GreenPower Delivers Four School Buses in Arizona, California and West Virginia with Six Near Term Deliveries Planned

Rhea-AI Summary

GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) has delivered four all-electric, zero-emission school buses in Arizona, California, and West Virginia in early October, with plans to deliver six more Type D BEAST school buses in the near term. The company delivered the first of 37 BEAST buses ordered by West Virginia to Wyoming County School District. In the West, deliveries included one Nano BEAST to Joseph City School District in Arizona and two BEAST buses to Garden Grove Unified School District in California.

GreenPower currently has 126 live orders of school buses, representing over $45 million in business. The company's school buses are eligible for various funding programs, including California HVIP vouchers, ZESBI grants, and the federal Clean School Bus Program. For the quarter ended September 30, 2024, GreenPower delivered 11 BEAST school buses and 11 EV Star vehicles.

Positive

• Delivered 4 all-electric school buses with 6 more planned for near-term delivery
• 126 live orders of school buses representing over $45 million in business
• Eligibility for various funding programs enhancing market competitiveness
• Delivered 11 BEAST school buses and 11 EV Star vehicles in the recent quarter

Negative

• None.

Insights

Market Research Analyst

GreenPower's recent deliveries and order book demonstrate strong market traction in the electric school bus sector. The company has delivered 4 buses across three states and plans 6 more near-term deliveries. With 126 live orders worth over $45 million and quotes for an additional 180 buses, GreenPower is positioning itself as a significant player in the growing zero-emission school transportation market. The eligibility for substantial government incentives, including California's HVIP vouchers, ZESBI grants ($500 million allocated) and the federal Clean School Bus Program ($965 million), provides strong financial support for school districts transitioning to electric buses. This funding environment, coupled with GreenPower's purpose-built designs and expanding product line, suggests potential for continued growth and market share expansion in the electric school bus segment.

Financial Analyst

GreenPower's financial outlook appears positive based on recent performance and market dynamics. The company's delivery of 11 BEAST school buses and 11 EV Star variants in the quarter ended September 30, 2024, indicates steady production and sales momentum. The 126 live orders valued at over $45 million provide a solid revenue pipeline. With a market cap of $32.85 million, the order book alone represents significant potential growth relative to the company's current valuation. The availability of substantial government incentives reduces barriers to adoption for customers, potentially accelerating sales cycles. However, investors should note that as a small-cap company in a competitive and rapidly evolving sector, GreenPower may face challenges in scaling production and maintaining margins amidst potential supply chain pressures and competition from larger manufacturers entering the electric bus market.

SOUTH CHARLESTON, W.Va., Oct. 16, 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 reported that it has delivered four all-electric, purpose-built, zero-emission school buses in Arizona, California and West Virginia in the first half of the month and announced plans to deliver 6 more Type D BEAST school buses in California and West Virginia in the near term.

In West Virginia, GreenPower delivered the first of the 37 BEAST school buses ordered by the state to the Wyoming County School District through GreenPower's dealer. "We have been operating a GreenPower Type A Nano BEAST Access in our school district and the experience has been incredible. It has been really nice for our students who need to be transported with wheelchairs," said Wyoming County School District Superintendent John Henry. "We are excited to now have a Type D BEAST in our fleet and expect the kids are going to embrace this new clean ride as well."

Three additional BEAST all-electric school buses manufactured at the company's South Charleston plant are planned to be delivered in West Virginia within the next month. Monongalia County School District, who currently operates one Nano BEAST, one Nano BEAST Access and one BEAST, will receive these as part of the order from the state of West Virginia.

In the West, one Type A all-electric, purpose-built, zero-emission Nano BEAST was delivered by GreenPower's Dealer the RWC Group to the Joseph City School District in Arizona and two BEAST school buses were delivered through GreenPower's Dealer Model 1 to Garden Grove Unified School District in California. Garden Grove has already deployed four BEAST school buses on their routes and plan to receive two more by the end of October. One additional BEAST is expected to be delivered to the Brawley Elementary School District this month.

"These deliveries along with our current order book show the continued growth in demand for GreenPower's school bus products," said Paul Start, GreenPower's Vice President of Sales – School Bus Group, noting that the company currently has 126 live orders of school buses representing more than $45 million in business. "We have seen a significant uptick with our sales pipeline as we've also quoted new orders for more than 180 school buses."

