Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $60 MCAD
Stock price at time of publication: $ 1.53 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 billion USD
Website: https://vicinitymotorcorp.com/
ESGFIRE comment:
Following our portfolio company Vicinity Motors great news yesterday (5/10 2022) that their class 3 electric last mile delivery vehicle is starting to deliver they today (6/10 2022) announced that they have received an order of four Vicinity Lightning™ electric buses . The company appears to , from what we can assess, to pick up momentum in its production!
Full press release available below
VANCOUVER, – October 6, 2022 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced that it has received an order from strategic partner Sustainability Partners LLC (“SP”), an ESG focused Public Benefit Company committed to eliminating deferred maintenance infrastructure by enabling sustainability, for four (4) Vicinity Lightning™ electric buses via Soderholm Sales & Leasing, Inc. (“Soderholm”), Vicinity’s Pacific Islands distributor.
The Vicinity Lightning™ shuttle buses will be used at the Daniel K. Inouye International Airport in Honolulu, the largest airport in the State of Hawaii serving 12 million passengers per year. The State of Hawaii Department of Transportation will utilize SP’s Electric Vehicles as a Service™ (EVaaS) program to finance the conversion of traditional government fleets to Vicinity’s electric vehicles. Soderholm will facilitate the sale and provide long-term technical and maintenance support for the project. The order of four new electric buses is scheduled for delivery in 2023.
“As the State of Hawaii works to meet its sustainability goals and accelerate fleet electrification, our EVaaS program replaces outdated and costly fleet infrastructure with modern electrified solutions like the Vicinity Lightning™,” said Thomas Cain, CEO & Founder of Sustainability Partners. “SP can pay for 100% of the purchase price while concurrently ensuring the vehicles are continually maintained in a state of good repair with embedded long-term support from SSL and Vicinity. We look forward to providing Hawaii and its largest airport an electric solution with a uniquely structured, month-to-month use-based service alternative to the traditional purchase of government fleets.”
Gabi Soderholm of SSL added: “We look forward to supporting SP’s EVaaS program and the integration of Vicinity’s medium duty, accessible, ADA compliant, fully electrified low-floor shuttle bus into the Honolulu airport fleet. The transition to zero emission airport fleets will support not only Hawaii’s sustainability goals but also serve as a powerful example of the benefits of EVs to the millions of passengers visiting our state each year.”
“We continue to see significant interest from regional and international airports for EV passenger shuttle services given their inherent advantages,” concluded William Trainer, Founder and CEO of Vicinity Motor Corp. “State and airport authorities are increasingly concerned by air quality impacts to local health from traditional gas and diesel buses at airport curbsides, exposing passengers to increased levels of air pollution. Today, over 40 airports in the U.S – including Honolulu – are participating in the Federal Aviation Administration’s (FAA) Airport Sustainability Plan to integrate sustainability into airport planning. Progressive airports are including a shift to cleaner shuttle bus options to reduce emissions and address community needs in their strategy.”
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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