GreenPower Secures Another 85 Vouchers from California Incentive Program and Delivers 15 EV Stars with Existing Vouchers

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced securing 85 additional vouchers under California's HVIP program for their EV Star line, including 75 cargo vans and box trucks. This quarter, 15 EV Stars have been delivered, with plans for 55 more deliveries. The California HVIP and New Jersey ZIP programs incentivize zero-emission vehicle adoption, addressing barriers like high costs. Notably, the New Jersey program recently received $45 million in funding, expanding to heavy-duty vehicles. GreenPower's EV Star platform boasts a 150-mile range and can support various delivery needs.

Positive

• Secured 85 vouchers under California HVIP program, enhancing sales opportunities.
• Delivered 15 EV Stars and scheduled 55 more deliveries, indicating strong demand.
• New Jersey ZIP program received $45 million in funding, broadening market reach.

Negative

• None.

LOS ANGELES, Sept. 19, 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 it has secured another 85 vouchers under the California HVIP program for 75 EV Star 22' Cargo vans, eight EV Star Box Trucks and two EV Star 25' Cargo vans.  GreenPower has also delivered 15 EV Stars to customers with vouchers under the New Jersey ZIP and California HVIP incentive programs this quarter with deliveries being scheduled for 55 EV Stars with existing vouchers.  These sales are in addition to Workhorse and school bus sales

The 85 vouchers with the California HVIP program will benefit small fleet operators that often face multiple barriers to zero-emission truck adoption, including high upfront costs. What's more, GreenPower's innovative technologies and range of products will help fleet operators drive down fuel costs and minimize maintenance costs while providing outstanding reliability and efficiency. 

GreenPower recently secured additional vouchers from the New Jersey ZIP program.  In July, New Jersey Economic Development Authority announced additional funding of $45 million as well as expanding eligibility to include heavy-duty vehicle classes, and expanding statewide, beyond the four pilot communities in the first phase.

"GreenPower's EV Star 22-foot cargo van has quickly become our highest demand vehicle.  Incentive programs offered by California where we have the second highest redemptions and New Jersey where we have the highest approved vouchers are making a difference with the adoption of all-electric vehicles," said Michael Perez, vice president of school bus, contracts and grants at GreenPower. "With the existing vouchers we have a steady stream of deliveries of EV Stars to customers over the next couple of months. GreenPower remains committed to providing a better, cleaner and safer transportation future and has the knowledge and expertise in successfully working with incentive programs."

GreenPower's EV Star platform is a purpose-built, multi-utility, zero-emissions vehicle with a battery pack of 118 kWh providing a payload of up to 7,000 pounds and a range of 150 miles.  The EV Star platform is used for a range of GreenPower passenger and cargo vehicles for mid and last-mile delivery needs and can charge up to 20 kW on a standard J1772 protocol or DC fast charge.

California's HVIP program remains open, while the New Jersey ZIP program is presently on a waitlist, with new funding expected to become available in January 2023. Interested parties should contact michael@greenpowermotor.com for more information on GreenPower's all-electric EV Star or navigating the voucher application process.

Contacts

Brendan Riley President
(510) 910-3377

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

Mike Cole
Investor Relations
(949) 444-1341

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 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 recent achievement did GreenPower Motor Company (GP) announce on September 19, 2022?

GreenPower announced the securing of 85 additional vouchers under California's HVIP program for their EV Star vehicles.

How many EV Stars has GreenPower delivered recently?

GreenPower has delivered 15 EV Stars this quarter and plans to deliver 55 more.

What is the significance of the New Jersey ZIP program for GreenPower?

The New Jersey ZIP program received $45 million in additional funding, allowing expansion to heavy-duty vehicle classes.

How does GreenPower's EV Star platform benefit fleet operators?

The EV Star platform reduces fuel and maintenance costs while providing reliability and efficiency for fleet operators.

What is the range of GreenPower's EV Star vehicles?

GreenPower's EV Star vehicles have a range of 150 miles.