GreenPower Has Generated Hundreds of Tradable Credits And Undertakes Process to Sell its Carbon Credits
PR Newswire
4 min read
LOS ANGELES, Oct. 25, 2024 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced it has undertaken a process of selling its tradable emissions compliance credits earned under various regulations related to zero-emission vehicles (ZEVs), greenhouse gas (GHG) emissions, fuel consumption, renewable energy and clean fuels.
GreenPower has begun the process of selling tradable carbon credits it has earned from the sale of its all-electric, purpose-built, zero-emission commercial trucks, passenger vehicles and school buses.
"Through the manufacturing and sale of GreenPower's all-electric, purpose-built, zero-emission commercial trucks, passenger vehicles and school buses, we have generated hundreds of tradable credits and will continue to generate significant numbers of tradable credits" said GreenPower CEO Fraser Atkinson. "We are in discussions with a number of traditional OEM manufacturers and have also engaged veteran brokerage firm, Kardos & Associates LLC, to assist us in selling our credits, which if a sale is completed, based on Tesla's success in trading credits, could generate significant potential revenue for GreenPower. Given the increasingly more stringent emissions standards being implemented by state and federal regulators, the demand for credits is increasing and GreenPower is positioned to benefit by supplying traditional OEMs with the credits needed to ensure compliance with the regulations."
California's Advanced Clean Truck (ACT) regulation, EPA's Phase 3 GHG regulation, NHTSA's Fuel Consumption Credit program, and other state-level mandates each include credit trading programs that provide manufacturers enhanced compliance flexibility and the opportunity for reduced compliance costs through the acquisition of credits. Through these programs, manufacturers have the opportunity to earn credits by exceeding the emissions standard specified in the regulations. Once generated, the credits can either be used to offset internal deficits or traded to other manufacturers. Being a manufacturer of all-electric trucks, GreenPower has no internal deficits and is thus positioned to trade every credit it generates. Entities interested in participating in GreenPower's process of selling the tradable credits can contact Fraser Atkinson at fraser@greenpowermotor.com.
About GreenPower Motor Company, Inc. GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose-built to be battery powered with zero emissions while integrating global suppliers for key components. 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 was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go towww.greenpowermotor.com.
Forward-Looking Statements This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements including GreenPower's ability to continue to generate significant numbers of tradable credits, GreenPower's ability to complete a sale of credits and generate significant revenue, that demand for credits will increase and that GreenPower will benefit by supplying traditional OEM's with the credits needed to ensure compliance with regulations. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile onwww.sedar.com) 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.
