Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , US OTCSOON to be up listed at Nasdaq
Ticker: VMC.V (previously BUS ,) BUSXF at US OTC
Market cap at time of publication: $258 MCAD
Stock price at time of publication: $8,8 CAD ( reverse split price 2,93 CAD)
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 : Greenpower Motor , Market cap $572 MCAD
Vicinity Motors today (6/4 2021) announced that their Vicinity buses have been selected in a statewide purchasing contract that gives Washington State transit agencies the right to purchase from the Company’s diverse bus portfolio.
What’s also good about this is that the company can produce vehicles for this order from their Buy American Act” compliant assembly facility in Washington state,. This facility which will be able to produce 1,000 electric, CNG, gas and clean-diesel units annually across all sizes and powertrains which equals well over 300 million USD in potential revenues if run at maximum capacity.
William Trainer , CEO of Vicinity Motors gave the following comment to this press release
“We are pleased to announce that Vicinity Motor Corp. has been chosen as an OEM supplier for Washington state’s growing fleet of buses – driving forward the transition to a more sustainable public transportation system,” said William Trainer, Chief Executive Officer of Vicinity Motor Corp. “This contract win marks yet another exciting milestone in our expansion into the significant U.S. market, where our purpose-built Vicinity™ line of products’ quality and consistency allows us to capture market share.” Our guidance to deliver over 100 buses in the first half of 2021 is a testament to the value proposition that Vicinity brings to private and public transportation operators. I look forward to continued execution in the months ahead, creating sustainable, long-term value for our shareholders,”
ESG comment: With this new Washington State contract it serves to further build on to the already impressive amounts of deals made lately by Vicinity Motors. The compant continues to trade at a considerable discount compared to its closest peer Greenpower motor. One big advantage for the company is that I estimate that their production time is between 9-12 months in comparison I estimate that Proterra and NFI have upwards of 18-24 months in their respective production time. The Company also announced that certain Eligible Directors have requested that their respective director’s remuneration for the calendar year 2021 be paid in Deferred Share Units . I find this to be a strong signal from insiders who beleive the company is on a very good growth path.
I own shares in this company personally and this is not to be considered financial advice, always do your own research!
Don’t forget to subscribe to this blog by pressing “follow” or going to the main page furthest down and sign up to receive news update as soon as they’re published!