CHARLESTON, W.V., Jan. 12, 2022 /CNW/ -- GreenPower Motor
Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a
leading manufacturer and distributor of zero-emission,
electric-powered medium and heavy-duty vehicles, today joined
Governor Jim Justice in announcing
that it has entered into a lease/purchase agreement for a
manufacturing facility in South
Charleston, West Virginia, for the purpose of manufacturing
zero-emission, all-electric school buses. As part of the
agreement, the state of West
Virginia has committed to purchase a minimum of $15 million of GreenPower vehicles produced at
the facility.
GreenPower has entered into a lease/purchase agreement with the
state of West Virginia to acquire
properties located in South Charleston,
West Virginia totaling 9.5 acres and an 80,000 square foot
building. The terms of the lease require no cash up front and
monthly lease payments begin nine months after production begins.
All lease payments will be applied in full to the purchase of the
property. GreenPower plans to begin manufacturing zero-emission,
all-electric school buses in the facility by the second half of
2022. The state will provide up to $3.5
million in employment incentive payments to GreenPower for
jobs created in the State as production increases over time. Title
to the properties will be transferred to GreenPower once total
lease and incentive payments reach $6.7
million.
"GreenPower is pleased to announce that its zero-emission,
all-electric school bus manufacturing operations are expanding east
of the Mississippi River with West
Virginia becoming our school bus manufacturing base of
operations for the region," Brendan
Riley, President of GreenPower, said today at a press
conference with state and local officials. "The state has agreed to
facilitate the purchase of a minimum of $15
million in zero-emission GreenPower school buses produced at
the facility. West Virginia has
shown us that it is a pro-business state that has a workforce ready
to take advantage of clean energy jobs."
"As West Virginia's economy expands and diversifies, it is
important to provide skilled and high-skilled jobs to West Virginia workers for a 21st
century economy," Riley continued. "Our facility will provide both
training and immediate employment opportunities with a competitive
wage."
"I would like to be the first to welcome GreenPower to
West Virginia with open arms.
We're thrilled that you've chosen to live and work in the paradise
that our state offers," said West
Virginia Governor Jim
Justice. "West Virginia
continues to be the best place to do business. I'm excited to help
support GreenPower on this important project and for what the
future holds for their great company and our great state."
"Under my administration, we've really focused on
transforming West Virginia's
image. One of the ways we're doing that is by embracing all the new
technologies that are at our fingertips and GreenPower setting up
shop in West Virginia is yet
another exciting project that will help us move our state forward,"
Governor Justice continued. "As we continue to diversify our
economy, manufacturing these zero-emission school buses in
West Virginia will open up a world
of opportunities for our state. Just as importantly, this
development is going to change lives. Not only will it bring
hundreds of great paying jobs to the Kanawha Valley, but the ripple
effects on our state's economy are going to be off-the-charts."
Mitch Carmichael, Secretary of
Economic Development in West
Virginia, expressed his enthusiasm and support for
GreenPower's decision to locate their new manufacturing facility in
the heart of West Virginia. Said
Carmichael, "West Virginia is
ideally positioned to lead the nation in transitioning to
electrification of the transportation network, battery research and
development, and environmentally sustainable vehicles. We look
forward to a great partnership with GreenPower as they are welcomed
to our state as a respected corporate citizen".
"West Virginia has worked
diligently to position our state as the ideal place to locate a new
or expanding business. Our accomplishments are delivering great
results as evidenced by the selection of West Virginia by GreenPower Motor Company, an
innovative company in the expanding technology of battery-powered
vehicles. We are excited to welcome GreenPower as a new corporate
citizen in our state," said West
Virginia Senate President Craig
Blair.
Representative Roger Hanshaw
(R-Clay, 33), Speaker of the House
in West Virginia, stated, "We are
pleased to welcome GreenPower to West
Virginia's growing economy. Our state has taken the
necessary steps to make West
Virginia the best place in America to live, work, raise a
family, and expand business opportunities. We look forward to
participating in the expansion of battery powered vehicles within
our society. GreenPower is a terrific addition to a diversified
West Virginia economy."
South Charleston Mayor
Frank Mullens said that the city was
thrilled to have GreenPower join its business community. "We are in
a period of prosperity and growth, and this manufacturing plant
being located in South Charleston
is one more feather in our cap," he stated. "Most importantly to
the city's future is the kind of company GreenPower is. This is a
2022 and beyond company with a sustainable product for the long
run."
"Children are more susceptible to air pollution than healthy
adults because their respiratory systems are still developing and
they have faster breathing rates," Riley said. He cited studies by
the Natural Resources Defense Council which have estimated that
school bus diesel fumes expose children to as much as 46 times the
cancer risk considered significant under federal law.
According to the Environmental Protection Agency, exposure to
NOx exhaust can trigger health problems like
asthma, bronchitis and other respiratory issues. The
primary source of NOx is motor vehicles — including school buses.
Diesel exhaust is designated "carcinogenic to humans" by the
International Agency for Research on Cancer.
"The majority of school buses have a significant flaw as they
expel tons of toxins into the air releasing harmful substances,
including hydrocarbons, carbon monoxide and other hazardous
pollutants that adversely affects children's health and academic
performance," Riley concluded. "Compounding the concern is the
results of recent studies showing that air pollutant levels inside
school buses can be greater than the ambient levels outside the
bus."
"The first purpose-built, all electric school buses that are
produced in South Charleston will
directly benefit the health and well-being of the families in
West Virginia," Riley said. "This
investment represents a unique opportunity for West Virginia to improve the long-term health,
development and academic performance of school-aged children, while
combating pollution and reducing carbon emissions. The $15 million investment by West Virginia will leverage funds from other
incentive programs to substantially increase the number of
GreenPower school buses on the roads in West Virginia."
Contacts:
Brendan
Riley
President, GreenPower Motor Company
(510) 910-3377
Fraser Atkinson
CEO, GreenPower Motor Company
(604) 220-8048
Susan Donahue
Skyya PR for GreenPower Motor Company
(646) 454-9378
susan.donahue@skyya.com
About GreenPower Motor Company Inc.
GreenPower
designs, builds and distributes a full suite of high-floor and
low-floor all-electric medium and heavy-duty vehicles, including
transit buses, school buses, shuttles, cargo van, and a cab and
chassis. GreenPower employs a clean-sheet design to manufacture
all-electric vehicles that are purpose built to be battery powered
with zero emissions while integrating global suppliers for key
components. 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. GreenPower was founded in Vancouver, Canada with primary operational
facilities in southern California.
Listed on the Toronto exchange
since November 2015, GreenPower
completed its U.S. IPO and NASDAQ listing in August 2020. 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 "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 or are beyond GreenPower's control. 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. © 2022 GreenPower Motor Company Inc. All
rights reserved.
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SOURCE GreenPower Motor Company