LOS ANGELES, Calif. – 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.
“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 seperates 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.
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
