GreenPower Delivers Additional 20 EV Stars to Green Commuter

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced the delivery of 20 additional EV Stars to Green Commuter, expanding its zero-emission vehicle fleet. This delivery is part of a larger order totaling 203 EV Stars, with 71 already delivered. Green Commuter leverages California's HVIP vouchers, enhancing vehicle affordability while promoting environmental sustainability. The EV Star offers flexible charging options and is eligible for a $90,000 base voucher under HVIP, with an additional $10,000 for operations in disadvantaged communities.

Positive

• Delivery of 20 EV Stars enhances fleet expansion.
• Total order of 203 EV Stars signifies strong demand.
• Ability to leverage HVIP vouchers improves transaction economics.

Negative

• None.

Largest North American Zero Emissions Vanpool Continues Fleet Expansion 

LOS ANGELES, Sept. 8, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV)  ("GreenPower"), a leading manufacturer and distributor of zero emissions electric powered medium and heavy duty vehicles, announced today the delivery of Green Commuter's next tranche of 20 EV Stars.

Green Commuter is a Los Angeles based shared mobility company that provides zero emissions solutions for vanpools, employee transportation, and delivery vehicles. Green Commuter has placed three separate orders for EV Stars with the first order consisting of three vehicles, followed by two separate orders of 100 vehicles, for a total of 203 EV Stars. After this delivery of 20 units, there will be 28 EV Stars remaining on the initial 100 unit order which are expected to be delivered this calendar year, with the second 100 unit order expected to be delivered in 2021.  To date, Green Commuter has taken delivery of 71 EV Stars.

"Even through the pandemic, Green Commuter has continued to take a steady delivery of EV Stars, highlighting the combination of strong end demand and their ability to leverage available incentives to improve the economics of this transaction for GreenPower, Green Commuter and the end user," stated Brendan Riley, President of GreenPower.  "Green Commuter continues to utilize California HVIP vouchers, making the vehicle more affordable for the end user while providing all the environmental benefits of a zero emissions electric vehicle.  This is an early example of how GreenPower has positioned itself, with the help of strategic partners such as Green Commuter, leveraging programs such as HVIP, and others like it on both a state and national level, rapidly expanding the number of GreenPower vehicles on the road over the near term."

The EV Star is the only bus in its class that comes with a standard J1772 level 2 and CCS DC fast combo charge system, allowing for optimal flexibility in route planning for any duty cycle. The bus is eligible for a base voucher of $90,000 from the California HVIP program and an additional voucher of $10,000 when the vehicle is operated in a disadvantaged community.

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.greenpowerbus.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 such as whether the TONY solution can be easily integrated into GreenPower's EV Star at assembly, or are beyond GreenPower's control, such as the ease with which new technologies will be able to integrate with PRI's solution. 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 in U.S. dollars.© 2020 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 of EV Stars?

GreenPower's delivery of 20 EV Stars to Green Commuter highlights its role in expanding zero-emission vehicle fleets and meeting growing demand.

How many EV Stars has Green Commuter ordered from GreenPower?

Green Commuter has placed orders for a total of 203 EV Stars from GreenPower.

What financial incentives does the EV Star vehicle offer?

The EV Star is eligible for a base voucher of $90,000 through the California HVIP program, plus an additional $10,000 for operating in disadvantaged communities.

How many EV Stars has Green Commuter received to date?

As of the latest delivery, Green Commuter has received 71 EV Stars.

What does the HVIP program entail for GreenPower and its partners?

The HVIP program provides financial incentives, improving vehicle affordability and supporting green initiatives for companies like GreenPower and its partners.