LOS
ANGELES, Jan. 10, 2023 /CNW/ -- 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
delivery of 101 vehicles for its third quarter ended December 31, 2022, a substantial increase over
prior quarters. The majority of the deliveries were EV Star Cab and
Chassis, as well as EV Star Cargoes, EV Stars and the first
delivery of the award-winning Nano BEAST Type A school bus.
"GreenPower made significant progress in the third quarter and
we already have deliveries scheduled for more than 100 vehicles in
the current quarter," said GreenPower CEO Fraser Atkinson. "Our business development team
and dealer partners have been hard at work and we believe we are on
track to attaining an order backlog of 2,000 vehicles. Of
significance is that almost all of these are supported by firm
contracts or federal and state funding for the Nano BEAST Type A
school bus, BEAST Type D school bus, EV Star Cargo, EV Star and EV
Star Cab and Chassis."
During the third quarter GreenPower concluded Round 2 of the
West Virginia School Bus Pilot Project. The second phase of the
project saw deployment in the northern portions of the state where
the Type D BEAST and Type A Nano BEAST zero-emission, all-electric
school buses performed excellent in winter conditions on
mountainous terrains.
"The real-world demonstration of GreenPower's all-electric
school buses is showing that in fact they perform as expected in
all types of weather conditions and terrain," said GreenPower
President Brendan Riley. "These
results are significant as the company finalizes preparation to
begin manufacturing school buses in the South Charleston, West Virginia plant this
quarter."
GreenPower also continued to increase its dealer network across
the country during the quarter. "In the past three months we have
added school bus dealers to our sales network on both the east and
west coasts, and truck dealers in the New
England region," Riley continued.
In addition, GreenPower today provided a quarterly update with
respect to the Company's at-the-market equity offering program (the
"ATM") implemented on September 16,
2022 pursuant to a Sales Agreement (the "Sales Agreement")
with Roth Capital Partners, LLC (the "Agent"). For the three
months ended December 31, 2022
GreenPower issued a total of 458,404 common shares through the
facilities of Nasdaq at an average share price of $2.40 per share for gross proceeds of
$1,100,145. Pursuant to the
Sales Agreement, a cash commission of $30,254 was paid to the Agent resulting in net
proceeds of $1,069,891.
Contacts
Fraser Atkinson, CEO
(604) 220-8048
Brendan Riley, President
(510) 910-3377
Michael Sieffert, CFO
(604) 563-4144
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, such as
whether the vehicle deliveries during the quarter ended
December 31, 2022 will all be
recognized in revenue during the quarter, or whether GreenPower
will attain an order backlog of 2,000 vehicles, among other
factors. 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 US dollars © 2023
GreenPower Motor Company Inc. All rights reserved.
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SOURCE GreenPower Motor Company