Vicinity Motor Corp. (TSX-V:VMC) has announced the receipt of an initial C$2.6 million grant from Sustainable Development Technology Canada (SDTC), a foundation created by the Canadian government, for the development of zero-emission transit busses.
SDTC helps Canadian entrepreneurs accelerate the development and deployment of globally competitive clean technology solutions.
The non-repayable grant from SDTC will help Vicinity Motor to introduce its new all-electric, true low-floor wheelchair-accessible fully ADA-compliant, mid-sized, medium-duty bus in Calgary.
READ: Vicinity Motor receives C$3.5M order from First Transit for eight Vicinity Classic buses
The project creates an affordable new class of mid-sized buses, providing an environmentally responsible alternative to buses with traditional combustion engines.
"We are honored and appreciate the significant initial support from SDTC to accelerate the development of the innovative design of the Vicinity Lightning EV which will mitigate exposure to energy and carbon costs," Vicinity Motor CEO William Trainer said in a statement. "As cities and governments around the world continue to establish climate goals, they are rapidly committing the funding needed for zero emission transit options like our breakthrough Vicinity Lightning EV.”
Trainer also noted that SDTC focuses on deploying new technologies with the potential to transform Canada’s environmental and economic landscape.
“With this complementary mission between us, we look forward to our continued relationship with SDTC as a valued partner to enhance our growth and encourage adoption of electric vehicles within the Canadian market," added Trainer.
Meanwhile, SDTC President Leah Lawrence, pointed out that Vicinity Motor's new Lightning EV bus will give municipalities a way to provide transit options that are both sustainable and accessible to all citizens.
“SDTC is proud to support Vicinity Motor Corp. (TSX-V:VMC) as they continue to innovate and find cleaner options for moving people," added Lawrence.
From initial funding to educational support, SDTC is invested in helping small and medium-sized businesses grow into successful companies that employ Canadians. The innovations SDTC funds help solve some of the world's most pressing environmental challenges including climate change.
Vicinity Motor’s flagship line of buses, which maintains a market segment leadership position in Canada, are produced by the firm’s world-class manufacturing partners and will be assembled at its soon-to-be-completed Buy America Act compliant facility in the state of Washington.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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