GreenPower Receives Purchase Order for Four Wirelessly Charged Buy America Compliant EV Stars From Grant Transit Authority in the State of Washington

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has announced an order for four wirelessly charged EV Stars from Grant Transit in Washington, funded by the FTA's $180 million Low-No Program. This marks the first deployment of Momentum Dynamics' wireless charging system in the region. The vehicles will serve the Moses Lake area starting in fall 2021, demonstrating GreenPower's outreach success beyond California. The company completed a Buy America compliance audit for this order, positioning itself advantageously to leverage federal funding.

Positive

• Secured an order for four EV Stars, enhancing revenue potential.
• Successful completion of Buy America compliance audit.
• First deployment of wireless charging technology in the region.
• Market expansion outside California indicates growth potential.

Negative

• None.

Grant Transit Authority Secures FTA Low-No Funding to Support Purchase

LOS ANGELES, March 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 it has received an order for four wirelessly charged, FTA Buy America compliant EV Stars from Grant Transit in the state of Washington.  

The Four GreenPower EV Stars ordered by Grant Transit will represent the first to include Momentum Dynamics' wireless charging system, allowing for hands free charging by simply parking the vehicle over the charging station.  Grant Transit intends to leverage funding from the FTA's $180 million funding for the 2021 Low-No Program to support the purchase.  As part of the process to secure the funding, GreenPower successfully completed a Buy America compliance audit at its southern California facility.

Ryne Shetterly, VP of Sales and Marketing at GreenPower, commented, "The state of Washington has always been on the forefront of early adoption of zero-emission vehicles. Grant Transit proactively solicited this funding and has demonstrated a commitment to their riders, their community, and the overall wellbeing of their service area by embarking on such a progressive project, which GreenPower is very proud to be a part of."  Shetterly continued, "The fact that we are seeing orders outside the state of California speaks to the success that GreenPower has had in terms of market outreach and we expect this trend to continue. Our partners at Momentum Dynamics played a significant role in winning this deal, and we look forward to further collaboration in the future."

Greg Wright, General Manager at Grant Transit Authority added, "Grant Transit Authority is pleased to partner with GreenPower and Momentum Dynamics on our first zero-emission, battery electric bus project. The purpose-built battery electric EV Star buses will begin providing clean, quiet service on routes serving the greater Moses Lake area in the fall of 2021."

Brendan Riley, President of GreenPower, also commented, "We believe GreenPower has a significant competitive advantage in our ability to deploy Buy America compliant units, which leverage lucrative federal funding, on the road over the immediate term.  This is the first order reflecting years of strategic planning, including undergoing additional prerequisites for federal funding such as the EV Star's completion of rigorous Altoona testing.  By being in position today to leverage federal funding, along with incorporating progressive solutions such as wireless charging, we are very well positioned to meet the demand for all electric vehicles as the economy reopens, much as we did with Grant Transit."

GreenPower has leveraged its flagship EV Star Platform with six distinct models serving the cargo, delivery and micro transit markets. The EV Star is the only vehicle 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.

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, a 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 recent order did GreenPower Motor Company receive?

GreenPower Motor Company received an order for four wirelessly charged EV Stars from Grant Transit Authority in Washington.

How is the funding for the EV Stars being sourced?

The purchase is being supported by funding from the FTA's $180 million Low-No Program.

When will the EV Stars be operational?

The EV Stars will begin service in the Moses Lake area in fall 2021.

What technology is being implemented with these EV Stars?

The EV Stars will include Momentum Dynamics' wireless charging system for hands-free charging.

What compliance audit did GreenPower complete?

GreenPower successfully completed a Buy America compliance audit at its California facility.