Signed EV School Bus Contract Sends Shares Higher

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Thursday, April 13, 2023

Electric vehicles are gaining in popularity and one niche of the industry is school buses. With no tailpipe emissions, EVs are the cleanest and healthiest school bus option. And now an order for over 40 new school buses from West Virginia is sending this company’s shares higher.

GreenPower Motor Company Inc . (NASDAQ: GP) (TSXV: GPV) is a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector. In a press release today, the company today announced the receipt of an order for 41 GreenPower all-electric, purpose-built Type D BEAST and Type A Nano BEAST school buses totaling $15 million from the state of West Virginia. As part of the order, GreenPower received a $3 million deposit from the state per the agreement with the company to manufacture zero-emission, all-electric school buses in West Virginia.

The state’s purchase of GreenPower school buses follows the pilot project directed last year by Governor Jim Justice. And over the past few months,15 school districts have deployed either the BEAST or Nano BEAST in various West Virginia county school systems. The program, which kicked off at the beginning of the school year, has provided valuable feedback to GreenPower and has given the school districts the opportunity to evaluate the performance of the buses in the state’s many geographies which include rural roads, in mountainous conditions and in colder temperatures.  

Canadian listed shares were trading up at $3.39 in morning trade.

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