Agreement Provides for 100 GreenPower Vehicles to Be Purchased by ABC Over Next 36 Months; Partnership to Capitalize on Lucrative Funding for Zero-Emission Vehicles in NY State; Deliveries to Start in 2020
LOS ANGELES, Sept. 30, 2020 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of zero emissions electric powered medium and heavy-duty vehicles, today announced a formal dealership agreement with ABC Bus, Inc. ("ABC") that will cover the State of New York. The agreement provides for 100 vehicles to be purchased by ABC over the next 36 months including the purchase of two EV Stars within thirty days.
ABC was founded in 1950 and has 10 locations with over 500 employees across the United States. GreenPower and ABC are poised to capitalize on the various funding programs across the state of New York including the clean trucks NYSERDA program and the New York Voucher Incentive Program which provides incentives for up to $100,000 of the purchase price for Class 4 battery electric trucks and transit buses and up to $90,000 of the purchase price for Class 4 battery electric school and shuttle buses.
"The State of New York has set an ambitious goal of being carbon neutral by 2050. Transportation is the low hanging fruit and New York can immediately begin making progress towards this goal by deploying GreenPower zero emissions vehicles within their fleets," stated Brendan Riley, President of GreenPower. "By partnering with ABC in this territory, our future customers will be taken care of by one of the most respected transportation solutions providers in the country. We are excited to hit the ground running with initial deliveries beginning this year and expected to accelerate thereafter in early 2021."
Part of the NYSERDA and the New York Voucher Incentive Programs require a physical location and service support component to be eligible to access funding. After several months of working through the logistics of bringing on a new dealer for this territory, GreenPower and ABC are ready to begin aggressively pursuing this market.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, cargo van and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the drive motors, Knorr for the brakes, ZF for the axles and Parker for the dash and control systems. 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. For further information go to www.greenpowerbus.com
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, such as whether GreenPower will be successful in securing orders from this agreement or whether vouchers are available at the time of the purchase of these vehicles. 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. © 2020 GreenPower Motor Company Inc. All rights reserved.
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