Company: Vicinity Motor Corp
\nListings :TSXV\u00a0,\u00a0NASDAQ
\nTicker: VMC.V & VEV
\nMarket cap at time of publication: $75 MCAD
\nStock price at time of publication: $ 1.72 CAD
\nTarget price: 14 CAD by Catalyst Research
\nBusiness: Leading supplier of electric, CNG, gas and clean-diesel buses for
\nboth public and commercial enterprise use in the U.S and Canada
\nComparable peer : Lion Electric Market
\nWebsite:\u00a0https:\/\/vicinitymotorcorp.com\/<\/p>\n
ESGFIRE comment:<\/strong> Full press release below:<\/strong><\/p>\n Vicinity Motor Corp. Secures Power Solution for U.S. Manufacturing Facility in Ferndale, Washington <\/strong><\/p>\n Ferndale Power Solution Has Been Found; Certificate of Occupancy Expected by Year-End<\/em><\/p>\n Management Anticipates Production to Begin in Q1 2022; Aldergrove, BC Vehicle Production to Continue Uninterrupted Concurrent with Near-Term Ferndale Completion Efforts<\/em><\/p>\n The Ferndale Facility and Related Assets, Which are Expected to Represent a Free Trade Zone for Cross-Border Commerce, Are Unencumbered with an Aggregate Market Value Greater than US$15 Million <\/em><\/p>\n VANCOUVER, BC \/ November 8, 2022 \/ <\/strong>Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today provided a corporate update on the construction of the Company\u2019s new manufacturing facility in Ferndale, Washington.<\/p>\n As previously announced, the property is located near the Company’s Aldergrove, British Columbia Canadian Headquarters with easy access to port, rail and truck shipping and receiving facilities. Operations at the facility will include vehicle assembly and upfitting, \u201cBuy America\u201d compliant assembly, pre-delivery inspections, research and development, as well as general technical work and servicing.<\/p>\n \u201cWe are pleased to report the expected procurement and installation of a power solution for our Ferndale facility by year-end \u2013 enabling us to secure our certificate of occupancy,\u201d said William Trainer, Chief Executive Officer of Vicinity Motor Corp. \u201cThe Ferndale facility is exciting as it was built to accommodate both buses and trucks, with a capacity of up to 1,000 buses per year or up to 10,000 trucks at the projected maximum production rate. We are currently in the process of certifying our 4.2 acre campus as a Free Trade Zone, allowing our vehicles to be easily exported to Canada.<\/p>\n \u201cAs a reminder to our investors, the Ferndale facility is a significant asset to the company, representing an unencumbered asset valued at over US$15 million, plus equipment and additional leasehold improvements \u2013 which was paid for from VMC\u2019s treasury and owned outright.<\/p>\n
\nVicinity Motors has today (9\/11 2022) announced that they will be opening their much awaited Ferndale facility by year end of 2022 and production will begin in Q1 2023. The new Ferndale facility will according to todays press release have a construction capacity of 10 000 VMC 1200 vehicles per year.
\nThe company has a documented backlog of US$150 million backlog as of September 30th<\/sup>, 2022.\u00a0 What’s also reassuring is the the current Aldergrove facility is able to deliver 50 VMC 1200 units per month as an interim solution until Ferndale is fully operational.<\/p>\n