust Fund grants?

Eligible vehicles include the EV Star Min-eBus, EV Star Plus, Nano BEAST Type A School Bus, BEAST Type D School Bus, and transit buses EV250 and EV350.

How much funding can be received for GreenPower's transit buses?

Grants for GreenPower's transit buses can reach up to $180,000.

Is the funding limited to government entities for GreenPower's vehicles?

No, funding is available for school districts, businesses, nonprofit organizations, and transit systems, but non-government entities are capped at 75% of project costs.