GreenPower Announces Order of 11 BEAST All-Electric School Buses for Western U.S. Markets

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has secured orders for 11 BEAST all-electric school buses across three Western U.S. markets. The orders include seven buses for Los Banos Unified School District in California, two for Casa Grande Elementary School District in Arizona, and two for Hood River County School District in Oregon.

The BEAST is a 40-foot Type D all-electric school bus that can seat up to 90 students. It features an aluminum body, high-strength steel chassis, and flat floor design. The bus supports combined port charging with Level 2 rates up to 19.2 kW and DC Fast Charging up to 85 kW, enabling full charging in under three hours.

According to Paul Start, GreenPower's VP of Sales, both the order pipeline and production schedule are at record levels, with 2025 sales projected to exceed 2024 figures.

Positive

• Secured new orders for 11 BEAST electric school buses across three states
• Company reports record levels in order pipeline and production schedule
• Sales projections for 2025 expected to surpass 2024 performance

Negative

• None.

Insights

Financial Analyst

The order for 11 BEAST electric school buses represents a 2.75M revenue opportunity for GreenPower (assuming 250K per unit), making a meaningful impact for a company with a market cap of just 21.8M. This latest deal strengthens GP's position in the growing electric school bus market, particularly as schools tap into federal and state funding for zero-emission vehicles. The multi-state nature of these orders (Arizona, California and Oregon) demonstrates expanding market penetration and dealer network effectiveness. The statement about record pipeline and production schedule suggests accelerating growth into 2025. However, given GP's small market cap and the competitive EV landscape, execution and maintaining margins will be crucial. The technical specifications of charging capabilities (85kW DC fast charging) and passenger capacity (90 students) position the BEAST competitively against other electric school buses. Key positive indicators include the geographic diversification of orders and the company's purpose-built approach, though investors should monitor cash flow and production capacity to ensure delivery capabilities.

Clean Energy Technology Specialist

The BEAST's engineering specifications reveal significant competitive advantages in the electric school bus market. The integrated design approach - combining an extruded aluminum body with a high-strength steel chassis - offers superior durability while optimizing weight distribution for the electric powertrain. The 85kW DC fast charging capability enabling full charge in under 3 hours addresses a critical operational concern for school districts. The flat floor design and absence of wheel wells maximize interior space efficiency, a distinct advantage over converted diesel bus designs. From a technology perspective, the partnership with Constellium for aluminum components demonstrates supply chain maturity. The standardization of parts across the platform suggests economies of scale potential as production volumes increase. This order validates GreenPower's technical approach and positions them well against competitors like Lion Electric and Blue Bird, who are also targeting the electric school bus market segment.

LOS ANGELES, Dec. 19, 2024 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced the company has received three orders for 11 Type D all-electric, purpose-built, zero-emission BEAST school buses for school districts in Arizona, California and Oregon.

"As school districts continue to make the change from NOx emitting diesel school buses to a cleaner, healthier means of transporting students, school district transportation departments are pursuing the gold standard of the industry – the GreenPower all-electric, purpose-built BEAST and Nano BEAST school buses," said Paul Start, GreenPower's Vice President of Sales – School Bus Group. "With 2025 fast approaching, the GreenPower school bus order pipeline and production schedule are both at record levels with sales projections for next year set to eclipse the 2024 calendar year."

The three orders announced today are:

• From GreenPower's exclusive California dealer Model 1 for seven BEASTs for the Los Banos Unified School District in Los Banos, California.
• From GreenPower's exclusive Arizona dealer RWC Group for two BEASTs for the Casa Grande Elementary School District in Casa Grande, Arizona.
• From GreenPower's exclusive Oregon dealer Peterson Trucks for two BEASTs for the Hood River County School District in Hood River, Oregon.

GreenPower's BEAST is a purpose-built 40-foot Type D all-electric, zero-emission school bus with seating for up to 90 students. Designed from the ground up as an EV, it is a fully integrated structure that features a strong and corrosion resistant aluminum body made from extruded aluminum, manufactured by Constellium, seamlessly mated to a high strength steel Truss (bus) chassis. The complete flat floor design allows for adjustable track seating with no wheel wells in the passenger compartment, and the high floor keeps students out of the impact zone. Combined port charging is standard with Level 2 rates up to 19.2 kW and DC Fast Charging rates up to 85 kW, allowing for full charging in less than three hours.

Contacts:

Brendan Riley
President
brendan@greenpowermotor.com

Paul Start
Vice President of Sales – School Bus Group
paul.s@greenpowermotor.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 vans 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, such as that sales projections for next year are set to eclipse the 2024 calendar year, 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. 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 release. ©2024 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

How many BEAST electric school buses did GreenPower (GP) secure in their latest order announcement?

GreenPower secured orders for 11 BEAST all-electric school buses across three Western U.S. markets: 7 for California, 2 for Arizona, and 2 for Oregon.

What is the charging capability of GreenPower's BEAST electric school bus?

The BEAST supports Level 2 charging up to 19.2 kW and DC Fast Charging up to 85 kW, allowing for full charging in less than three hours.

What is the seating capacity of GreenPower's BEAST electric school bus?

The BEAST electric school bus can seat up to 90 students and features a flat floor design with adjustable track seating.

Which school districts placed orders for GreenPower's (GP) BEAST electric buses?

Los Banos Unified School District (CA), Casa Grande Elementary School District (AZ), and Hood River County School District (OR) placed orders for the BEAST electric buses.

What are GreenPower's (GP) sales projections for 2025?

According to the company, sales projections for 2025 are set to eclipse the 2024 calendar year, with both order pipeline and production schedule at record levels.