GreenPower's All-Electric Type D and Type A School Buses Are Eligible for Rebates of up to $375,000 and $285,000 respectively under the EPA's Clean School Bus Program

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced its all-electric school buses qualify for rebates under the EPA’s $500 million Clean School Bus program. Eligible purchasers can receive up to $375,000 for the Type D BEAST bus and $285,000 for the Type A Nano BEAST bus. The program, which offers $5 billion over five years to replace existing school buses with zero-emission models, will accept online applications from May to August 2022. Selected districts must place orders by April 2023 to qualify for rebates.

Positive

• Eligible for EPA rebates up to $375,000 for Type D BEAST bus and $285,000 for Nano BEAST bus.
• Part of a larger $5 billion EPA program to replace school buses with zero-emission models.

Negative

• None.

LOS ANGELES, May 17, 2022 /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 that its all-electric school buses are eligible for rebates under the Environmental Protection Agency ("EPA") Clean School Bus program of $500 million for this year. Under the EPA program, qualified purchasers of GreenPower's Type D BEAST all-electric school bus are eligible for a rebate of up $375,000 and up to $285,000 for GreenPower's Type A Nano BEAST all-electric school bus. Online applications are expected to open later this month.

EPA's new Clean School Bus Program provides five billion dollars over five years (FY 2022-2026) to replace existing school buses with clean and zero-emission models to help bring healthier transportation solutions to students around the country. GreenPower's innovative technologies can help school districts drive down fuel costs and minimize maintenance costs while delivering outstanding reliability and efficiency. 

The EPA recently announced that they will be accepting online applications from May to August 2022. A review and selection process will commence in September and applicants will be advised of their status in October, and selected school districts are required to order electric or low-emission school buses by April 2023 to qualify for the rebates.

"While the program is not first-come first-served it is important to start this process as soon as possible," said Michael Perez, Director of Contracts and Grants at GreenPower. "GreenPower remains committed to providing a better, cleaner and safer transportation future and has the knowledge and expertise in successfully working with incentive programs. We are here to navigate interested school districts through the process."

Interested parties should contact michael@greenpowermotor.com for more information on GreenPower's all-electric school buses and how to navigate the application process.

"GreenPower is actively and successfully building out our dealer network across the nation to cover key states along with those jurisdictions that have mandates to electrify school bus fleets, including most recently in the states of Washington and Mississippi," said Joe Angeli, Business Development – School Buses at GreenPower. "We are well positioned to take advantage of the program from the EPA and deploy electric school buses on the ground."

GreenPower's dynamic duo of purpose-built, all electric school buses includes The BEAST, a 40-foot, 90 passenger capacity, Type D school bus and The Nano BEAST, a 25-foot Type A school bus which is available with standard seating or with ADA.

Both the BEAST and Nano BEAST have a class-leading range of up to 150 miles with a monocoque chassis design and are built from the ground up to be battery-electric. The vehicles can charge up to 20 kW on a standard J1772 protocol or DC fast charge. Infrastructure funding from the EPA covers Level 2 charging systems.

Contacts
Brendan Riley 
President
(510) 910-3377

Michael Perez
Director of Contracts and Grants
(909) 308-0960

Mike Cole
Investor Relations
(949) 444-1341

Megan Kathman
Skyya PR for GreenPower
(651) 785-3212
megan@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" 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 U.S. dollars © 2022 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What is GreenPower Motor Company's stock symbol?

GreenPower Motor Company is listed under the stock symbol GP.

How much can schools save through the EPA Clean School Bus program?

Schools can receive up to $375,000 for the Type D BEAST and $285,000 for the Type A Nano BEAST under the EPA program.

When are applications for the EPA Clean School Bus program accepted?

Applications will be accepted from May to August 2022.

What is the total budget for the EPA Clean School Bus program?

The program has a total budget of $5 billion over five years.

What must selected districts do to qualify for rebates?

Selected districts must order electric or low-emission school buses by April 2023 to qualify for rebates.