California Air Resources Board Approves GreenPower’s Synapse™ 72 School Bus for HVIP Voucher
Porterville, California April 27, 2017 – GreenPower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“GreenPower” or the “Company”) announces that its Synapse™ 72 all-electric Type D school 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™ 72 sold in the State of California.
“Utilizing GreenPower’s high-floor platform, clean-sheet design and monocoque body, the Synapse™ 72 is North America’s first purpose-built, all-electric school bus,” said Fraser Atkinson, Chairman of GreenPower. “The HVIP voucher can be combined with other incentives in the State of California making a compelling case for the purchase of our Synapse™ 72 all-electric school bus by lowering the upfront costs and accelerating the payback period.”
The South Coast Air Quality Management District (“SCAQMD”) has set its agenda for its Board meeting on May 5, 2017, where they are proposing to approve awards for 33 electric Type C or Type D school buses and associated charging infrastructure to 16 public school districts and 2 charter schools for an amount not to exceed $8,844,000. To be eligible for funding, subsequent to the SCAQMD Board approval and prior to contract execution, the applicant must be approved by CARB under the HVIP voucher program. After factoring in the HVIP voucher, SCAQMD will provide additional funding for up to $248,000 for the purchase of an electric school bus.
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 sources and integrates key vehicle components from global suppliers, 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.greenpowerbus.com.
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
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