SOURCE: GreenPower Motor Company Inc.

GreenPower Motor Company Inc.

February 25, 2016 09:15 ET

GreenPower Announces Sale of an EV250 Thirty Foot Transit Bus to Twin Transit Agency in the State of Washington

VANCOUVER, BC--(Marketwired - February 25, 2016) -  GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower"), today announced the sale of an EV250 all-electric bus to Twin Transit Agency, a public transportation provider in the State of Washington.

During their evaluation process Twin Transit identified significant fuel savings in operating the EV250 compared to a traditional diesel bus. Based on current diesel prices, Twin Transit estimated that a diesel bus costs approximately $74 per day to operate based on fuel costs alone. Twin Transit has estimated that the EV250 all-electric bus would cost $10 per day for electricity.

"We did extensive testing and due diligence and found GreenPower's bus to be the best fit for our agency," said Rob LaFontaine, General Manager of Twin Transit Agency. "A key component to our 2015 - 2020 Transit Development plan is to explore and transition to the use of 100% electric buses to save a significant amount of money on fuel. The bus was configured using GreenPower's 'plug and play' approach to exactly fit our needs. Twin Transit is looking at acquiring up to four all-electric transit buses over the next few years."

The EV250 is an all-electric bus measuring 30 feet in length, 8 ½ feet wide, 10 ½ feet high, and for Twin Transit was configured to accommodate up to 20 seated passengers plus standees and has 210kWh of batteries. This bus is fully accessible with a low floor design, kneeling capabilities, wheelchair ramp and is configured for two oversized wheelchairs, and special mobility aids. The EV250 is versatile as it can fulfill the requirements for transit agencies, shuttle operations and tour operators, as well as special situations.

The delivery of the EV250 is slated for the end of 2016 and is subject to the completion of the Altoona test.

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

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. 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. Forward-looking statements in this news release include, among others, statements regarding GreenPower's expectation that it can deliver the EV250 in 2016 and successfully complete the Altoona test as well as Twin Transit's estimate of the costs of operating a diesel bus compared to the EV250. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or may be beyond GreenPower's control. These risks include the risk that the regulations and compliance standards may change such that the Company would not able to supply the bus in the required timeframe and such other risks and factors beyond the control of the Company. A number of important factors including those set forth in the Company's 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. © 2016 GreenPower Motor Company Inc. All rights reserved.

Contact Information

  • For further information contact:
    Fraser Atkinson
    Chairman

    (604) 220-8048