$400 million from the VW Mitigation Trust available for new all-electric buses
PORTERVILLE, Calif., June 28, 2018 (GLOBE NEWSWIRE) -- GreenPower Motor Company Inc. (TSXV:GPV) (OTCQX:GPVRF) (“GreenPower”) announces that 10 States have recently released their proposed mitigation plans with $400 million available to purchase new all-electric school, transit and shuttle buses from the VW Mitigation Trust. The Trust provides $2.9 Billion to implement approved air pollution mitigation initiatives in the 50 States, Puerto Rico and federally-recognized Native American nations.
| Arizona – $38 million over the next two years to replace up to 281 school buses |
| California – CARB is proposing that $130 million be allocated for zero-emission school, transit and shuttle buses |
| State of Washington – Up to 45% of their $104 million for electric transit, school and shuttle buses and electric trucks |
| Oregon – $18 million to replace 450 old diesel school buses |
| Nevada - 80% of their $22.2 million for electric transit, school and shuttle buses and electric trucks |
| Georgia – All $63.6 million to be used to replace older diesel transit buses |
| Wisconsin - $42 million to replace public transit vehicles |
| Louisiana - $18 million over three years to replace old diesel school buses |
| Illinois - $10.8 million to purchase new electric school buses |
| Ohio – Up to $15 million to replace old diesel school buses |
"GreenPower is helping to undo the damage done to our environment by the cheating VW diesels by replacing older diesel buses that are proven, notorious polluters with our zero-emission, quiet, all-electric buses," said Brendan Riley President of GreenPower. "We are still the only EV manufacturer that provides a solution to each of the categories of buses covered under this settlement. Our all-electric transit, school and shuttle buses are able to take advantage of all of the Mitigation Actions that are available for new all-electric buses under this program."
GreenPower will be providing additional information on its website related to the application process for funding from the VW Mitigation Trust for purchasers of new all-electric buses.
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, 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
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 “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 the regulations and requirements in different jurisdictions. 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.
For further information contact:
GreenPower Motor Company
Brendan Riley, President
(510) 910-3377
Elevator Communications, LLC
John Reed, Media Relations
(415) 846-4862
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 in U.S. dollars. © 2018 GreenPower Motor Company Inc. All rights reserved.
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