LOS
ANGELES, Oct. 25, 2024 /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 it has undertaken a
process of selling its tradable emissions compliance credits earned
under various regulations related to zero-emission vehicles (ZEVs),
greenhouse gas (GHG) emissions, fuel consumption, renewable energy
and clean fuels.
"Through the manufacturing and sale of GreenPower's
all-electric, purpose-built, zero-emission commercial trucks,
passenger vehicles and school buses, we have generated hundreds of
tradable credits and will continue to generate significant numbers
of tradable credits" said GreenPower CEO Fraser Atkinson. "We are in discussions with a
number of traditional OEM manufacturers and have also engaged
veteran brokerage firm, Kardos & Associates LLC, to assist us
in selling our credits, which if a sale is completed, based
on Tesla's success in trading credits, could generate significant
potential revenue for GreenPower. Given the increasingly more
stringent emissions standards being implemented by state and
federal regulators, the demand for credits is increasing and
GreenPower is positioned to benefit by supplying traditional OEMs
with the credits needed to ensure compliance with the
regulations."
California's Advanced Clean
Truck (ACT) regulation, EPA's Phase 3 GHG regulation, NHTSA's Fuel
Consumption Credit program, and other state-level mandates each
include credit trading programs that provide manufacturers enhanced
compliance flexibility and the opportunity for reduced compliance
costs through the acquisition of credits. Through these programs,
manufacturers have the opportunity to earn credits by exceeding the
emissions standard specified in the regulations. Once
generated, the credits can either be used to offset internal
deficits or traded to other manufacturers. Being a
manufacturer of all-electric trucks, GreenPower has no internal
deficits and is thus positioned to trade every credit it
generates. Entities interested in participating in
GreenPower's process of selling the tradable credits can contact
Fraser Atkinson at
fraser@greenpowermotor.com.
Contacts:
Fraser
Atkinson, CEO
fraser@greenpowermotor.com
Mark Nestlen, Vice President of
Business Development & Strategy
mark.n@greenpowermotor.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 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 including GreenPower's ability to
continue to generate significant numbers of tradable credits,
GreenPower's ability to complete a sale of credits and generate
significant revenue, that demand for credits will increase and that
GreenPower will benefit by supplying traditional OEM's with the
credits needed to ensure compliance with regulations. 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. ©2024 GreenPower Motor Company Inc.
All rights reserved.
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SOURCE GreenPower Motor Company