GreenPower Motor (TSE: GPV), a Canadian builder of electric buses, announced Thursday that it has delivered six BEAST school buses to Thermalito Union Elementary School District.
Largest School Bus Delivery to Date
This delivery marks GreenPower’s largest BEAST school bus order and delivery to date. The transaction was facilitated by Creative Bus Sales. one of Canada’s largest bus dealers with more than 22 locations nationwide.
The BEAST (Battery Electric Automotive School Transportation) is a 40-foot, fully electric, D-type school bus with a range of up to 150 miles and a battery of 194.5 kWh.
One of the school buses received funding from the Butte County Air Quality Management District as part of its clean vehicle incentive program.
The other five school buses have received funding from the California Energy Commission (CEC) California Clean Energy Jobs Act Prop 39, which has awarded schools more than $1.7 billion over the past five years to plan and install energy efficiency improvements, clean energy production measures, and zero emission transportation.
Management Commentary
Andrew Koster, director of Maintenance, Operations, and Transportation at Thermalito UESD, said, “Our vision for Thermalito UESD’s EV Fleet was to provide drivers with transit-style school buses to allow for greater visibility and increased capacity. Upon visiting GreenPower’s assembly facility in Porterville, CA and inspecting the vehicles, we found their fit, finish, and build quality to be evident. Additionally, our test drive solidified our expectations for performance, comfort, and, most importantly, range.”
Wall Street’s Take
Three days ago, Maxim Group analyst Tate Sullivan kept a Buy rating on GPV with a C$27.96 price target. This implies 173.6% upside potential.
Sullivan said, “We reiterate our Buy rating after GP announced this morning that it delivered four commercial electric vehicles (EVs) to Transportation Commodities, a company that offers leasing and rental services to fleet customers.”
Overall, GPV scores a Strong Buy rating among Wall Street analysts based on three Buys and one Hold. The average GreenPower Motor price target of C$27.64 implies 177.8% upside potential to current levels.
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