GreenPower Has Generated Hundreds of Tradable Credits And Undertakes Process to Sell its Carbon Credits

Rhea-AI Summary

GreenPower Motor Company (NASDAQ: GP) has announced plans to sell its tradable emissions compliance credits earned from manufacturing zero-emission vehicles. The company has generated hundreds of tradable credits through its production of all-electric commercial trucks, passenger vehicles, and school buses. GreenPower is in discussions with traditional OEM manufacturers and has engaged Kardos & Associates to broker the credit sales. The credits are valuable under various regulations including California's Advanced Clean Truck regulation and EPA's Phase 3 GHG regulation, with increasing demand due to stricter emissions standards.

Positive

• Potential for significant new revenue stream from selling emissions credits
• Company has accumulated hundreds of tradable credits with continuous generation capability
• Increasing regulatory demands create growing market for emissions credits
• Zero internal deficits allows company to trade all generated credits

Negative

• No guaranteed buyers for the credits yet
• Revenue potential from credit sales remains uncertain

LOS ANGELES, Oct. 25, 2024 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), 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, today announced it has undertaken a process of selling its tradable emissions compliance credits earned under various regulations related to zero-emission vehicles (ZEVs), greenhouse gas (GHG) emissions, fuel consumption, renewable energy and clean fuels.

"Through the manufacturing and sale of GreenPower's all-electric, purpose-built, zero-emission commercial trucks, passenger vehicles and school buses, we have generated hundreds of tradable credits and will continue to generate significant numbers of tradable credits" said GreenPower CEO Fraser Atkinson. "We are in discussions with a number of traditional OEM manufacturers and have also engaged veteran brokerage firm, Kardos & Associates LLC, to assist us in selling our credits, which if a sale is completed,  based on Tesla's success in trading credits, could generate significant potential revenue for GreenPower.  Given the increasingly more stringent emissions standards being implemented by state and federal regulators, the demand for credits is increasing and GreenPower is positioned to benefit by supplying traditional OEMs with the credits needed to ensure compliance with the regulations."

California's Advanced Clean Truck (ACT) regulation, EPA's Phase 3 GHG regulation, NHTSA's Fuel Consumption Credit program, and other state-level mandates each include credit trading programs that provide manufacturers enhanced compliance flexibility and the opportunity for reduced compliance costs through the acquisition of credits. Through these programs, manufacturers have the opportunity to earn credits by exceeding the emissions standard specified in the regulations.  Once generated, the credits can either be used to offset internal deficits or traded to other manufacturers.  Being a manufacturer of all-electric trucks, GreenPower has no internal deficits and is thus positioned to trade every credit it generates. Entities interested in participating in GreenPower's process of selling the tradable credits can contact Fraser Atkinson at fraser@greenpowermotor.com.

Contacts:
Fraser Atkinson, CEO
fraser@greenpowermotor.com

Mark Nestlen, Vice President of Business Development & Strategy
mark.n@greenpowermotor.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 vans 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 including GreenPower's ability to continue to generate significant numbers of tradable credits, GreenPower's ability to complete a sale of credits and generate significant revenue, that demand for credits will increase and that GreenPower will benefit by supplying traditional OEM's with the credits needed to ensure compliance with regulations. 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. 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.  ©2024 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

How many emissions credits has GreenPower Motor Company (GP) generated?

GreenPower has generated hundreds of tradable emissions compliance credits through its manufacturing of zero-emission vehicles.

What broker is GreenPower (GP) using to sell its emissions credits?

GreenPower has engaged Kardos & Associates to assist in selling their emissions credits.

Which regulations support GreenPower's (GP) emissions credits trading?

The credits are supported by California's Advanced Clean Truck regulation, EPA's Phase 3 GHG regulation, NHTSA's Fuel Consumption Credit program, and other state-level mandates.

What will GreenPower (GP) do with the revenue from selling emissions credits?

While the company expects the sales could generate significant potential revenue, they haven't specified how the funds will be used.