GreenPower's Battery-Electric Vehicles Eligible for Up to $375,000 in California HVIP Funds

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has announced that its electric vehicles are eligible for California's HVIP funding, offering vouchers of $60,000 to $375,000 per vehicle. The HVIP program opens on March 30, 2022, providing $196.6 million in standard funds, along with $65.5 million for public transit and $122 million for schools. GreenPower has a strong delivery track record, with models including the BEAST and Class 4 EV Star. The company aims to leverage this funding to increase market penetration and fulfill orders effectively.

Positive

• Eligibility for HVIP vouchers between $60,000 and $375,000 per vehicle.
• Total funding of $196.6 million available, with specific allocations for public transit and schools.
• Strong delivery history positioning GreenPower favorably compared to competitors.

Negative

• None.

LOS ANGELES, March 24, 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, today announced that its purpose-built buses and trucks are eligible for vouchers ranging from $60,000 to $375,000 per vehicle through the California Air Resources Board (CARB) Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP).

The program is scheduled to open at 10 a.m. PT on March 30, 2022, with $196,600,000 available in standard HVIP funds; $65,500,000 set aside for public transit; and $122,000,000 set aside for public schools in small and medium air districts. GreenPower's HVIP-eligible models include the company's electric school bus line including the BEAST (Type D) and NanoBeast (Type A); Class 8 transit bus line; and Class 4 EV Star product line, which consists of both cargo trucks and passenger vans.  

Michael Perez, Director of Contracts and Grants at GreenPower, commented, "GreenPower's delivery history through HVIP is outstanding, and we look forward to leveraging this year's funding to put even more vehicles on the road." Perez continued, "While lead times have proven to be a major obstacle for others in the program, GreenPower has distinguished itself from competitors by consistently delivering HVIP-funded vehicles in a timely fashion."

Ryne Shetterly, Vice President of Sales and Marketing at GreenPower, added, "GreenPower has a successful history of securing funding and fulfilling orders through HVIP. Purchasers who partner with GreenPower to obtain HVIP vouchers seize a rare opportunity to acquire best-in-class battery-electric vehicles at dramatically discounted prices."

Contacts
Brendan Riley
President
(510) 910-3377

Ryne Shetterly
Vice President of Sales and Marketing
(909) 954-7530

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. © 2022 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What is the significance of GreenPower's eligibility for HVIP funding?

GreenPower's vehicles can receive substantial financial incentives, boosting sales and market presence.

When does the HVIP program open for applications?

The HVIP program is scheduled to open at 10 a.m. PT on March 30, 2022.

How much funding is allocated for public transit and schools through HVIP?

There is $65.5 million for public transit and $122 million for public schools.

What types of vehicles does GreenPower offer under the HVIP program?

GreenPower offers electric school buses, transit buses, and trucks eligible for HVIP vouchers.

What advantages does GreenPower have over its competitors?

GreenPower has a strong delivery history and the ability to fulfill orders in a timely manner.