Monday, October 26, 2015

GreenPower Motor sells two buses to Adomani

2015-10-26 09:24 ET - News Release

Mr. Fraser Atkinson reports

GreenPower Motor Company Inc. has sold one Type A all-electric school bus and one Type C all-electric school bus to Adomani Inc. for approximately $450,000 (U.S.) with an initial deposit of 10 per cent, a second deposit of 10 per cent in 90 days and the balance on delivery with full compliance with the Federal Motor Vehicle Safety Standards. The delivery is slated for the second quarter of 2016.

Pursuant to the sale, GreenPower has appointed Adomani as an authorized factory representative for the Type A, Type C and Type D all-electric school buses on a non-exclusive basis for the state of California. The parties have mutually agreed upon benchmark milestones to maintain the territory of 50 school bus sales in 2016 and 100 school bus sales in 2017 thereafter increasing by 10 school bus sales per annum. Assuming benchmark milestones are achieved the company's arrangement with Adomani will be continuing and potentially expansive into additional territories.
Answering the need for reliable green transportation solutions, California-based Adomani designs, manufactures and installs advanced zero-emission all-electric drivetrain systems for new or existing school buses and medium to heavy-duty fleet vehicles.
The most recently available information for 2014 shows that the school bus sales in the United States by type were as displayed in the table.
Type A/B                                                              6,684 
Type C                                                               23,715 
Type D                                                                3,622 
Total                                                                34,021 

"This traditionally diesel dominated sector is still in the very early stages of adoption regarding new technologies including zero emission vehicles. Having the opportunity to provide new, from the ground up designed, purpose built all-electric school buses rather than taking an existing bus and modifying it to electric is exciting," said Jim Reynolds, chief executive officer of Adomani, and a 14-year veteran in the school, commercial and transit bus industry. "The school bus industry is at a crossroad. While there are a variety of fuel choices, we believe that school bus fleet managers will increasingly adopt the all-electric option and we look forward to a rewarding partnership with GreenPower."
Fraser Atkinson, chairman of GreenPower, added: "We were impressed by technology driven Adomani and how it has carved out a market in the all-electric vehicle space as well as the electric hybrid arena, and look forward to partnering with them in California. Our line of all-electric school buses with a range of more than 100 miles on a single charge, are an ideal fit for this market."
We seek Safe Harbor.

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