GreenPower Motor Company Inc. (TSXV:GPV, NASDAQ: GP), headquartered in Vancouver, is hoping to cash in on a new US$1 billion grant in the U.S. for the purchase of thousands of electric school buses by American school districts.
The Biden administration today announced recipients of green grants under the Environmental Protection Agency’s 2022 Clean School Bus program. The grants are being awarded to 389 school districts in the U.S.
It is the first offering under a five-year, $5 billion Clean School Bus Program.
GreenPower's share prices spiked 22.7% today on the news, jumping from $2.77 per share on October 25 to close at $3.40 October 26.
GreenPower is headquartered in Vancouver, but does its electric bus assembly in California. GreenPower makes two electric school bus models – the Type D GreenPower BEAST and the GreenPower Nano BEAST.
“Under the EPA announcement, the Type D GreenPower BEAST all-electric school bus is eligible for $375,000 in grant funding through the program for priority school districts and the Type A all-electric GreenPower Nano BEAST is eligible for $285,000 in grant funding in the priority districts,” GreenPower said in a press release.
“GreenPower has both BEASTs and Nano BEASTs manufactured and in inventory ready for immediate sale, delivery and deployment under the program.”
“The funding under the Clean School Bus Program will transform the nation’s school bus fleet,” GreenPower president Brendan Riley said in a news release. "Accelerating the transition to clean, zero-emission school buses will result in reduced pollutant levels and a healthier ride for kids. GreenPower is pleased to be the leader in this transition through the deployment of its BEAST and Nano BEAST all-electric, zero-emission school buses nationwide.”