Porterville, California – February 2, 2017: GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB: GPVRF) (“GreenPower”), announces a Memorandum of Understanding (MOU) with the Tule River Economic Development Corporation (“TREDC”) for the acquisition of all-electric buses to replace existing legacy buses.
The memorandum provides that TREDC and GreenPower will work together to replace up to ten buses with the acquisition of two EV 550 all-electric double-decker buses, two all-electric shuttle buses, two all-electric low floor transit buses and four all-electric school buses. GreenPower will also provide the required charging infrastructure and develop a solar collection for a sustainable energy source for the benefit of the Tule River Indian Tribe. GreenPower will provide training for drivers, maintenance and support staff to enable a Center of Excellence for Tule River Indians staff.
“We are excited to be working with GreenPower to electrify our fleet. Some of our buses date back to 1987 with several of these approaching one million miles in operation. GreenPower will help train our drivers and maintenance crew; and, assist our support staff so we will have the expertise to benefit from this emerging industry,” said the President of TREDC. As outlined in the MOU, GreenPower and TREDC will work together to pursue grants, vouchers and incentives including the recently announced VW Mitigation Trust that provides funding to cover up to 100% of the cost of new all-electric buses. Tule River has a 1993 model year high floor coach; which, if scrapped and replaced with one of GreenPower’s all-electric buses, would eliminate over 1.1 metric tons of NOx emissions per year. This would be one of the most effective mitigation actions under the VW Mitigation Trust.
GreenPower President Brendan Riley commented, “It was an honor to participate in the signing ceremony with the Tule River Indian Tribe and to be working with them to modernize Tule’s bus fleet and mitigate nitrogen oxide from the environment. This MOU represents our first agreement whereby GreenPower proactively supports our customer’s initiatives to switch to zero-emission buses while taking advantage of the various programs available to offset costs.”
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 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:
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.
