GreenPower Announces Plans to Triple Production Capacity
Porterville, California –
August 27, 2018 –
Greenpower Motor Company Inc. (TSXV: GPV) (OTCQX: GPVRF) (“Greenpower” or the “Company”) today announced plans to triple its production capabilities of its zero-emission all-electric buses. The Company has leased a facility with over 50,000 square feet in the City of Porterville as a manufacturing and assembly center, which will open on October 1, 2018. Initial production will focus on EV Stars and then Synapse Type-D school buses. Should the Company reach full capacity, it could lease additional space to increase the size of the facility to over 90,000 square feet. The lease is for a term of four years with an option to extend the term for an additional three years.
“With our current order book with over 120 buses and growing, this additional facility will allow us to meet our production demand. The close proximity of this location to our current and under construction production sites also helps ensure we maintain simplified and efficient logistics.” said Brendan Riley, President of GreenPower. “We are on track to produce 25 buses per month by the end of this fiscal year.”
The Company currently operates out of a 20,000-square-foot facility in Porterville. This property will be retained for additional service and office space. Over the past year, the Company has completed plans for the civil work, obtained a grading permit and submitted plans for the construction of a 144,000-square-foot manufacturing facility on the 9.3 acres owned by the Company. All three phases are scheduled to be completed by 2020, with the first phase consisting of 50,000 square feet to come online next year. Total investment in the manufacturing facility is expected to be $6 million to $7 million, which the Company plans on funding from operating cash flow over the next few years.
“We are excited that we are increasing our production capabilities in the City of Porterville and the San Joaquin Valley,” said Fraser Atkinson, Chairman of GreenPower. “Our plan allows us to take advantage of current sales opportunities in a cost effective manner while we develop our longer term production facility out of cash flow from operations.”
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor vehicles, including transit buses, school buses, shuttles, and a double decker. GreenPower employs a clean-sheet design to manufacture all-electric buses that are purpose built to be battery powered with zero emissions. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the 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:
GreenPower Motor Company
Fraser Atkinson, Chairman
GreenPower Motor Company
Brendan Riley, President
Elevator Communications, LLC
John Reed, Media Relations