GreenPower Motor Company Inc (OTCMKTS: GPVRF) continues to move steadily northbound in recent months continuing to make higher highs and higher lows. The Company recently filed for a $35 million IPO on the US markets and plans to use the net proceeds from this offering for all-electric buses, including EV Stars, EV Star plus, EV Star cab and chassis, and Synapse school buses, with the remainder, if any, for working capital. GreenPower Moter is currently listed on CSE and OTC markets and is seeking to list its shares on Nasdaq under the symbol “GP”.
Its easy to see why Investors are excited about GreenPower Motor as the Company reports record revenues of $13.5 million for fiscal 2019 compared to $6.1 million for the previous year. The Companies line of EV Star, zero emission electric vehicles are jumping off the shelves with the recent order of 100 units from Green Commuter, the nation’s largest all-electric van pool fleet operator and has previously taken delivery of 48 EV Stars pursuant to their initial order for 100 units.
GreenPower Motor Company Inc (OTCMKTS: GPVRF) designs, builds and distributes a full suite of high-floor and low-floor vehicles serving the cargo and delivery, transit, and school bus markets. GreenPower employs a purpose built clean-sheet design meaning all GreenPower buses were designed, engineered and manufactured from day one as zero emission all-electric vehicles. GreenPower integrates global suppliers for key components, such as Siemens or TM4 for the 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.
GreenPower continues to leverage its flagship EV Star Platform with four distinct models serving the cargo delivery, paratransit, private shuttle, and micro transit markets. The EV Star is the only bus in its class that comes with a standard J1772 level 2 fast charging and CCS DC fast combo charge system, allowing for optimal flexibility in route planning for any duty cycle. The Truck is eligible for a base voucher of $80,000 from the California HVIP program and an additional voucher of $10,000 when the vehicle is operated in a disadvantaged community.
In July GreenPower announced results for its year and fourth quarter ended March 31, 2020. The Company reported annual revenue of $13.5 million compared to $6.1 million for the previous year, an increase of 122%. During the quarter Greenpower sold or leased a record 68 all-electric buses, comprised of 62 EV Stars, four Synapse Type D School buses and two EV350 low floor transit buses. Delivered 33 EV Stars to Green Commuter during the year, with 70 units remaining to be delivered under Green Commuter’s 100 EV Star order at year end. Delivered 7 EV Stars to Sacramento Regional Transit during the year, completing the initial and follow-on orders for use in SacRT’s micro-transit service and entered into partnerships with Perrone Robotics for the development of autonomous driving capabilities with the EV Star and Momentum Dynamics for the development of wireless charging.
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“We had a record year more than doubling our revenue while maintaining a solid 30% gross profit,” said Fraser Atkinson, Chairman and CEO of GreenPower Motor Company. “Prior to the fiscal year-end the Company followed recommended protocols and all non-essential personnel worked from home for almost three months. While this paused our sales and marketing activities, we were able to continue production. Since returning we’ve conducted demonstration tours across the U.S. in June and July in support of new market opportunities while also resuming deliveries to customers. In addition, we continue to make considerable progress towards uplisting to the NASDAQ stock exchange, which, we believe, will be of benefit to our shareholders.”
On August 10 GreenPower reported it has completed the first EV Star CarGo+ delivery box truck in collaboration with Marathon Truck Body of Santa Clarita, California, scheduled for customer delivery later this month. The GreenPower CarGo+ is the only purpose-built Class 4, battery electric delivery truck currently available in North America, and combines the EV Star CC with a Marathon Truck Body Company dry freight body. The Marathon body utilizes state of the art lightweight and aerodynamic components. GreenPower’s CarGo+ has also been outfitted with the latest lift gate from Palfinger and has a range of up to 150 miles on a single charge.
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Currently running up the charts GPVRF is an exciting story developing in small caps; GreenPower is an exciting story developing in small caps; GreenPower’s zero emission all-electric vehicles are quickly gaining traction in north American markets! GreenPower continues to leverage its flagship EV Star Platform with four distinct models including the EV Stars, EV Star plus, EV Star cab and chassis, and Synapse school buses serving the cargo delivery, paratransit, private shuttle, and micro transit markets. The EV Star is the only bus in its class that comes with a standard J1772 level 2 fast charging and CCS DC fast combo charge system, allowing for optimal flexibility in route planning for any duty cycle. GreenPower is making big moves and recently reported record revenues of $13.5 million for fiscal 2019 compared to $6.1 million for the previous year. GreenPower Mother is currently listed on CSE and OTC markets and is seeking to up-list its shares on Nasdaq under the symbol “GP” in a $35 million IPO. We will be updating on GPVRF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GPVRF.
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Disclosure: we hold no position in GPVRF either long or short and we have not been compensated for this article.