CINCINNATI and VANCOUVER, BC, March 1,
2022 /CNW/ -- Workhorse Group Inc. (NASDAQ:
WKHS) ("Workhorse"), an American technology company focused on
providing sustainable and cost-effective electric vehicles to the
last-mile delivery sector, and GreenPower Motor Company Inc.
(NASDAQ: GP, TSXV: GPV) ("GreenPower"), a leading manufacturer and
distributor of zero-emission electric-powered vehicles serving the
cargo and delivery, shuttle, transit and school bus markets, today
announced the signing of a multi-year supply agreement to
facilitate the manufacturing and delivery of medium-duty Class 4
step vans into the North American market.
Under the terms of the agreement, the companies have confirmed a
21-month schedule during which GreenPower will deliver 1,500 EV
Star cab and chassis to Workhorse starting in July 2022. The chassis are to be used in the
production of Workhorse's new Class 4 W750 step van line, which is
slated to enter production in Q3 2022. Workhorse will complete the
manufacturing process and deliver finished step vans to its
customers in the United States and
Canada. The agreement includes
deposits based on delivery thresholds and also contains a renewal
option.
Workhorse will have exclusive rights in the U.S. and
Canada to sell Class 4 step vans
based on the GreenPower-supplied base vehicle. The finished Class 4
step vans will be available under the Workhorse brand with
Workhorse after-sales and support service.
The W750 will feature up to 150 miles of all-electric range,
with a payload capacity of 5,000 lbs., as well as standard 60kW DC
fast-charging and optional 60 kW wireless-charging
capabilities.
"Workhorse is delivering on our commitment to pioneer the
transition to zero-emission commercial vehicles by developing and
building safe, reliable and versatile electric commercial delivery
vehicles," said Workhorse CEO Rick
Dauch. "Our partnership with GreenPower is a crucial step in
a multi-pronged effort to redefine our product portfolio. The Class
4 W750, alongside our legacy Class 3 C-1000 and W56 platform
launching in 2023, will enable Workhorse to address the entire
Class 3-6 commercial vehicle market. I am very pleased to have
reached this important agreement, and we look forward to working
closely with the GreenPower team to make the first truck deliveries
from our Union City, Indiana plant
later this year."
"We are honored to partner with Workhorse to bring their Class 4
step van to market leveraging GreenPower's EV Star cab and chassis
platform," said GreenPower CEO Fraser
Atkinson. "Our technically advanced and proven EV Star line
of vehicles that will underpin the new Workhorse vehicle also
support our all-electric medium-duty paratransit, micro-transit,
executive shuttle, vanpool, and cargo delivery vehicles. Given our
depth of experience we are confident in our ability to meet and
exceed Workhorse customer requirements and expectations."
GreenPower President Brendan
Riley added, "We have been collaborating with Workhorse on
this project for over six months and have already delivered several
EV Star cab and chassis base vehicles to Workhorse. We look forward
to ramping our activities on the co-development and integration of
our vehicle with the Workhorse W750. We have been working with our
partners to ensure the production and timely delivery of the
vehicles pursuant to the initial delivery schedule as well as to
support additional growth opportunities."
About Workhorse Group
Workhorse is a technology
company focused on providing drone-integrated electric vehicles to
the last-mile delivery sector. As an American original equipment
manufacturer, we are focused on designing and building high
performance, battery-electric vehicles including trucks and
aircraft. Workhorse also develops cloud-based, real-time telematics
performance monitoring systems that are fully integrated with our
vehicles and enable fleet operators to optimize energy and route
efficiency. All Workhorse vehicles are designed to make the
movement of people and goods more efficient and less harmful to the
environment. For additional information visit workhorse.com.
Workhorse Media
Contact:
Aaron Palash / Tim
Lynch
Joele Frank,
Wilkinson Brimmer Katcher
212-355-4449
|
Workhorse Investor
Relations Contact:
Matt Glover and Tom
Colton
Gateway Investor
Relations
949-574-3860
WKHS@gatewayir.com
|
Forward-Looking Statements
This press
release includes forward-looking statements. These statements are
made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These statements may be
identified by words such as "believes," "expects," "anticipates,"
"estimates," "projects," "intends," "should," "seeks," "future,"
"continue," or the negative of such terms, or other comparable
terminology. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements are subject to
risks and uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein.
Factors that could cause actual results to differ materially
include, but are not limited to: our ability to successfully
develop and manufacture our new product portfolio, including the
recently announced W750, W56 and W34 platforms; our ability to
attract and retain customers for our existing and new products;
risks associated with obtaining orders and executing upon such
orders; supply chain disruptions, including constraints on steel
and semiconductors and resulting increases in costs impacting our
company, our customers, our suppliers or the industry; our ability
to implement modifications to vehicles to achieve compliance with
FMVSS and to meet customer demands with respect to the C-1000s; the
results of our ongoing review of the Company's business and
go-forward operating and commercial plans; our ability to
capitalize on opportunities to deliver products to meet customer
requirements; our limited operations and need to expand to fulfill
product orders; the ability to protect our intellectual property;
negative impacts stemming from the continuing COVID-19 pandemic;
market acceptance of our products; our ability to control our
expenses; potential competition, including shifts in technology;
global and local business conditions; our inability to retain key
members of our management team; our inability to raise additional
capital to fund our operations and business plan; our inability to
satisfy covenants in our financing agreements; our inability to
maintain our listing of our securities on the Nasdaq Capital
Market; our inability to satisfy our customer warranty claims; the
outcome of any regulatory proceedings; our liquidity and other
risks and uncertainties and other factors discussed from time to
time in our filings with the Securities and Exchange Commission
("SEC"), including our annual report on Form 10-K filed with the
SEC. Workhorse expressly disclaims any obligation to publicly
update any forward-looking statements contained herein, whether as
a result of new information, future events or otherwise, except as
required by law.
About GreenPower Motor Company
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
Company
Contact:
|
Company
Contact:
|
Media / PR
Contact:
|
Fraser
Atkinson
|
Brendan
Riley
|
Susan
Donahue
|
CEO
|
President
|
Skyya PR for
GreenPower
|
604-220-8048
|
510-910-3377
|
646-454-9378
|
|
|
Susan.Donahue@skyya.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 such as the ability to begin deliveries of EV
Star Cab and Chassis to Workhorse in July
2022 or the delivery of all of the EV Star Cab and Chassis
to Workhorse over the initial delivery schedule, or are beyond
GreenPower's control such as the ability of Workhorse to timely
deliver the W750 step van utilizing the EV Star Cab and Chassis. 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