GreenPower Vehicles Eligible for up to $150,000 in Funding From Transport Canada's iHMZEV Program

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) announced that thirteen of its electric vehicle models are eligible for funding under Canada's iMHZEV program, which offers incentives ranging from $75,000 to $150,000. The Canadian government allocated nearly $550 million for this initiative, which supports the purchase of medium and heavy-duty zero-emission vehicles. Customers in British Columbia can also receive an additional rebate of up to $100,000 through the Specialty Use Vehicle Incentive (SUVI). GreenPower has over 1,600 vehicles on order, indicating strong demand for its EV products.

Positive

• Thirteen GreenPower vehicle models eligible for incentives between $75,000 and $150,000.
• Canadian government allocated nearly $550 million for the iMHZEV program.
• Potential for combined rebates up to 75% of purchase price in British Columbia.

Negative

• None.

Thirteen GreenPower Vehicle Models Listed Under the iHMZEV Program

VANCOUVER, BC, July 20, 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 customers in Canada can now receive funding under Transport Canada's newly launched incentive program for Medium and Heavy-Duty Zero-Emission Vehicles (iMHZEV). Thirteen of GreenPower's vehicle models are eligible for incentives from $75,000 up to $150,000 including the EV Star vehicle line up and shuttle buses.

On July 11, 2022, the Canadian government, through Transport Canada, announced nearly $550 million in funding for the purchase or lease of medium and heavy-duty vehicles through the iMHZEV Program. The incentives are available for up to 10 eligible vehicles per calendar year purchased or leased by Canadian organizations (for profit and non-profit), provinces, territories, and municipalities incentives at the point of sale.

Purchasers in British Columbia may also apply for the Specialty Use Vehicle Incentive (SUVI) for a rebate of up to $100,000. These can be combined or stacked with the iMHZEV incentives up to 75% of the purchase price for GreenPower vehicles.

Eligible GreenPower vehicles listed under the iMHZEV Program include the EV Star Cargo, EV Star Max seating, EV Star ADA, EV250 thirty-foot shuttle and EV350 forty-foot shuttle.

"GreenPower can assist customers now in applying for the incentives and navigating the application process," said Fraser Atkinson, CEO of GreenPower. "The iMHZEV Program opens up availability in the market for our EV Star Cargo and EV Star for shuttle operations. Our customers can also purchase the EV Star Cab and Chassis to build their own body specific to their needs and requirements. GreenPower has delivered hundreds of its proven EV Star to customers with more than 1,600 additional vehicles on order."

GreenPower and Media Contacts:
Fraser Atkinson
CEO
(604) 220-8048

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

Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@skyya.com 

About GreenPower Motor Company
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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-vehicles-eligible-for-up-to-150-000-in-funding-from-transport-canadas-ihmzev-program-301590203.html

SOURCE GreenPower Motor Company

FAQ

What funding is available for GreenPower vehicles under the iMHZEV program?

GreenPower vehicles are eligible for funding between $75,000 to $150,000 under Canada's iMHZEV program.

How much has the Canadian government allocated to the iMHZEV program?

The Canadian government has allocated nearly $550 million for the purchase or lease of medium and heavy-duty vehicles through the iMHZEV program.

Are there additional rebates for GreenPower vehicles in British Columbia?

Yes, purchasers in British Columbia can receive an additional rebate of up to $100,000 through the Specialty Use Vehicle Incentive (SUVI).

How many GreenPower vehicles are on order currently?

GreenPower has over 1,600 vehicles on order, indicating strong demand for its electric vehicles.

Which GreenPower vehicle models are eligible for the iMHZEV program?

Eligible models include the EV Star Cargo, EV Star Max, EV Star ADA, EV250, and EV350, among others.