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, it is a unified structure that features a seamlessly integrated aluminum body made from extruded aluminum manufactured by Constellium on a high strength steel Truss (bus) chassis. The complete flat floor design allows for tracking with no obstacles, and the high floors keep students out of the crash zone. Dual port charging is standard with Level 2 rates up to 19.2 kW and DC Fast Charging rates up to 85 kW.

The School Transportation News award-winning Nano BEAST has a standard 118 kWh battery pack and a range of up to 140 miles. Configured for up to 24 passengers, it features a seamlessly integrated aluminum body made from extruded aluminum manufactured by Constellium. The dual port charging is standard, with Level 2 rates up to 19.2 kW and DC Fast Charging rates up to 60 kW.

The Type D BEAST and Type A Nano BEAST are both eligible for California HVIP vouchers and qualify for grants under the California Zero-Emission School Bus and Infrastructure (ZESBI) program. ZESBI grants pair zero-emission (ZE) school bus vehicle funding offered by the California Air Resources Board (CARB), with charging infrastructure funding offered by the California Energy Commission (CEC). A total of $500 million is appropriated by Senate Bill (SB) 114 for ZESBI for Fiscal Year 2023-24. Of that amount, $375 million is allocated to support the replacement of old school buses with ZE school buses and $125 million is allocated to support complementary infrastructure and associated costs. ZESBI utilizes a joint application for vehicles and infrastructure. The application process is open until November 22, 2024.

GreenPower all-electric school buses are also eligible for federal Clean School Bus Program funds administered by the EPA. Applications for the current rebate program round, funded at $965 million, are being accepted through January 9, 2025.

For the recent quarter ended September 30, 2024 GreenPower delivered 11 BEAST school buses in California and Oregon and delivered 11 EV Star Cargo Plus, EV Star Rear ADA and EV Stars. 

Contacts:
Fraser Atkinson, CEO
fraser@greenpowermotor.com

Paul Start, Vice President of Sales – School Bus Group
paul.s@greenpowermotor.com

Mark Nestlen, Vice President of Business Development & Strategy
mark.n@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 press release 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. Such forward-looking statements include, among other things, that GreenPower plans to deliver 6 more Type D BEAST school buses in California and West Virginia in the near term; the expectation that the kids are going to embrace this new clean ride; that three additional BEAST all-electric school buses manufactured at the company's South Charleston plant are planned to be delivered in West Virginia within the next month and Monongalia County School District will receive these as part of the order from the state of West Virginia; and that Garden Grove Unified School District in California plans to receive two more by the end of October and one additional BEAST is expected to be delivered to the Brawley Elementary School District this month; that GreenPower currently has 126 live orders of school buses representing more than $45 million in business; and that Greenpower has quoted new orders for more than 180 school buses. The material assumptions supporting these forward-looking statements include, among others, that GreenPower will be able to complete the sale of all of its live orders of school buses and quoted new orders of school buses; the availability of grants/vouchers; GreenPower's ability to maintain projected production deliveries within certain timelines; expected expansion of GreenPower's production capacity; labor costs and material costs remaining consistent with GreenPower's current expectations; labor availability remaining consistent with GreenPower's current expectations; production of electric buses meeting customer expectations and at an expected cost; equipment operating as anticipated; there being no material variations in the current regulatory environment; and GreenPower's ability to obtain financing as and when required and on reasonable terms. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among other things, not all orders being able to translate into revenue; not being able to produce the full school buses for any reasons, the delay or decrease in the production as a result of shortage of parts and components, the school bus program not paying out the funds as contemplated or at all, supply chain issues, availability of grants/vouchers, availability of parts, including shipping delays, availability of capital and availability of qualified employees to produce the buses and others set forth in other public filings of GreenPower (filed under GreenPower's profile on www.sedarplus.ca or with the SEC at www.sec.gov). 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, except as required by applicable laws, including the securities laws of the United States and Canada.

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 ©2024 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

How many all-electric school buses did GreenPower (GP) deliver in early October 2024?

GreenPower (GP) delivered four all-electric, zero-emission school buses in Arizona, California, and West Virginia in early October 2024.

What is the value of GreenPower's (GP) current school bus order book?

GreenPower (GP) currently has 126 live orders of school buses, representing over $45 million in business.

How many BEAST school buses did GreenPower (GP) deliver in the quarter ended September 30, 2024?

GreenPower (GP) delivered 11 BEAST school buses in California and Oregon in the quarter ended September 30, 2024.

What funding programs are GreenPower's (GP) school buses eligible for?

GreenPower's (GP) school buses are eligible for California HVIP vouchers, ZESBI grants, and the federal Clean School Bus Program funds administered by the EPA.