LARBERT, Scotland, March 22, 2021 /CNW/ - (TSX: NFI), (OTC: NFYEF) Alexander Dennis Limited ("ADL"), a subsidiary of NFI Group Inc. ("NFI"), one of the world's leading independent global bus manufacturers, today welcomed the Scottish Government's announcement of the award of £40.5 million in funding to bus operators through a second round of the Scottish Ultra-Low Emission Bus Scheme ("SULEB").

NFI Group Leading the ZEvolution™ Logo (CNW Group/NFI Group Inc.)

SULEB funding has been awarded to operators following a competitive bidding process. Successful proposals for 172 zero-emission buses were made with ADL as the intended supplier. With funding now in place, ADL will work with the awardees to finalise contracts for these electric buses, which will be built by ADL in Falkirk, in collaboration with BYD, the company's partner for electric buses in the UK and Ireland. ADL expects to finalise these contracts in Q2 2021.

This follows an earlier first round of funding awarded in September 2020, which has enabled 35 BYD ADL electric buses to be firmly ordered by bus operators.

ADL President & Managing Director, Paul Davies commented: "The Scottish Government deserves huge credit for leading by example to support bus operator's commitment to invest in cleaner, greener buses, and we are delighted that bids for 172 of our electric buses have been successful.

"These zero-emission buses will be built at our factory in Falkirk and therefore ensure this Scottish Government investment is made domestically, allowing the benefits to be felt across our communities whilst helping to underpin skilled jobs. We very much look forward to working with the successful operators to finalise terms and get these vehicles into service at pace."

SULEB helps bus companies invest in electric vehicles and associated infrastructure, supporting a green recovery out of the coronavirus pandemic, improving air quality and advancing Scotland's ambitions for a net-zero economy.

NFI is a leader and innovator in zero-emission mobility. The Company's battery-electric and fuel-cell electric vehicles are in more than 80 cities in four countries and have completed over 20 million electric service miles. NFI has the broadest offering of electric vehicles including medium- and heavy-duty transit buses, motor coaches and double-deck buses. NFI subsidiary ADL is the UK's largest bus manufacturer and continues to lead the evolution to zero-emission mobility with sustainable single-deck buses, double-deck buses, and coaches.

About NFI

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today's urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation.

With 8,000 team members in ten countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer® (heavy-duty transit buses), MCI® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.alexander-dennis.com, www.arbocsv.com, and www.nfi.parts.

About Alexander Dennis

Alexander Dennis Limited ("ADL") is a global leader in the design and manufacture of double deck buses and is also the UK's largest bus and coach manufacturer. ADL offers single and double deck vehicles under the brands of Alexander Dennis and Plaxton, and has over 31,000 vehicles in service in the UK, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada and the United States. Further information is available at www.alexander-dennis.com.

Forward-Looking Statements

This press release contains certain forward-looking statements which reflect the expectations of management regarding NFI's and ADL's future growth, business prospects and sales opportunities. These forward-looking statements reflect management's current expectations regarding future events and opportunities and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether or not or the times at or by which such events, performance or results will be achieved. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and economic conditions of and funding availability for transit operators to purchase buses; the COVID-19 pandemic will likely adversely affect operations of transit operators and may adversely impact or delay decisions to purchase buses and services; there is no guarantee that transit operators awarded funding under the Scottish Ultra-Low Emission Bus Scheme will draw upon all or any of the funding awarded to purchase buses from ADL or from any other original equipment manufacturer; transit operators are not obligated to purchase transit buses exclusively from ADL; the transit operator desiring to utilize the government funding and ADL may be unable to agree on contractual terms for the purchase of buses; and the other risks and uncertainties discussed in the materials filed by NFI with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com. Due to the potential impact of these factors, NFI and ADL disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

SOURCE NFI Group Inc.

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