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GreenPower Unveils the EV Star REEFER X - A New Modern, All-Electric Refrigerated Medium-Duty Truck

V.GPV | June 5, 2024

The all-new EV Star REEFERX features a customizable design with versatile box configurations including multi-temperature zones and a lighter body that allows for an increased payload capacity of up to 5,500 lbs. for various industries and applications

LOS ANGELES, June 5, 2024 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ:GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today unveiled the EV Star REEFERX, a new all-electric refrigerated medium-duty delivery truck. The modern offering is available for orders starting today.

Built on GreenPower's EV Star Cab & Chassis platform, the EV Star REEFERX is purpose-built and fully customizable with a lighter body to allow for increased payload. Designed to serve mid to last-mile refrigerated delivery and catering applications, the EV Star REEFERX moves goods that need to be temperature controlled, such as fresh and frozen foods, flowers and pharmaceuticals, among other applications. The vehicle body features a one interior wall structure to allow for seamless sanitation, consistent insulation throughout and a longer life.

"The EV Star REEFERX offers customers a unique, modern and versatile all-electric commercial vehicle that boasts a higher payload capacity," said Brendan Riley, President of GreenPower. "Through this offering, we are able to provide fleet owners a reliable way to deliver refrigerated and frozen goods on daily routes. Combining exceptional performance and efficiency, the EV Star REEFERX is purpose-built to be an electric refrigerated vehicle, making it a superior product for a wide-use of applications requiring multi-temperature zones, without the sticker shock."

GreenPower's EV Star REEFERX combines a modern look with The X Factor advantage:

One-Piece box Design provides multiple benefits including a modern look that's easy to repair, a design that allows for quick assembly and flat-packed for dealers and a one-piece wall structure that provides consistent insulation and a longer life.
Multi-temperature zones to accommodate moving a variety of items requiring different storage temperatures.
Reduced day-to-day vehicle upkeep through sanitation downtime - with one interior wall unit, customers will save time as minimal seams on the vehicle reduces the time it takes for day-to-day upkeep including seamless sanitation.
Built for around the clock delivery capabilities through a range of up to 150 miles and a payload capacity of up to 5,500 lbs.
Optimal battery placement provides for a lower center of gravity resulting in maximum cargo capacity.
Increased payload due to a lighter body allows for increased payload capacity saving customers both time and money, along with eTRU being powered by the high voltage battery.
Mitigates temperature variation with three-inch thick PET (polyethylene terephthalate) foam, made from recyclable material with a closed cell foam composite that will not absorb water.
Customizable options for low or high voltage refrigerator units, depending on specific use-cases. Various insulation thickness available to meet different applications and environments.
Multiple-door options with rear door standard and a rear roll up door optional as well as optional side door and other locations.
Improves total cost of ownership (TCO)for fleet owners through ease of maintenance, significantly reducing vehicle downtime.

"Federal and state regulations continue to drive the rapid adoption of all-electric commercial vehicles," continued Riley. "The global refrigerated trucks market size reached $9.8 billion in 2023, and is expected to reach $15.4 billion by 2032. With California's proposed regulation for all Transportation Refrigeration Units (TRUs) to achieve zero-emissions by the end of 2035, combined with the increasing demand from consumers for online shopping and home grocery delivery, a significant market opportunity exists for this vehicle. GreenPower is well-positioned to support the perishable goods category with a robust product offering and a well-established nationwide dealer network."

Through GP Truck Body, customers only need to use a single manufacturing entity for streamlined warranty claims, service and overall customer experience. This "one-stop shop" approach for purchasing, manufacturing and service needs, is a key differentiator in customer decision-making, further boosting customer satisfaction.

GreenPower continues to innovate its product offerings by listening and delivering on customer needs. The EV Star REEFERX marks another exciting truck body upfit solution, manufactured by GP Truck Body and joins the recently launched EV Star Utility Truck, in GreenPower'sEV Star Cab & Chassis commercial vehicle family.

Contacts:
Mark Nestlen
Vice President of Business Development & Strategy
mark.n@greenpowermotor.com

Allie Potter
Skyya PR for GreenPower
(218) 766-8856
allie@skyya.com

About GreenPower Motor Company, Inc.
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 vans 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. For further information go to www.greenpowermotor.com.

Forward-Looking Statements
This document contains forward-looking statements relating to, among other things, GreenPower's business and operations and the environment in which it operates, which are based on GreenPower's operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "upon", "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company's profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All amounts are in U.S. Dollars ©2024 GreenPower Motor Company Inc. All rights reserved.