Electric cars get the headlines, thanks in part to the high profile nature of Elon Musk and his Tesla (NASDAQ:TSLA) vehicles. It may not be as sexy to some, but there are companies out there super-sizing electric vehicles in a bid to give diesel the boot and clean up the roadways in the fashion of electric buses. Although still a pretty quiet industry, several bus makers are making some noise in 2015 as the electric bus business gains traction.
This includes school bus maker Blue Bird (NASDAQ:BLBD) becoming a public company in February, only a few months after California approved the use of its entirely electric school bus. Earlier in 2014, the Kings Canyon Unified School District in California’s San Joaquin Valley ordered four electric school buses from privately-held Trans Tech Bus with powertrains made by Motiv Power Systems.
Vancouver’s GreenPower Motor Company (TSX-Venture:GPV)(OTCQB:GPVRF) is looking to take a piece of the multi-billion-dollar transit bus market, launching last year its EV350 40-foot transit bus. GreenPower Motor was brought public in December via a reverse takeover of Oakmont Minerals Corp. (formerly TSX-Venture:OMK).
The company’s electric-powered transport bus uses an electric drive and battery technologies with a lightweight chassis and low floor body. GreenPower buses utilize global suppliers, like Siemens (NYSE:SI) for drive motors and Parker (NYSE:PH) for the dash and control systems, amongst others, keeping its buses compliant and easily serviced and maintained. Some redesigns are happening in the 2015 model, including relocating a side battery pack to the back of the bus, expanding the seat count up to 40, and increasing the power storage capabilities for more range and faster charging time. The buses are being manufactured in China and expected to be shipped to the U.S. for final assembly by the end of this quarter.
On Thursday, GreenPower Motor said that it received notice from the State of Washington Department of Enterprise Services that the company has been designated an "apparent successful bidder" under IFP No. 09214 for heavy-duty public transit vehicles for two categories: E – Heavy Duty Bus, Plug in Electric (35 ft., 40 ft. and 45 ft.) and G – Heavy Duty Bus – High Floor Electric (45 ft.). Now, this doesn’t mean any order has been placed, implied or the like; it just means that GreenPower’s bid is responsive with the points awarded under IFP No. 09214.
Other companies in the process also received the designation.
GreenPower did note that it was the only manufacturer listed for the Category E Heavy Duty Bus – Plug in Electric for a 45-foot bus. Further, GreenPower said only one other manufacturer was designated an apparent successful bidder in more categories than it was.
Calling the development a "testament to the GreenPower team and their skillset," GreenPower Chairman Fraser Atkinson commented, "This is another significant milestone for GreenPower as our products had to satisfy an extensive set of criteria and technical requirements. The clean sheet design and OEM platform provides GreenPower with tremendous flexibility in producing a suite of products."
Shares of GPV jumped ahead to a high of 42 cents in December with the amalgamation, but stumbled lower in the beginning part of 2015, including hitting 15 cents each in April. The stock price has been edging up since then, including shooting ahead 30.2% in Thursday afternoon trading to 28 cents.
