GreenPower Motor Company Inc.

Good morning and welcome to the Green Power Mogart Company second quarter earnings conference call. All participants will be in 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 touch-tone phone. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Michael Siefert, CFO. Please go ahead.

Thank you. This is Michael Siefert, the Chief Financial Officer of Green Power Motor Company. I would like to welcome everyone to our call to discuss Green Power's financial results for the period ended September 30th, 2022. 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 purposes of the Safe Harbor provisions 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 results 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 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's CEO, Fraser Atkinson.

Thank you, Michael. I'm going to discuss our activities in the quarter with our manufacturing facility, school bus pilot project, and recent vouchers and incentive activity. In August, Green Power took possession of the 80,000 square foot manufacturing facility in South Charleston, West Virginia, and began the process of onboarding its first employees and readying the facility for production. This facility will be Green Power's primary North American school bus manufacturing center servicing the eastern states and beyond. Green Power entered into a lease purchase agreement last quarter with the state of West Virginia where the terms of the lease require no cash up front and monthly lease payments beginning in May 2023. All lease payments will be applied in full to the purchase price of the property. The state will also provide up to $3.5 million in employee incentive payments to Green Power for jobs created in the state as production increases over time. Title to the property will be transferred to Green Power once total lease and incentive payments reach $6.7 million. This arrangement allows us to focus our resources in the short term on production while having the ability to retain ownership of this facility long term. In September, Green Power began a pilot project with the state of West Virginia to demonstrate its Type D Beast and Type A Nano Beast school buses to school districts across the state and test buses in a range of real-world conditions. The Type D bus has operated well with this pilot and provided valuable insight into vehicle operation that can be used in the transition of the state school bus fleet from diesel to zero emission. Green Power sold three Type D school buses in West Virginia during the quarter that have been used in the pilot project and subsequent to quarter end delivered its first Type A NanoBeast school bus in the state. In September, Green Power's NanoBeast Type A all-electric purpose-built school bus won the Innovation Award for Best Green Bus Technology from School Transportation News. The NanoBeast was launched in June and has been out on demonstrations in numerous states and received rave reviews, which positions Green Power well for the 8,000 to 9,000 type A school buses that are sold every year. Now turning to vouchers and incentives. Stakeholders often ask us what happens when the incentives run out. That's not going to happen anytime soon. The federal government introduced two new programs with the EPA school bus program starting this year. and the $40,000 tax credit for medium-duty vehicles starting January 1st, 2023. In California, the cap and trade program continues to grow exponentially, being a double-digit growth annually, creating additional funding over and above the existing funding for programs through the California Air Resource Board, as well as several new programs that were introduced this year. In September, Green Power secured another 85 vouchers under the innovative small E-Fleet set-aside funds with the California HVAC program for 75 of our 22-foot cargoes, 8 box trucks, and 2 of our 25-foot cargo vans. In October, the EPA announced the selectees for the school bus program with almost $1 billion of funding. Green Power worked with dealers and school districts across numerous states who were selected to acquire Green Power's Type D bust for up to $375,000 or our Type A Nanobeast for up to $285,000. The next step is to negotiate the contracts, and the deliveries must be completed by October 31, 2024. In November, Green Power vehicles were listed as eligible for grants under the San Joaquin Valley Air Pollution Control District VW Trust Fund for up to $180,000 for transit buses, $400,000 for school buses, and $160,000 for our shuttle buses. Green Power continues to work on opportunities in California from the standard HVIP vouchers, which presently has $38 million available, school bus set-aside funding, which will also have recurring funding available next year and the year following, CEC and Air Quality Management District funding. I'll now hand it over to Brendan Riley, President of Green Power, for discussion on the operations. Thank you, Frazier.