Green Power Truck Body

GreenPower Acquires Lion Truck Body Adding Capacity For EV Truck Bodies and Reducing Delivery Times.

LOS ANGELES, July 8, 2022 – GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles, today announces the acquisition of Lion Truck Body. Leveraging upon Lion Truck Body’s years of expertise, the deal will provide robust potential for GreenPower’s EV Star truck customers.

GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of zero-emission, electric-powered, medium and heavy-duty vehicles, today announces the acquisition of Lion Truck Body. Leveraging upon Lion Truck Body’s years of expertise, the deal will provide robust potential for GreenPower’s EV Star truck customers.

“Our customers seek energy-efficient solutions that maximizes cargo capacity and delivery range. Lion Truck Body’s expertise in bodybuilding with our EV Star CC addresses these requirements directly,” said Brendan Riley, President of GreenPower. “This acquisition provides our EV Star truck customers with many options for any number of body types required to meet their business needs with greater speed to market – completed in a few weeks versus taking months. We have been working with Lion Truck Body for some time to make lightweight and efficient truck bodies for our EV Star as well as other models of electric trucks. We are pleased to add the Lion Truck Body franchise into our business.”

GreenPower and Lion Truck Body entered into an asset purchase agreement under which GreenPower has purchased the assets of the business through a wholly owned subsidiary. GreenPower’s purchase of Lion Truck Body is comprised of upfront cash payments totaling $215,000, the assumption of certain liabilities totaling approximately $1.45 million, and remaining cash payments of up to $25,000, which remain subject to customary adjustments and other post-closing conditions.

GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van, and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020

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