GreenPower Delivers First All-Electric EV Star Refrigerated Box Trucks to University of California San Diego

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced the delivery of its first EV Star Refrigerated Box Trucks to the University of California San Diego. This innovative vehicle features a 20% more efficient and 10% lighter refrigeration unit powered by a 118 kWh battery, offering up to 150 miles range and a payload capacity of up to 5,000 pounds. The market for refrigerated trucking in North America is expected to exceed $5.9 billion by 2028. GreenPower vehicles qualify for tax credits up to $40,000 under the Inflation Reduction Act and additional funding programs in California and New Jersey.

Positive

• Introduction of the EV Star Refrigerated Box Truck expands the product line.
• Vehicle efficiency enhancements: 20% more efficient refrigeration and 10% lighter unit.
• Significant market potential with refrigerated trucking expected to exceed $5.9 billion by 2028.
• Eligibility for tax credits and funding programs which can boost sales.

Negative

• None.

LOS ANGELES, March 9, 2023 /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 delivery of its first refrigerated box trucks to the University of California San Diego.

"GreenPower has expanded its offering of purpose-built, all-electric commercial vehicles with the addition of the best-in-class, EV Star Refrigerated Box Truck," said GreenPower Vice President of Medium Duty & Commercial Vehicle Sales Claus Tritt.

The EV Star Refrigerated Box Truck is a unique offering for the medium and heavy-duty delivery market.  The refrigerator unit gets its power directly from the high-voltage battery and the design is 20% more efficient and 10% lighter than any comparable low-voltage unit currently sold in the US.

"More payload and longer range makes the EV Star Refrigerated Box Truck a real game-changer for the transportation of goods that require refrigeration," Tritt continued. "Utilizing GreenPower's EV Star Cab and Chassis and working with our partner Lion Truck Body, we can configure the vehicle to meet the customer's requirements while integrating all the systems and electrical requirements into our vehicle."

The vehicle has a payload of up to 5,000 pounds and consists of an energy efficient cooling system, a 16-foot insulated and lined box and a liftgate.  The EV Star platform is a purpose-built, zero-emission cab and chassis with a battery pack of 118 kWh, a range of up to 150 miles and will charge up to 19.2 kW on a standard Level 2 J1772 protocol or 60kW using a DC fast charge.

"We estimate the refrigerated trucking total addressable market in North America will be more than $5.9 billion by 2028. As operators are electrifying their fleets, GreenPower will see significant growth in the marketplace with this innovative product," Tritt concluded.

GreenPower's purpose-built, all-electric commercial vehicles are eligible for up to $40,000 in tax credits under the Inflation Reduction Act. GreenPower vehicles also qualify for California's HVIP program that has funding of $250 million, and the New Jersey ZIP program which will open shortly with funding of $90 million.

Interested parties should visit www.greenpowermotor.com  for more information on GreenPower's all-electric EV Star suite of products or navigating the voucher application process.

Contacts

Claus Tritt, VP Medium Duty & Commercial Vehicle Sales
Claus.T@greenpowermotor.com 

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", "up to", 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 are in US dollars © 2023 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What is the significance of GreenPower's delivery of refrigerated box trucks on March 9, 2023?

GreenPower delivered its first all-electric EV Star Refrigerated Box Trucks to the University of California San Diego, marking an expansion of its product offerings.

What are the specifications of the EV Star Refrigerated Box Truck?

The EV Star Refrigerated Box Truck has a payload capacity of up to 5,000 pounds, a 118 kWh battery, and a range of up to 150 miles.

What is the expected market size for refrigerated trucking in North America?

The refrigerated trucking total addressable market in North America is projected to exceed $5.9 billion by 2028.

What tax credits can customers receive for GreenPower vehicles?

Customers can receive up to $40,000 in tax credits for GreenPower vehicles under the Inflation Reduction Act.