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GreenPower Motor Company Inc. designs, builds and distributes all-electric medium- and heavy-duty vehicles for cargo and delivery, shuttle, transit and school bus markets. Its product references include high-floor and low-floor transit buses, school buses, shuttles, cargo vans and cab-and-chassis platforms built around a purpose-built electric OEM design.
GreenPower news commonly covers operating and financial results, vehicle production strategy, customer-order activity, financing facilities, convertible preferred share transactions, Nasdaq listing compliance, auditor and board changes, annual meeting results and other governance matters tied to its public-company status.
GreenPower Motor Company (NASDAQ: GP) has reported 17 vehicle deliveries for the quarter ending December 31, 2020, including 15 EV Stars, 1 EV Star +, and 1 EV Star Cargo +. By the close of the quarter, it had 95 vehicles either completed or in production. The company plans to increase monthly production of its all-electric school buses from 5 to 10 due to strong market response. Anticipated delivery increases are expected in late spring and summer 2021 as logistical issues from the pandemic ease. Financial results will be disclosed in February.
GreenPower Motor Company has delivered the first fully autonomous EV Star to the Jacksonville Transportation Authority (JTA) in collaboration with Perrone Robotics. This marks a significant development in zero-emission public transport, as the EV Star is expected to enter service in February 2021. Additionally, GreenPower is building a second unit for a nationwide demonstration tour starting in March 2021. The collaboration underscores the rising demand for autonomous vehicles, positioning GreenPower to explore new markets for automated applications.
GreenPower Motor Company (NASDAQ: GP) announced the delivery of its first EV Star Cargo Plus to the City of Vancouver, aligning with the city's goal to reduce carbon emissions by 50% by 2030. The EV Star Cargo Plus replaces a traditional fossil fuel-powered vehicle and features a payload capacity of over two metric tons. CEO Fraser Atkinson highlighted the vehicle's 240 km range on a single charge and GreenPower's established presence with over 100 EV Stars on the road, positioning the company well to meet growing market demands.
GreenPower Motor Company Inc. (Nasdaq: GP) announced the granting of 20,000 incentive stock options to four outside directors, each receiving 5,000 options. These options, subject to TSX Venture Exchange approval, are exercisable for five years at $20 per share. The vesting schedule includes 25% after three, six, nine, and twelve months. Additionally, annual directors' fees have been set at $25,000 each, with an extra $5,000 for committee chairs.
GreenPower specializes in zero-emission electric vehicles for various markets, employing a sustainable design for its all-electric buses.
GreenPower Motor Company (NASDAQ: GP) announced the deployment of two EV Stars in Los Angeles County under a California Energy Commission Grant.
The project, in partnership with Green Commuter, aims to provide electric mobility services and charging infrastructure, benefiting 235 households with renewable electricity.
CEO Gustavo Occhiuzzo emphasized the versatility of the EV Star, while President Brendan Riley expressed confidence in the partnership's success.
GreenPower Motor Company has secured a second order from UCLA for its EV Star electric shuttles, expanding their fleet to three units. This order is supported by funding from the VW Mitigation Settlement, which contributes up to $160,000 towards the vehicle cost and entails scrapping an older vehicle. The first two units are actively transporting patients within UCLA Health. Ryne Shetterly, VP of Sales, noted the positive feedback from UCLA and highlighted their commitment to a zero-emissions fleet.
GreenPower Motor Company Inc. (Nasdaq: GP) announced the grant of 300,000 incentive stock options to key executives, each receiving 100,000 options. These options will be exercisable at $20 per share for five years, pending TSX Venture Exchange approval. The vesting schedule includes 25% vesting four months after the grant, with subsequent tranches vesting annually over three years. GreenPower focuses on manufacturing zero-emissions electric vehicles for various markets, including transit and cargo.
GreenPower Motor Company (NASDAQ:GP) announced the sale of six electric school buses to Thermalito Union Elementary School District via Creative Bus Sales. The B.E.A.S.T. buses have a range of up to 150 miles, supported by a 194.5kWh battery pack. Funding for one bus comes from Butte County's clean vehicle incentive program, while five buses are financed through the California Clean Energy Jobs Act, which has awarded over $1.7 billion for zero-emission transport. This sale exemplifies GreenPower's strategy to leverage multiple incentive programs as the transition to electric vehicles accelerates.
GreenPower Motor Company (Nasdaq:GP) reported its fiscal Q2 2021 results, highlighting a revenue of $2.8 million and a gross profit margin of 31.2%. The company completed its uplisting to Nasdaq, raising $37.7 million. Key achievements included the delivery of 21 buses, increased production capabilities, and a backlog of orders for 110 vehicles. The potential revenue from upcoming deliveries could exceed $13 million per quarter. Despite these gains, the company reported a net loss of $1.5 million for the quarter.
GreenPower Motor Company Inc. (Nasdaq: GP) announced a conference call scheduled for November 12, 2020, at 2:00 p.m. PST to discuss its financial results for the fiscal second quarter ended September 30, 2020. The call will provide a business update for shareholders and interested parties. Participants can access the call via specified dial-in numbers, and a replay will be available afterward. GreenPower specializes in electric vehicles for various sectors, emphasizing zero emissions with a clean-sheet design approach.