California Air Resources Board Approves GreenPower's EV350 for HVIP Voucher
GreenPower Motor Company Inc. (TSX VENTURE: GPV) (OTCQB: GPVRF) ("GreenPower" or the "Company") announces that its EV350 40 foot all-electric heavy duty bus has been approved by the California Air Resources Board ("CARB").
The 2016 model year EV350 was approved in conjunction with the Environmental Protection Agency ("EPA") as a heavy-duty electric vehicle. Consequently CARB has approved the designation of the EV350 as an electric heavy-duty vehicle which can be sold in California.
CARB has also determined that the EV350 40 foot all-electric bus is eligible for a Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) for up to $95,000 for each EV350 sold in the State of California.
"These rebates can be combined with other incentives in the State of California making a compelling case for the purchase of our EV350 by lowering the upfront costs and accelerating the payback period. Customers purchasing our EV350 will further benefit from significant fuel savings and reduced maintenance costs compared to a traditional diesel bus," said Fraser Atkinson, Chairman of GreenPower. "We are also in the process of submitting applications for other GreenPower products."
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
This document may contain forward-looking statements relating to GreenPower's operations, the cost of a traditional diesel bus, the fuel savings and reduced maintenance costs derived from operating GreenPower's EV350, or to the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or are beyond GreenPower's control. A number of important factors including those set forth in other public filings 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.