GreenPower's BEAST and Nano BEAST All-Electric School Buses Eligible for Purchase Under Today's EPA Announcement

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has welcomed the EPA's announcement regarding nearly $1 billion in funding for zero-emission school buses. This is part of the $5 billion Clean School Bus Program established by the Bipartisan Infrastructure Law. The GreenPower BEAST bus can receive $375,000 in grants, while the Nano BEAST qualifies for $285,000. Additionally, each purchase will earn an extra $20,000 for charging infrastructure. This initiative aims to replace diesel buses, significantly reducing air pollutants affecting children's health.

Positive

• Eligibility for $1 billion in funding from the EPA for zero-emission school buses.
• GreenPower BEAST school bus eligible for $375,000 in grant funding.
• Nano BEAST eligible for $285,000 in grant funding.
• Additional $20,000 grant for charging infrastructure per bus.
• Immediate availability of BEAST and Nano BEAST buses for purchase.

Negative

• None.

SOUTH CHARLESTON, W.Va., Oct. 26, 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 lauded the U.S. Environmental Protection Agency (EPA) for its announcement of the selectees that are eligible for nearly $1 billion in funding to school districts across the nation to cause the transition to zero-emission school buses. The funding represents the first offering under the five-year, $5 billion Clean School Bus Program created by the Bipartisan Infrastructure Law passed last year.

Under the EPA announcement, the Type D GreenPower BEAST all-electric school bus is eligible for $375,000 in grant funding through the program for priority school districts and the Type A all-electric GreenPower Nano BEAST is eligible for $285,000 in grant funding in the priority districts. With either Type GreenPower school bus, an additional $20,000 in federal grant funding will be awarded by the EPA for each GreenPower all-electric school bus purchased in the priority districts for charging infrastructure. GreenPower has both BEASTs and Nano BEASTs manufactured and in inventory ready for immediate sale, delivery and deployment under the program.

"The funding under the Clean School Bus Program will transform the nation's school bus fleet," said GreenPower President Brendan Riley. "Accelerating the transition to clean, zero-emission school buses will result in reduced pollutant levels and a healthier ride for kids. GreenPower is pleased to be the leader in this transition through the deployment of its BEAST and Nano BEAST all-electric, zero-emission school buses nationwide."

Nearly 26 million children ride 480,000 buses to school in the United States each day. Those buses travel almost six billion miles a year and kids spend three billion hours on them. About 95 percent of these buses run on diesel fuel, annually emitting 3,000 tons of cancer-causing soot and 95,000 tons of smog-causing compounds.

"The majority of the nation's current school bus fleet expel tons of toxins into the air releasing harmful substances, including hydrocarbons, carbon monoxide and other hazardous pollutants that adversely affects children's health and academic performance," Riley continued. "Children are more susceptible to air pollution than healthy adults because their respiratory systems are still developing, and they have faster breathing rates. Exposure to NOx exhaust can trigger health problems like asthma, bronchitis and other respiratory issues."

GreenPower's full line of electric school buses are eligible for purchase by the school districts with the funds allocated by the EPA.

• The BEAST (battery electric automotive school transportation) is an all-electric, zero-emission school bus. It features a monocoque chassis and has been designed from the ground up to be battery electric. The BEAST's standardized features include air-ride suspension, ABS disk brakes, and pass-through storage. At 40-feet in length, it has a seating capacity of up to 90 passengers and has options that can accommodate wheelchair accessibility.
• The Nano BEAST is purpose-built on GreenPower's flagship EV Star Platform that has proven its efficiency and reliability in a wide variety of operational settings including paratransit, airport shuttling, micro transit, cargo delivery and vanpool service. It has the largest standard battery pack for a Type A school bus on the market with a class leading range of up to 150 miles. Its clean sheet design approach facilitates optimal battery pack placement and weight distribution, allowing the vehicle to accommodate a larger energy supply, deliver a longer range and set the new standard for zero-emissions student transportation.
• The ADA Nano BEAST provides the same features as the regular Nano BEAST but is designed to accommodate ADA lift and wheelchair position requirements.

"The dealer network GreenPower has established ensures the highest quality of service and attention to detail from start to finish," added Michael Perez, Vice President of School Bus, Contracts and Grants at GreenPower. "Just as our school buses are purpose-built, we have purposely built out a dealer network of industry leaders from coast-to-coast."

For information on GreenPower's BEAST and Nano BEAST all-electric school buses and turn-key programs for charging systems, vehicle training and maintenance contact Sales@GreenPowerMotor.com 

Contacts
Brendan Riley
President
(510) 910-3377

Michael Perez
Vice President of School Bus, Contracts, and Grants 
(909) 308-0960

Allie Potter
Skyya PR for GreenPower
(218) 766-8856
greenpower@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 releases © 2022 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What funding is GreenPower Motor Company eligible for in 2022?

GreenPower is eligible for nearly $1 billion in funding from the EPA for zero-emission school buses.

How much grant funding can the GreenPower BEAST receive?

The GreenPower BEAST can receive $375,000 in grant funding for priority school districts.

What is the grant funding amount for the Nano BEAST?

The Nano BEAST is eligible for $285,000 in grant funding.

What additional funding is available for GreenPower school buses?

Each GreenPower school bus can receive an additional $20,000 for charging infrastructure.

When was the Clean School Bus Program established?

The Clean School Bus Program was established under the Bipartisan Infrastructure Law passed in 2021.