GreenPower Unveils the EV Star REEFER X - A New Modern, All-Electric Refrigerated Medium-Duty Truck
GreenPower Motor Company unveiled the EV Star REEFERX, an all-electric, refrigerated medium-duty delivery truck designed for mid to last-mile temperature-controlled deliveries. The truck, now available for orders, offers a customizable design with multiple temperature zones and a payload capacity up to 5,500 lbs. It features a one-piece wall structure for better insulation and sanitation, a range of up to 150 miles, and improved total cost of ownership. This launch aligns with growing electric vehicle market trends, driven by stringent emissions regulations and increasing demand for online grocery deliveries. GreenPower aims to capitalize on the expanding global refrigerated truck market, projected to grow from $9.8 billion in 2023 to $15.4 billion by 2032.
- Payload capacity up to 5,500 lbs.
- Customizable design with versatile box configurations.
- One-piece wall structure for better insulation and sanitation.
- Range of up to 150 miles per charge.
- Optimized total cost of ownership for fleet owners.
- Market opportunity due to growing refrigerated truck market, expected to reach $15.4 billion by 2032.
- Compliance with upcoming zero-emission regulations for Transportation Refrigeration Units by 2035.
- Single manufacturing entity for streamlined warranty claims and service.
- Potential high initial cost compared to conventional vehicles.
- range of 150 miles may be inadequate for long-haul deliveries.
Insights
GreenPower's new EV Star REEFERX brings several technical advancements to the medium-duty electric vehicle market. The customizable design with multi-temperature zones and a lighter body are significant improvements. These features will enhance operational flexibility and efficiency for fleet operators. The vehicle's one-piece wall structure improves sanitation and insulation, important for transporting temperature-sensitive goods.
Notably, the optimal battery placement lowers the center of gravity, increasing cargo capacity. This design could set a new standard in the industry. Additionally, the use of recyclable PET foam for insulation aligns with sustainability trends, appealing to eco-conscious businesses.
These innovations enhance the vehicle's total cost of ownership by minimizing maintenance and downtime. However, it's essential to monitor how these features perform in real-world applications over time.
GreenPower's entry into the refrigerated truck market is timely, given the projected growth from
The increasing consumer demand for online shopping and home grocery delivery further supports the potential success of the EV Star REEFERX. GreenPower's nationwide dealer network is a strategic advantage, enabling quick market penetration.
However, competition in the electric vehicle market is intense. GreenPower must continue to innovate and maintain cost efficiency to sustain its competitive edge.
The introduction of the EV Star REEFERX could positively impact GreenPower's financials. By entering the refrigerated vehicle segment, the company diversifies its product line and taps into a growing market. This diversification can mitigate risks associated with reliance on a few vehicle types.
Furthermore, the potential increase in orders can drive revenue growth. The ability to offer a 'one-stop shop' for purchasing, manufacturing and service needs enhances customer satisfaction, potentially leading to repeat business and long-term contracts. However, investors should consider the initial costs associated with scaling production and any potential delays in order fulfillment.
Overall, this strategic move indicates a positive trajectory for GreenPower, provided the company can manage its expansion efficiently.
The all-new EV Star REEFERX features a customizable design with versatile box configurations including multi-temperature zones and a lighter body that allows for an increased payload capacity of up to 5,500 lbs. for various industries and applications
Built on GreenPower's EV Star Cab & Chassis platform, the EV Star REEFERX is purpose-built and fully customizable with a lighter body to allow for increased payload. Designed to serve mid to last-mile refrigerated delivery and catering applications, the EV Star REEFERX moves goods that need to be temperature controlled, such as fresh and frozen foods, flowers and pharmaceuticals, among other applications. The vehicle body features a one interior wall structure to allow for seamless sanitation, consistent insulation throughout and a longer life.
"The EV Star REEFERX offers customers a unique, modern and versatile all-electric commercial vehicle that boasts a higher payload capacity," said Brendan Riley, President of GreenPower. "Through this offering, we are able to provide fleet owners a reliable way to deliver refrigerated and frozen goods on daily routes. Combining exceptional performance and efficiency, the EV Star REEFERX is purpose-built to be an electric refrigerated vehicle, making it a superior product for a wide-use of applications requiring multi-temperature zones, without the sticker shock."
GreenPower's EV Star REEFERX combines a modern look with The X Factor advantage:
- One-Piece box Design provides multiple benefits including a modern look that's easy to repair, a design that allows for quick assembly and flat-packed for dealers and a one-piece wall structure that provides consistent insulation and a longer life.
- Multi-temperature zones to accommodate moving a variety of items requiring different storage temperatures.
- Reduced day-to-day vehicle upkeep through sanitation downtime - with one interior wall unit, customers will save time as minimal seams on the vehicle reduces the time it takes for day-to-day upkeep including seamless sanitation.
- Built for around the clock delivery capabilities through a range of up to 150 miles and a payload capacity of up to 5,500 lbs.
- Optimal battery placement provides for a lower center of gravity resulting in maximum cargo capacity.
- Increased payload due to a lighter body allows for increased payload capacity saving customers both time and money, along with eTRU being powered by the high voltage battery.
- Mitigates temperature variation with three-inch thick PET (polyethylene terephthalate) foam, made from recyclable material with a closed cell foam composite that will not absorb water.
- Customizable options for low or high voltage refrigerator units, depending on specific use-cases. Various insulation thickness available to meet different applications and environments.
- Multiple-door options with rear door standard and a rear roll up door optional as well as optional side door and other locations.
- Improves total cost of ownership (TCO) for fleet owners through ease of maintenance, significantly reducing vehicle downtime.
"Federal and state regulations continue to drive the rapid adoption of all-electric commercial vehicles," continued Riley. "The global refrigerated trucks market size reached
Through GP Truck Body, customers only need to use a single manufacturing entity for streamlined warranty claims, service and overall customer experience. This "one-stop shop" approach for purchasing, manufacturing and service needs, is a key differentiator in customer decision-making, further boosting customer satisfaction.
GreenPower continues to innovate its product offerings by listening and delivering on customer needs. The EV Star REEFERX marks another exciting truck body upfit solution, manufactured by GP Truck Body and joins the recently launched EV Star Utility Truck, in GreenPower's EV Star Cab & Chassis commercial vehicle family.
Contacts:
Mark Nestlen
Vice President of Business Development & Strategy
mark.n@greenpowermotor.com
Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@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 vans 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
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. 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
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SOURCE GreenPower Motor Company
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