California Air Resources Board Approves GreenPower’s Synapse™ Shuttle for HVIP Voucher
Porterville, California – August 16, 2017 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”) announces that its Synapse™ Shuttle all-electric bus has been approved by the California Air Resources Board (“CARB”) for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) for $95,000 for each Synapse™ Shuttle sold in the State of California. In addition, HVIP provides increased incentives of $15,000 for fleets located in or serving disadvantaged communities and $10,000 for the first three buses acquired by an operator.
The Synapse™ Shuttle is available in a 36.5-foot model with seating for up to 49 passengers or a 30-foot model with seating for up to 37 passengers. Due to the clean sheet design, users can define the interior space of the Synapse™ Shuttle to fit their requirements, including the seating, racking or festival set-up with tables. The base model has 100 kWh of batteries and can be configured with over 200 kWh of batteries depending on the duty cycle for the operator and charging needs for the bus. One of the many options includes an on-board charging system so that the Synapse™ Shuttle can take advantage of Level 2 charging systems.
GreenPower has developed a leasing program with a specialty leasing company to facilitate the purchase of GreenPower products. In the case of a customer from the State of California acquiring a Synapse™ Shuttle with a deposit of $20,000 and the HVIP voucher they will be able to acquire a base level Synapse Shuttle with a five year lease for under $3,000 per month.
“Utilizing GreenPower’s high floor platform, clean sheet design and monocoque body; the Synapse™ Shuttle is North America’s first purpose built all-electric shuttle bus,” said Brendan Riley, President of GreenPower. “The HVIP voucher combined with the leasing program provides an operator of a Synapse™ Shuttle all-electric bus with a significantly lower monthly cost than that of a traditional diesel or CNG shuttle bus.”
In June the Company announced the commencement of a tour of its Synapse 72 all-electric school bus. The Company provided an update on the first part of the tour earlier this week.
About GreenPower Motor Company Inc.
GreenPower Motor Company Inc. develops electric powered vehicles for commercial markets. GreenPower offers a range of electric powered buses deploying electric drive and battery technologies with a lightweight chassis and low floor or high floor body. GreenPower’s bus is based on a flexible clean sheet design and utilizes a custom battery management system and a proprietary Flex Power system for the drive motors. GreenPower integrates global suppliers for key components such as Siemens for the two 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.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 bout 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:
Fraser Atkinson, Chairman
(604) 220-8048
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.
© 2017 GreenPower Motor Company Inc. All rights reserved.
