GreenPower Delivers 10 All-Electric Cab and Chassis to WeShip

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has delivered 10 EV Star Cab and Chassis to WeShip LLC as part of California's HVIP program, securing $660,000 in funding. The HVIP request was initiated on June 8, 2021, with a rapid delivery process highlighting GreenPower's efficiency in meeting demand. This marks the program's first delivery for GreenPower, which anticipates further sales acceleration due to increased interest in zero-emission vehicles. The EV Star CC features a 150-mile range and can carry up to 7,000 pounds.

Positive

• GreenPower delivered 10 EV Star Cab and Chassis to WeShip, showcasing market readiness.
• $660,000 in HVIP funding secured for the transaction emphasizes strong demand for electric vehicles.
• The HVIP program re-opening has acted as a sales catalyst, with expectations for future deliveries to rise.

Negative

• None.

Companies Leverage California HVIP Program to Facilitate Transaction

LOS ANGELES, Sept. 23, 2021 /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 that WeShip LLC ("WeShip") has taken delivery of 10 GreenPower EV Star Cab and Chassis ("EV Star CC") that will be used in a first-of-its-kind utility in Southern California.

WeShip and GreenPower secured HVIP vouchers in the amount of $66,000 per EV Star Cab and Chassis for a total of $660,000 in funding for this project, and GreenPower provided lease financing to fund the remainder of the purchase price.  The original date for the HVIP request was June 8^th, 2021, with 6-8 weeks thereafter to process the voucher and final delivery this month.

Brendan Riley, President of GreenPower commented, "This transaction with WeShip highlights the benefits of GreenPower's market readiness strategy.  We anticipated substantial demand would emerge this summer and fall with low lead times desired by customers.  In response, we built substantial inventory across our product lines.  If you look at the turnaround time from purchase order, through funding request and final delivery, you will see that nobody else in the space has demonstrated that type of efficiency, and that is just one more thing that separates GreenPower from the rest of the pack."

Ryne Shetterly, VP of Sales and Marketing at GreenPower added, "We have worked with the executive team at WeShip in the past and they have been great advocates for the GreenPower product line.  We look forward to working with them in this exciting new capacity, with additional details to follow in the near future."  Shetterly continued, "This also represents the first delivery leveraging California's 2021 HVIP program.  The re-opening of the HVIP program on June 6^th has served as a significant sales catalyst across multiple GreenPower product lines and we expect associated deliveries to accelerate further in the coming months."

GreenPower's EV Star Cab and Chassis accommodates a wide variety of mid and last mile needs, incorporating a body of the customers choosing, on GreenPower's highly rated chassis, all while maintaining the benefits of being a zero-emissions vehicle.  This first-to-market, purpose-built Cab and Chassis delivers an industry leading carrying capacity up to 7,000 pounds and a range of 150 miles.

Contacts:
Brendan Riley
President
(510) 910-3377

Ryne Shetterly
Vice President of Sales and Marketing
(909) 954-7530

Mike Cole
Investor Relations
(949) 444-1341

Megan Kathman
Skyya PR for GreenPower
(651) 785-3212

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, a cargo van and a double decker.  GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions.  GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. 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. 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. All amounts expressed in U.S dollars.  © 2021 GreenPower Motor Company Inc. All rights reserved.

 

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SOURCE GreenPower Motor Company

FAQ

What is the significance of GreenPower's delivery to WeShip on September 23, 2021?

The delivery of 10 EV Star Cab and Chassis marks a key transaction under California's HVIP program, securing $660,000 in funding.

How much funding did GreenPower secure through the HVIP program?

GreenPower secured $660,000 in HVIP vouchers, amounting to $66,000 per vehicle.

What is the carrying capacity and range of the EV Star Cab and Chassis?

The EV Star Cab and Chassis has an industry-leading carrying capacity of 7,000 pounds and a range of 150 miles.

When was the HVIP request for this transaction initiated?

The HVIP request was initiated on June 8, 2021.

How does this transaction reflect GreenPower's market strategy?

The transaction showcases GreenPower's efficiency in meeting demand, with a rapid turnaround from purchase to delivery.