LOS
ANGELES, April 10, 2023 /CNW/ -- GreenPower
Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a
leading manufacturer and distributor of purpose-built,
all-electric, zero-emission medium and heavy-duty vehicles serving
the cargo and delivery market, shuttle and transit space and school
bus sector, today announced that it delivered more than 120
vehicles during the fourth quarter that ended March 31, 2023, a substantial increase over
previous quarters. The majority of the deliveries were EV Star Cab
and Chassis, but also included EV Star Cargoes, EV Stars, EV 250
thirty-foot low floor transit buses, and a Type D BEAST
all-electric school bus.
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"GreenPower demonstrates strong growth with our third
consecutive quarter of record deliveries with more than 120
vehicles delivered to customers across the country. This increase
represents a six-fold increase from a year ago," said GreenPower
CEO Fraser Atkinson. "We look
forward to continue building on the momentum with our current order
book and strong demand across our entire product portfolio."
During the quarter, GreenPower continued growing its dealer
network for both school buses and commercial vehicles with
announcements of K. Neal as a dealer for school buses in
Maryland and Washington, D.C., and New England Truck
Solutions for medium and heavy-duty commercial vehicles in
Boston and Rhode Island. The dealer expansion in
Boston and Rhode Island coincided with the announcement
of GreenPower vehicles becoming eligible for the Commercial Clean
Vehicle Credit of up to $40,000 under
the Inflation Reduction Act.
GreenPower also delivered the first of its new all-electric,
purpose-built refrigerated box truck in the fourth quarter. This
revolutionary offering is unique as the unit gets its power
directly from the high-voltage battery and the design is believed
to be 20% more efficient and 10% lighter than any comparable
low-voltage unit currently sold in the U.S.
"GreenPower continues to set the pace as a leader in innovation,
design, manufacturing and delivery of purpose-built, all-electric
medium and heavy-duty vehicles," said GreenPower President
Brendan Riley. "As we increasingly
book new orders and consistently deliver these all-electric
vehicles at accelerated rates, GreenPower separates itself from the
field as a market leader."
In addition, GreenPower today provided a quarterly update with
respect to the Company's at-the-market equity offering program
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 March 31, 2023 GreenPower
issued a total of 1,106,864 common shares through the facilities of
Nasdaq at an average share price of $3.43 per share for gross proceeds of
$3,795,681. Pursuant to the Sales
Agreement, a cash commission of $104,381 was paid to the Agent resulting in net
proceeds of $3,691,300.
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