GreenPower Motor Company is Selected As an Approved Vendor for New Jersey Zero Emission Incentive Program

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced that its entire EV Star lineup is now eligible for the New Jersey Zero Emission Incentive Program (NJ ZIP), which offers up to $100,000 in incentives for zero-emission vehicle purchases. NJ ZIP has a budget of $15 million and aims to reduce harmful emissions in Newark and Camden areas. Brendan Riley, President of GreenPower, noted the state's strong commitment to zero emissions, while Ryne Shetterly, VP of Sales and Marketing, anticipates a positive impact on vehicle sales due to these incentives.

Positive

• EV Star lineup eligible for NJ ZIP, encouraging fleet transitions.
• Incentives of up to $100,000 per vehicle could boost sales.
• New Jersey's $15 million budget supports zero-emission initiatives.

Negative

• None.

LOS ANGELES, May 3, 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, announced today that the entire EV Star line up, including the EV Star, EV Star ADA, EV Star CarGo, EV Star CarGo Plus, and EV Star CC are now eligible for the New Jersey Zero Emission Incentive Program ("NJ ZIP"). The NJ ZIP incentivizes fleets to begin their transition to zero emissions by offering up to $100,000 towards the purchase of battery-electric vehicles.

NJ ZIP is a new, $15 million pilot voucher program, that supports businesses and institutions purchasing new, medium-duty zero-emission vehicles that will operate in the greater Newark and greater Camden areas. This pilot is funded by proceeds allocated to the New Jersey Economic Development Authority ("NJEDA") for the purposes of reducing harmful emissions, especially in communities disproportionately impacted by transportation emissions, and creating economic opportunity within the state. The program will provide voucher with base values ranging between $25,000 to $100,000 per vehicle.

Brendan Riley, President of GreenPower, commented, "We applaud the State of New Jersey for offering the most aggressive zero emissions incentives in the country and we see many other states and municipalities following suit with similar programs coming to market in the near future." Riley added, "The EV Star platform is the perfect fit for the region because of their duty cycles, route requirements and the fact that EV Star is completely versatile.  Whether an operator is delivering cargo or passengers, we can deliver now."

Ryne Shetterly, VP of Sales and Marketing at GreenPower, also commented, "We have the right partner in ABC Bus, with units currently on the ground and in inventory in the state." He added, "Incentives help accelerate EV transition plans for early adopters, and we expect this emerging New Jersey market to have a positive impact on GreenPower's vehicle sales  in the near term."

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" 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.  © 2021 GreenPower Motor Company Inc. All rights reserved.

 

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SOURCE GreenPower Motor Company

FAQ

What is the New Jersey Zero Emission Incentive Program?

The NJ ZIP is a program that provides financial incentives to businesses for purchasing new medium-duty zero-emission vehicles, offering vouchers between $25,000 to $100,000.

How much funding is allocated to the NJ ZIP?

The NJ ZIP has a total funding of $15 million to support the program.

What vehicles does GreenPower Motor Company offer?

GreenPower offers a full suite of all-electric medium and heavy-duty vehicles, including transit and school buses, and cargo vans.

How might the NJ ZIP impact GreenPower's sales?

The incentives from the NJ ZIP are expected to positively impact GreenPower's vehicle sales in the near term.

When was GreenPower Motor Company listed on NASDAQ?

GreenPower completed its U.S. IPO and NASDAQ listing in August 2020.