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6/29/2021
Good morning and welcome to the Green Power Motor Company fiscal 2021 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Michael Seifert. Please go ahead.
Thank you. This is Michael Seifert, the Chief Financial Officer of Green Power Motor Company. I would like to welcome everyone to our call today to discuss Green Power's financial results for the year ended March 31, 2021. I'm here today with our Chief Executive Officer, Fraser Atkinson, and our President, Brendan Riley. During today's call, we may make comments or statements about our future expectations, plans, and prospects, which may constitute forward-looking statements for the purpose of the safe harbor provision under the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in our quarterly interim statements and MD&A filed on CDAR and on EDGAR. In addition, these forward-looking statements relate to the date on which they are made. We anticipate that subsequent events and developments may cause the company's views to change. Green Power disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Also, during the course of today's call, we may refer to certain non-IFRS financial measures. Reconciliation of these non-IFRS measures can be found in our MD&A filed on CDAR and on EDGAR and is also located on our website at www.greenpowermotor.com. I will now pass the call over to Green Power CEO, Fraser Atkinson.
Thank you, Michael, and thank you for joining us today. Before Michael and Brendan weigh in on our financial results and company operations respectively, I wanted to take a moment and review some of the mandates and financial programs serving as growth drivers for our company. While Green Power Now has many sales opportunities that do not require any incentives, we continue to pursue every opportunity for those which do to leverage our sales potential. First, let's look at several mandates. Number one, at the federal level, the new Clean Buses for Kids program plans to electrify 20% of the country's 500,000 yellow school bus fleet. Last year, we increased our production to five school buses per month, which we increased to 10 per month in this fourth quarter. Secondly, corporations with significant fleets of passenger and delivery vehicles are setting electrification targets now. We entered into an agreement with Forest River to supply our EVSTAR cab and chassis so they can manufacture an all-electric cutaway to address a number of these opportunities. Third, leading airports such as LAX have announced that shuttles or buses operating on their property must be zero emission vehicles before 2030. This quarter, we delivered five EV250 30-foot all-electric buses for shuttle operations at LAX Airport. Then there are the financial programs. VW mitigation funds are supporting the purchase of all-electric school and transit buses, along with numerous state programs. Green Power's vehicles are listed, among others, on the New York New Jersey, British Columbia and Canada, and California HVIP programs. On June 8, the California HVIP program opened up its voucher program, and in less than three hours, $84 million in vouchers had been fully allocated for over 900 vehicles, which the results have not been officially announced. In the meantime, according to the California Resource Board, that oversees the HVIP program prior to the last allocation, Green Power has the second highest amount of vouchers for current OEMs and has the highest ratio of deliveries out of the top three OEMs. In conclusion, we've seen significant sales activity across these programs and we expect that trend to continue as new programs and new mandates of various stages of implementation come to fruition. I'll now pass the call to Michael Seifer, GreenPower's CFO, to go into further detail on our quarterly financial results. Michael?
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