MALVERN, PA., March 26, 2020 /PRNewswire/ — Momentum Dynamics and GreenPower Motor Company Inc. (TSXV: GPV) (OTCQB: GPVRF) (GreenPower) have announced a three-year OEM agreement to develop and sell wirelessly charged, purpose-built all-electric transit vehicles.
The first vehicle to integrate Momentum Dynamics’ high-power wireless charging will be GreenPower’s flagship model, the EV Star, a purpose built, 25ft mini shuttle capable of transporting 19 passengers. The EV Star has completed the Federal Transit Administration’s rigorous Altoona testing and will satisfy purchasing requirements such as ADA and Buy America Compliance for transit agencies across North America. The EV Star will fill the transportation industry’s need for paratransit, micro transit and shuttle bus applications and has a nominal range of 150 miles and by adding automated wireless charging capability the bus dramatically increases its operational range without the need for operator intervention.
The GreenPower EV Star with Momentum Dynamics wireless charging technology will be sold throughout the United States, Canada, and Europe.
According to Bloomberg New Energy Outlook, the electric transit industry is predicted to grow to sales of 60,000 over the next 10 years, replacing ICE buses on a one-to-one basis. EV transit buses are expected to outsell ICE buses 6:1 by 2030.
Momentum Dynamics is the global leader in automated, high-power wireless charging for electric vehicles such as buses, taxis and commercial fleets. GreenPower Motor Company is a manufacturer of medium and heavy-duty electric vehicles, built in Porterville, CA with additional locations in the Greater Los Angeles area and Vancouver, BC. GreenPower’s market focus is on transit agencies, hotels, universities, van pooling, corporate shuttles, airports, cargo, and autonomous vehicle applications.
GreenPower has partnered with Creative Bus Sales (CBS) – the nation’s largest bus dealer for sales, parts, and service. With 19 physical locations and a well-developed supply chain, CBS ensures that the customers who buy a wirelessly charged EV Star are supported throughout the useful life of the vehicle.
This news follows the recent Momentum Dynamics Corporation announcement with Link Transit of Wenatchee, Washington for a 5-year agreement extension to its current partnership. Momentum Dynamics will provide additional charging systems and ongoing services for Link Transit’s growing fleet of electric buses.
“Wireless Charging is inherently flexible, and we are delighted to extend our wireless charging offering into smaller-size shuttle bus fleets with the great people at GreenPower Motor Company. We are proud to offer the first inductive charging solution to this market”, said Momentum CEO Andrew Daga. “Our companies share in the excitement and huge market potential of wirelessly charged electric shuttle buses where automated fast charge capabilities are important.”
“Range anxiety is still a pain point for many operators who wish to transition to a zero emissions fleet,” commented Ryne Shetterly, Vice President of Sales and Marketing, “By integrating wireless charging, that range anxiety goes away by allowing end users to charge up without ever taking their vehicle out of service”.
Wirelessly-equipped buses receive a charge automatically when the vehicle engages with a ground transmitter which can be located on route, at a hub or at a transit depot. The system adds charge to vehicles while the bus is stationed at a transit stop and therefore the bus always remains on route and in service. Wireless charging improves route efficiency and provides buses with infinite range, giving operators greater route flexibility when compared with plug-in systems. Importantly, the system delivers significant cost advantages: on average, electric buses reduce labor, power and maintenance costs by one dollar per mile compared to diesel and hybrid buses. Cost models show savings of over 40% in dedicated electric fleets, which equates to millions of dollars in savings per year. The breakthrough wireless charging technology was designed and manufactured by Momentum in the United States and can be applied to electric cars, taxis, commercial fleets, and autonomous vehicles.
About Momentum Dynamics
Momentum Dynamics, located in Malvern, PA, is the global leader in high-power wireless charging for electric vehicles. The company practices world-class technology innovation and is recognized for the extraordinary accomplishments and unique expertise of its engineers and scientists. Momentum was recently named a winner of the 2019 Emerging Technology Award from Mechanical Engineering Magazine.
About GreenPower Motor Company Inc.
GreenPower designs, builds, and distributes a full suite of medium and heavy-duty vehicles that cater to the transportation needs of transit agencies, school districts, and private sector transit and shuttle operations. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. Founded in 2010, GreenPower is the only manufacturer in North America that produces purpose-built electric transit, school, and shuttle buses. For further information go to www.greenpowermotor.com.
SOURCE Momentum Dynamics Corporation
For further information contact
GreenPower Motor Company Inc.
Brendan Riley
President
(510) 910-3377
Ryne Shetterly
Vice President of Sales and Marketing
(909) 954-7530
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 “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 such as whether the TONY solution can be easily integrated into GreenPower’s EV Star at assembly, or are beyond GreenPower’s control, such as the ease with which new technologies will be able to integrate with PRI’s solution. 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. All amounts in U.S. dollars.© 2020 GreenPower Motor Company Inc. All rights reserved.
