GreenPower Completes First Deliveries of EV Star Cab and Chassis to Workhorse for the Production of Workhorse's New Class 4 W750 Step Van

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has announced the initial delivery of EV Star Cab and Chassis (EV Star CC) to Workhorse Group Inc. (NASDAQ: WKHS) for the production of the Class 4 W750 step van line. This follows a multi-year supply agreement established on March 1, 2022, under which GreenPower is set to deliver 1,500 units by March 2024. The W750 will feature a 150-mile electric range and a 5,000 lbs payload capacity. GreenPower aims to scale deliveries rapidly to meet Workhorse's production needs.

Positive

• Delivery of first tranche of EV Star CC supports Workhorse's W750 production.
• Agreement to deliver 1,500 units enhances revenue potential through 2024.
• W750's range and payload specifications may lead to increased market competitiveness.

Negative

• None.

LOS ANGELES, Aug. 3, 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 the delivery of the first tranche of EV Star Cab and Chassis (EV Star CC) to Workhorse Group Inc. (Nasdaq: WKHS) ("Workhorse") for the Production of Workhorse's New Class 4 W750 Step Van Line.

On March 1^st, 2022 GreenPower and Workhouse announced a multi-year supply agreement to facilitate the manufacturing and delivery of medium-duty Class 4 step vans into the North American market. Under the terms of the agreement, the companies committed to a 21-month schedule during which GreenPower will deliver 1,500 EV Star cab and chassis to Workhorse starting in July 2022 through to March 2024. The chassis are to be used in the production of Workhorse's new Class 4 W750 step van line, which is slated to enter production later this year. The W750 will feature up to 150 miles of all-electric range, with a payload capacity of 5,000 lbs., as well as standard 60 kW DC fast-charging and optional 60 kW wireless-charging capabilities.

"We have been collaborating with Workhorse for nearly a year on the co-development of zero-emission commercial vehicles with the integration of our EV Star CC for Workhorse's W750," said Brendan Riley, President of GreenPower. "Today's announcement is a strategic milestone for both companies against our shared commitment of building safe, reliable commercial EVs. Our third quarter deliveries are well underway, with the first eight EV Star CCs delivered to Workhorse in July and another shipment of eight being delivered in early August. We look forward to rapidly scaling up deliveries over the next few quarters to support Workhorse's production requirements to meet customer demand."

Workhorse will complete the manufacturing process and deliver finished step vans to its customers in the United States and Canada. The agreement includes deposits based on delivery thresholds and also contains a renewal option.

GreenPower's EV Star Cab and Chassis is a purpose-built multi-utility zero-emissions vehicle with a battery pack of 118 kWh providing a payload of 7,000 pounds and a range of 150 miles. GreenPower's EV Star Cab and Chassis accommodates a wide variety of mid and last-mile delivery needs while maintaining the benefits of being a zero-emission vehicle.

Workhorse has the exclusive rights in the U.S. and Canada to sell Class 4 step vans based on the GreenPower-supplied base vehicle. The finished Class 4 step vans will be available under the Workhorse brand with Workhorse after-sales and support service. 

Media and Investor Contacts:
Fraser Atkinson, CEO
(604) 220-8048

Brendan Riley, President
(510) 910-3377

Mike Cole, IR
(949) 444-1341

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

About GreenPower Motor Company

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 release. © 2022 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What is the significance of GreenPower's recent delivery to Workhorse?

The delivery marks the start of a supply agreement where GreenPower provides 1,500 EV Star Cab and Chassis to Workhorse for the new W750 step van line.

What are the specifications of the Workhorse W750 step van?

The W750 features a 150-mile electric range and a payload capacity of 5,000 lbs.

When did the supply agreement between GreenPower and Workhorse begin?

The supply agreement was announced on March 1, 2022, with deliveries starting in July 2022.

How many EV Star Cab and Chassis will GreenPower deliver to Workhorse?

GreenPower is set to deliver a total of 1,500 EV Star Cab and Chassis by March 2024.

What are the expected benefits of the new Class 4 W750 step van?

The W750 is designed to provide zero-emission transport with a competitive range and payload, addressing increasing demand for electric commercial vehicles.