GreenPower Reports Strong Performance in Electric School Bus Sector

GreenPower Motor Company Inc. has released its financial results for the period ending Dec. 31, 2023, reporting a robust performance in the electric school bus sector.

The company, a manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles, reported record revenues of $34.2 million for the nine months, representing a 40% increase over the comparable period in the previous fiscal year.

Electric School Bus Deliveries and Production

During the third quarter, GreenPower marked an achievement in its school bus division by rolling out the first four Type A Nano BEAST school buses manufactured at the company’s West Virginia plant.

Fraser Atkinson, GreenPower chairman and CEO, said: "We achieved a significant milestone with the delivery of four Type A Nano BEAST school buses that were the first all-electric, purpose-built school buses manufactured in West Virginia." The Nano BEASTs are part of a larger order for 41 all-electric school buses placed by the state of West Virginia.

GreenPower also reported the delivery of nine Type D BEAST school buses to California schools, bringing the total number of all-electric, purpose-built, zero-emission school buses delivered in the period to 13. The company also initiated production of the Type D BEAST school bus at its West Virginia manufacturing plant to meet growing demand on the East Coast.

GreenPower's focus on expanding its presence in key markets is evident, with the first order for Nano BEAST school buses for the New York market placed by its dealer Leonard Bus Sales. Fraser Atkinson highlighted the significance of this move, stating, "New York represents a significant opportunity with approximately 50,000 school buses and a mandate for all new school buses purchased to be zero-emission by 2027 and all school buses in operation to be electric by 2035."

GreenPower’s Financial Performance

GreenPower reported a solid financial performance for the third quarter of 2024, generating revenues of $8.2 million. The company also saw a notable increase in cash, rising from $600,000 at the beginning of the fiscal year to $4.0 million.

Innovations and Market Opportunities in the EV Market

The third quarter of 2024 also witnessed GreenPower's innovation in its product lineup. The company introduced the Type D Mega BEAST school bus, boasting a 40-foot all-electric, purpose-built design with a range of up to 300 miles on a single charge, thanks to its 387 kWh battery pack.

GreenPower President Brendan Riley emphasized the Mega BEAST's features, stating: "The Mega BEAST is a 40-foot Type D all-electric, purpose-built, zero-emission school bus that delivers a class-leading range of up to 300 miles on a single charge via a 387 kWh battery pack. It provides for the longest range, has the biggest battery pack in the school bus market, provides for more uphill climbing power and has the most desirable V2G capability for a more stable electric grid and community sustainability in areas where it is deployed."

The market opportunities for GreenPower are expanding, with significant orders received from various regions:

• Model 1, GreenPower's dealer in California, ordered 25 Type D Mega BEAST school buses for the Montebello school district.
• 10 Type D BEAST school buses for the Garden Grove school district.
• Also, the first order for a GreenPower BEAST was placed by its dealer RWC for the Arizona market.

GreenPower Dealer Network Expansion

GreenPower's strategic expansion continued during the third quarter, with the appointment of McCandless Truck Center as its commercial dealer serving the greater Denver and Las Vegas metropolitan areas. This move not only broadens the geographic reach of the company but also enhances its service area, leveraging McCandless' service and parts centers in multiple locations.