Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $150 MCAD
Stock price at time of publication: $4.3 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 $204 MCAD
ESG comment: We are very pleased to see that Vicinity Motors now has secured a Buy America compliant battery supplier for their new Washington facility. The new Proterra powered Vicinity lightning vehicles are expected to begin production in Q3 of 2022! This partnership sets Vicinity Motors in place with a reliable battery supplier. We are very confident its only a matter of time for the market to realize what we think is an incorrectly priced valuation of Vicinity Motor. Remember, “The stock market is a device for transferring money from the impatient to the patient.”
- Proterra and Vicinity Motor Corp. announce multi-year supply agreement to power the Vicinity Lightning™ and strip chassis platform for commercial electric vehicles with Proterra battery technology
- Multi-year agreement expected to support next-generation heavy-duty electric transit bus as well as Class 3 and 5 work trucks
- Includes battery supply for a minimum of 600 Vicinity commercial electric vehicles through 2024
- Production of the Proterra Powered™ Vicinity Lightning vehicle expected to begin in Q3 2022
VANCOUVER, BC and BURLINGAME, Calif. – January 13, 2022 – Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) (“Vicinity”), a North American supplier of commercial electric vehicles, and Proterra Inc (NASDAQ: PTRA) (“Proterra”), a leading innovator in commercial vehicle electrification technology, today announced a new collaboration to power Vicinity’s electric transit buses and work trucks with Proterra’s industry-leading battery technology.
Under a new, multi-year supply agreement, Proterra battery systems will power the Vicinity Lightning 28-foot electric transit bus and Vicinity’s strip chassis platform to support several commercial vehicle configurations such as utility trucks, shuttle buses, and box trucks. The agreement is also expected to support Vicinity’s next-generation heavy-duty electric transit bus as well as the VMC 1200 Class 3 work truck and VMC 1500 Class 5 work truck with Proterra battery systems.
Proterra contracted to supply Vicinity with battery systems to power a minimum of 600 Vicinity commercial electric vehicles through 2024. The Proterra Powered Vicinity Lightning vehicle is expected to begin production in the third quarter of 2022.
“We are pleased to announce this new commercial relationship with Proterra, a true battery technology leader,” said William Trainer, Founder and CEO of Vicinity. “I look forward to working closely with the Proterra team to make our vehicles, equipped with their advanced battery systems, a staple in North American public transportation and industrial spaces.”
Proterra batteries will be used in the production of Vicinity Lightning electric transit vehicles at Vicinity’s Ferndale, Washington manufacturing facility. Designed for the U.S. and Canadian markets, the Vicinity Lightning will comply with Buy America requirements for Federal Transit Administration-funded programs in the United States.
“Cities and towns across North America are driving towards a future with clean air and a healthier environment for our kids and future generations. The question now is no longer if communities will transition to zero-emission, battery-electric transportation, but how fast we can get there. Together with Vicinity, we are excited to build on this innovative spirit as we bring more clean transportation solutions to the communities we live in and serve,” said Gareth Joyce, CEO of Proterra.
Designed and manufactured in the United States, Proterra battery packs leverage industry-leading energy density and a customizable design to fit within a variety of vehicles. Proterra’s best-in-class battery systems have been proven through more than 20 million service miles driven by Proterra transit vehicles across North America and selected by world-class commercial vehicle manufacturers to power school buses, work trucks, construction equipment, and more.
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