GreenPower Reports Record Revenues

GreenPower Motor Company, maker of electric-powered school buses, shuttle and transit buses, and cargo vehicles, reported record revenues and deliveries for its fiscal second quarter that ended Sept. 30.

"In August, GreenPower celebrated the opening of a factory-ready facility in South Charleston, West Virginia, with a ribbon-cutting ceremony expanding the company's presence in the East Coast. The newly-hired team members have already trained, worked on and delivered GreenPower vehicles to customers in the region," said Fraser Atkinson, CEO of GreenPower. "GreenPower followed the factory opening with the roll out of an all-electric school bus pilot project in September. Three GreenPower Type D school buses have been deployed in three West Virginia counties under the program, done in cooperation with the state and Gov. Jim Justice. GreenPower's award winning Nano BEAST Type A, ADA-compliant school bus was added to the pilot in a fourth county during the second phase of the pilot."

"In October, the EPA announced the selectees for their Clean School Bus Program. GreenPower has submissions with its dealers, school districts and state education departments and is prepared to meet this demand in a timely and efficient manner," Atkinson continued. "GreenPower also continued to expand in California with HVIP vouchers, school bus set-aside funding, CEC and the VW Trust funds during the quarter. With the completion of each contract, GreenPower has the completed inventory to schedule deliveries."

Among the reported highlights:

• Generated record revenues of $7,726,461 in the second quarter, an increase of 67% over the revenue of $4,629,371 for the second quarter in the previous year and double the revenue of $3,851,105 in the first quarter.
• Delivered 57 GreenPower vehicles in the quarter.
• Delivered production EV Star Cab and Chassis vehicles to Workhorse.
• Delivered three BEAST Type D all-electric school buses for the pilot project in West Virginia.
• Sold 21 EV Star 22' Cargos primarily to a diverse group of customers in New Jersey.
• Closed the acquisition of Lion Truck Body in July 2022 and recognized almost $600,000 of revenue in the quarter.
• Took possession of the 80,000-square-foot facility in South Charleston, West Virginia, to manufacture all-electric school buses. Onboarded its first employees and began working on customer deliveries.

"GreenPower started delivery of the EV Star Cab and Chassis to Workhorse during the second quarter," stated Brendan Riley, GreenPower president. "What has been especially exciting to me is that our respective technical teams have been very collaborative and enjoy working together."

Riley noted that as GreenPower continues to ramp up production and deliveries, it will be necessary for the company to address timing issues with the supply chain and shipping. "We believe there is still work to be done to get our run-rate where it needs to be," he continued.

"The acquisition of Lion Truck Body was a major accomplishment this quarter for GreenPower. Lion Truck Body is a tremendous truck body supplier and will be a great incubator for compelling EV vehicle bodies," Riley said. "GreenPower has already started taking orders of its zero-emissions, all-electric vehicles for various cutting-edge bodies, for lightweight box trucks with liftgates, service vehicles and refrigerated vehicles."

GreenPower has added new employees, sales leadership, and dealers nationwide to help customers take advantage of implementation of both the bipartisan infrastructure law and the Inflation Recovery Act.

"The rules and regulations implementing these federal laws are complex and GreenPower has increased its staff in order to assist customers in navigating these opportunities,” Riley said. “Whether it's the federal EV tax credits which provide for $40,000 tax credits per medium duty EV delivered in 2023, the execution of EPA's school bus program or helping customers through the myriad of state programs and regulations, GreenPower is geared-up to be the full-service provider for its customers for both the goods and services necessary to successfully continue this EV revolution.”

Originally posted on School Bus Fleet