Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $187 MCAD
Stock price at time of publication: $5,31 CAD
Target price: 15-32 CAD by external analysts
Business: Leading supplier of electric, CNG, gas and clean-diesel buses for
both public and commercial enterprise use in the U.S and Canada
Comparable peer : Lion Electric Market cap 2,1 BCAD
Website: https://vicinitymotorcorp.com/
ESGFIRE comment: We are very pleased to read that our top pick in the electric vehicles sector Vicinity motors has received a grant of C$2,570,000 million from Sustainable Development Technology Canada (SDTC), a foundation created by the Canadian government, for the development of zero-emission transit busses. This is a great testimonial to their quality of electric vehicles and their effort to decarbonize public transit in North America! We see a big upside in Vicinity Motors shares as the company despite the recent action is valued at only 1,33 X sales of 2022 and with target prices of 15-32 CAD by external analysts!
Press release can be read in full below:
VANCOUVER, BC – February 7, 2022 – Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced the receipt of an initial C$2,570,000 million grant from Sustainable Development Technology Canada (SDTC), a foundation created by the Canadian government, for the development of zero-emission transit busses.
SDTC helps Canadian entrepreneurs accelerate the development and deployment of globally competitive clean technology solutions. The non-repayable grant from SDTC will help Vicinity Motor to introduce its new all-electric, true low-floor wheelchair-accessible (fully ADA-compliant), mid-sized, medium-duty bus. This project creates an affordable new class of mid-sized, true low-floor buses, providing maximum versatility and an environmentally responsible alternative to buses with traditional combustion engines.
“We are honored and appreciate the significant initial support from SDTC to accelerate the development of the innovative design of the Vicinity Lightning EV which will mitigate exposure to energy and carbon costs,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “As cities and governments around the world continue to establish climate goals, they are rapidly committing the funding needed for zero emission transit options like our breakthrough Vicinity Lightning™ EV.
“SDTC focuses developing and deploying new technologies with the potential to transform the environmental and economic prosperity of Canada. With this complementary mission between us, we look forward to our continued relationship with SDTC as a valued partner to enhance our growth and encourage adoption of electric vehicles within the Canadian market,” concluded Trainer.
Leah Lawrence, President and CEO of SDTC, added: “Vicinity Motor’s new Lightning EV bus will give municipalities a way to provide transit options that are both sustainable and accessible to all citizens, SDTC is proud to support Vicinity Motor Corp. as they continue to innovate and find cleaner options for moving people.”
About Sustainable Development Technology Canada (SDTC)
SDTC supports companies attempting to do extraordinary things.
From initial funding to educational support and peer learning to market integration, SDTC is invested in helping small and medium-sized businesses grow into successful companies that employ Canadians from coast to coast to coast. SDTC is relentlessly focused on supporting our companies to grow and scale in an increasingly competitive marketplace.
The innovations SDTC funds help solve some of the world’s most pressing environmental challenges: climate change, regeneration through the circular economy, and the well-being of humans in the communities they live in and the natural environment they interact with.
For more information, please visit https://www.sdtc.ca/en/.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company’s strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.
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