Vicinity bus9/5/2023 “Testing of the Coil Drive System, which offers lower energy consumption and high performance relative to existing systems, could prove to be an exciting competitive advantage and further extend the range of our electric buses. “We are constantly searching for innovative new ways to provide a best-in-class experience for our customers, delivering leading-edge technology at a price point suitable for mass deployment across small and large fleets,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. VMC will test and validate the Coil Driver™ powertrain integration with the intent of implementing it in future serial production batches of the electric bus product line. The Coil Drive System solution will hopefully enable electric buses with improved performance that accelerates the transition to a sustainable public transit system. Vicinity’s flagship product line, the Vicinity Bus, is a purpose-built electric bus.Įxro will supply the Coil Drive System technology and Vicinity will conduct operational validation through deployment of an optimized electric powertrain for VMC’s suite of electric buses. With operations in Canada and the US, VMC has established market penetration and a backlog of bus orders. (VMC) is a bus manufacturer founded in 2008 with operations in both Canada and the United States. (formerly Grande West Transportation Group) is a supplier of advanced shuttle transportation vehicles for public and commercial use. 27, Exro Technologies Inc., a clean technology company, announced that it has signed a supply agreement with Vicinity Motor Corp. The consolidation of the Company’s common shares and change of its corporate name to Vicinity Motor Corp will be completed effective at market open on Maon the basis of one (1) new post-Consolidation common share for every three (3) pre-Consolidation common shares. The other big news is the share consolidation in preparation for the up listing at the main list at Nasdaq. These buses are expected to be delivered in Q4 2021. The company released two big news today on 25/3 2021, one being an announcement of a new order for 17 Vicinity™ Compressed Natural Gas (CNG) buses totaling more than $5 million. In comparison their peer Greenpower motor has an evaluation right now of 33 X sales for 2021. Grande West transportation group has also recently announced several impressive contracts and agreements which may increase sales in 2021 and beyond to a higher level than I’ve previously mentioned The evaluation right now if the turnover for 2021 stays at $50MUSD with no further orders as of today would be 3 X sales for 2021. For the first quarter of 2021 alone the company is expected to reach at least $25 MUSD in revenues with deliveries of 50 Vicinity buses and they expect to deliver another 50 buses for the second quarter of 2021 which could equal another $25 MUSD in revenues . I personally estimate the turnover for the company in 2021 could conservatively reach between $55-75 MUSD which equals roughly 100-150 vicinity buses and within 3 years my estimate is they could be looking at sales of 1000 Vicinity buses which totals a turnover of roughly $250-$300 MUSD. The company recently also announced a cooperation with Kontrol Energy group to supply covid detectors as an addon service for their customers which further enhances the performance of their transport vehicles. The company has partnered up with BMW for next generation battery packs and have contracted Lion E-mobility for integrating this into their electric Vicinity Buses for superior performance. Their buses are Buy America Act compliant as they aim to produce these in their assembly facility in Washington state. Their market share in Canada is 90 % in core products in Canada and the company is expanding into the United States. The company is a leading supplier of electric, CNG, gas and clean-diesel buses for both public and commercial enterprise use in the U.S and Canada. I’m today initiating coverage of Grande West transportation which is currently undergoing a name change to Vicinity Motor Corp. Stock price at time of publication: $2,48 CADīusiness: leading supplier of electric, CNG, gas and clean-diesel buses forīoth public and commercial enterprise use in the U.S and CanadaĬomparable peer : Greenpower Motor , Market cap $510 MCAD Market cap at time of publication: $214 MCAD Ticker: BUS , BUSXF Will be changed to VMC effective 29/3 2021 Listings : TSXV , US OTC SOON to be up listed at Nasdaq Company: Grande West Transportation (Soon to be Vicinity Motor Corp)
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