GreenPower secures letter of intent to produce 20 electric school buses
Deal valued at more than US$4 million remains contingent on certain conditions
VANCOUVER—GreenPower Motor Company Inc. has secured a letter of intent from ADOMANI Inc., a California-based fleet operator, that will see the Canadian cleantech firm build 20 all-electric school buses.
The deal is valued at more than US$4 million and reliant on certain compliance and inspection conditions. GreenPower said it expects to meet the criteria by the second quarter of 2016, at which point ADOMANI will put down a 10 per cent deposit.
“When we sought a distribution agreement with ADOMANI, we did so because they bring an established sales infrastructure and long standing relationships with school bus fleet managers,” Phillip Oldridge, CEO of GreenPower, said. “They are a trusted name in the space with an excellent reputation and this letter of intent to purchase 20 buses is a vote of confidence in our ability to acquire market share.”
The 20-bus agreement consists of 10 EVS 01M school buses configured with a wheelchair lift as well as 10 EVS 03 school buses. Both models incorporate in-wheel drive and a battery management system that allows the buses to travel more than 100 miles on one charge.